decisions that shape the direction of any organization. Firms need to have strong leaders who can use sound judgment and critical thinking skills to navigate the company through a trading environment that is increasingly uncertain. Today, trading takes place on a truly global scale, thanks to the explosive growth of eCommerce and online trading. This means that millions of businesses now must compete for custom, regardless of which country they are located in. Business managers and leaders commit to lifelong learning to improve their skills and judgment and make better decisions. It is a surprising fact that many skills that are valued in business can be learned from the gaming industry. This article describes two key skills that can be developed by becoming proficient in different forms of gaming and how they can be applied to business.
Risk Taking
Risk-taking is an inherent part of both the business and gaming worlds. In business, you may be presented with several choices that will shape the direction of your company, each of which carries with it a degree of risk. For example, your company may choose to open a new store or outlet but will need to choose the best location to maximize footfall and profitability. Popular locations may already have direct competitors present and may be high risk but high reward if your company can take trade away from these competing firms. Conversely, a location with lower footfall and less competition may be a safer place to set up a new outlet but may not have the same potential to generate high revenues. The skill of knowing when to take risks can be developed in gaming. In games such as poker, a player will need to assess the risks of betting money on a certain hand of cards. High-value hands such as a flush or four-of-a-kind present a perfect opportunity to bet big and have a good chance of winning. However, even strong hands can be beaten by other players who have better cards, so risks must be balanced against perceived likelihoods and expected outcomes. In short, gaming at card games where there is a degree of uncertainty can help you to develop a keen sense of when to take risks and these can be applied to the business world to improve your business intuition.
Assessing likelihoods and probabilities
In business and gaming, it is vitally important to understand likelihoods and probabilities so that they can be used to mitigate risk and uncertainty when making important decisions. Put simply, by having a well-developed understanding of expected outcomes, you can make more informed business decisions. An excellent way to develop this skill is by playing card games such as blackjack. In this game, the aim is to combine cards to ideally get a score of 21. By understanding the likelihood of drawing a specific card that will ensure you get 21 (or close enough to it to win without going bust), you will know when to twist and when to check. In short, blackjack is an excellent way to learn about key concepts of probabilities and likelihoods. It is important to play blackjack on reputable online sites such as jackpotcitycasino.com where you will be assured of an authentic blackjack gaming experience at a site that is professionally run and certified by eCOGRA. Such sites have decades of experience in providing quality gaming environments and these present the perfect place to play blackjack safely whilst improving your critical skills in assessing probability and likelihoods.
ALSO READ: 15 Sensible Tips for Growing Your Business
