Why wouldn’t I start with a disclaimer? Poker is a game of skill, it is not gambling.
Poker at its basic is a simple game. There are 52 cards and anywhere between 2 and 10 players. The rules are clear and enforceable. Everyone has the same chance of winning if the skill factor is removed. The basic rule in poker as postulated in “Theory of Poker” is “If your opponent plays differently than he would, if he knew your cards, you already won.”. You will not win every hand, as sometimes they will get lucky, but in the long run you will beat them. Now lets look at some lessons.
Lesson 1: Not everybody is on the same level!
Is this really something that needs to be said? But hey read the rest of the lesson.Every player thinks on a basic level
Level 1: Which cards do I have?
Level 2: Which cards does he have?
Level 3: Which cards does he think I have?
And the game goes on to other levels. What does this mean to us in real life? If someone is a nice person with a straight forward agenda you don’t really have to “put him on a hand” (guess which cards he has). He plays the way he gets cards, if he has something he bets, if not, he folds. But as levels go up, the players get trickier. Also in life and in business you just can see that someone is doing something behind your back, but you may not know what.
Lesson 2: If it is in the books, everybody knows it!
Progression of knowledge is such that the most profitable knowledge is hidden from people. Imagine if you had a secret formula which would bring you a lot of money and nobody else knows it? You wouldn’t be sharing it around, you would be making money. So is knowledge from the books useless? Definitely no! The mainstream of players know at most the stuff from books. You separate 95% of your opponents into those who don’t have even book knowledge and are really bad and those who have book knowledge. This ties into Lesson 1, therefore you can adapt your play according to your opponents level to maximize profits. So where is the cutting-edge knowledge? Well on the edge! There are poker coaches which charge $1.000/h (one thousand dollars an hour), but if every class you take increases your profitability by $500 a month it pays off. This is very similar to taking a lower wage to be able to work with great experts in your chosen field. You are spending money (which you could earn) to gain higher potential future earnings.
Lesson 3: You can’t do it alone!
You alone, cannot change your ways. If you work alone, study alone and try to do everything on your own you will go down a very narrow path. Poker-wise this is called a leak, where you have an exploitable trait in your game. Business-wise it would be like working for only one customer or having only one product. Sooner or later you are going broke, that is just how business works. You need opposing ideas and views, you need somebody to stand up to you, there needs to be somebody to tell you they discovered a new trick. Alone you can get to a certain point, after that you need a network as in business to really be able to use your talents and determination. Sitting down with a couple of friends that are doing the same thing you are for coffee and exchanging the highlights of yesterday is the surefire way of advancing results for everybody.
Lesson 4 and 5: Side income might turn into main income. Tools can increase your productivity by far more than you expect.
Several things that have shown how serving a hobby population can make big money is creating software for easier or more efficient consuming of the hobby and training for the same. In poker it is evident by for example a program called TableNinja which lets you use keyboard for everything required to play (I managed to increase amount of tables played at the same time from 6 to 18 in a month) which in itself increases the throughput and thus your income. On the other hand the best players can create a site with training videos and services where the biggest one in the poker world (Cardrunners) charges $30 a month. If we make a guesstimate that they have five thousand subscribers that is an insane constant income. Therefore if you are making tools or training it can be a great income or if you are using them can increase your income significantly.
Lesson 6: There is only so many hours in a day.
You are one person and even if you play 12 hours a day (I burn out totally at 8), PLAYING poker is not scalable as a business unless you are really really good (and then only by going up in stakes). No hustle will help you there if you don’t have the chops for it.
Lesson 7: You are going to hate some days of doing what you love.
No matter how much I enjoyed playing, some of these days were pure torture. You are not playing well, or it just is not your day with the cards (there is a possibility you are doing everything ok and still loosing). You get angry/depressed/demotivated and are not sure how you are going come back to it tomorrow. When you go to work, just by going there you make a statement, but when you work at home and for yourself it is much much harder.
If I come up with some new ideas, will add them, until then, enjoy