Lessons From A Gambler

We’re both not particularly crazy about the gambling business, but it does offer everyone some interesting lessons on life and making a buck.

Here are some interesting bits we extracted from the autobiography of a famous gambler, named Amarillo Slim.

Each one merits an hour’s meditation. Perfect for a Saturday evening.

1. Guessers always lose

2. Decisions not results - Do the right thing enough times and the results will take care of themselves in the long run.

3. Choose the right opponents.

4. The guy who invented gambling was smart. The guy who invented chips was a genius.

5. Play the player more than you play the cards.

6. All you can do is make the plays that have a percentage of success and put yourself in a position to win.

7. It’s a simple fact that the less you brag about something, the more it will sell.

8. Be tight and aggressive. Don’t play many hands, but when you do play, be prepared to move in big.

9. Be able to quit a loser, and for goodness sakes, keep playing when you’re winning.

10. Conduct yourself honorably so you’re always invited back.

Business is not gambling, but sometimes it is a gamble.

In business, you are always dealing with finite resources, uncertain outcomes, and players with their own agenda.

Some people sit at the table and walk away with a big pile of chips. Other people leave their chips on the table.

What makes the difference?

Focus, discipline, realism, knowing when to stop, having a plan, knowing and working the percentages - and being the kind of person who gets invited back.

Sound simple? It is.

Back to work,

T&A