The line between entrepreneurship and gambling is way thinner than most people believe. When businessmen begin a new adventure, they know there is a risk involved. This is why we can easily draw a parallel between entrepreneurs and gamblers. They have so much in common and we are just going to analyze the main traits that connect them.
Information as an essential factor of decision making
The majority of businessmen and gamblers use information as the main tool to make decisions. The former group will investigate everything they can about the specific market in order to develop a successful business strategy. The latter category will collect all possible data about the specific bet they are about to make, regardless of the gambling type.
Gamblers – Pre-bet study can make all the difference between winning and losing
Real gamblers know their niche is all about long-term success. We’ve witnessed some sensational moments when people won life-changing fortunes on a gamble, but they represent just a drop in the ocean. The reality is much more different. An overnight shift from a regular person to a millionaire is a fairytale. Nobody can guarantee it in any activity, especially not in gambling. If you are serious about gambling, you need to out in a lot of effort before placing any of your wagers in the first place, regardless of the betting form.
Casino aficionados thus need to learn as much as they can about the specific game they are playing. Luckily, nowadays there are some fantastic websites to serve them as a great source of precious information they are desperate for. AmericaGambles is a textbook example of such, providing excellent information about the best online casino hubs. Such sites highlight the operators who offer the best bonuses, the widest range of games, and the limits that best suit your playing style. Finding an ideal place to play is of huge importance for casino fans. Of course, the house will always have the edge, but you can minimize it by doing your job properly.
Those who find horse racing their cup of tea will spend hours analyzing the odds changes. Some will go and talk to the jockey before the start of the race. Will they be in a better position than those who just randomly pick a horse? Of course they will, just like entrepreneurs who will investigate everything about the market before launching a business.
Sports betting works in the same way. If you know the teams, the list of injured players, the form, the crowd, the managers, the players, etc., you will have a much greater chance to successfully predict the outcome. The scheme is identical for all types of gambling. You name it and you will easily recognize the similarity and the significance of a studious approach.
Entrepreneurs – The journey between idea and execution
In entrepreneurship, having an idea and thinking of its success is the easy part. Nonetheless, problems occur when you start to research the market associated with your specific idea. Much like in gambling, it is very easy to lose objectivity when you are passionate about your idea. Just imagine, you have a favorite horse and you believe he will win the race. What will happen if you don’t check the full list of horses and jockeys and if you don’t analyze the odds?
Just like a horse punter, a successful business has his own factors to take into consideration once he spots a certain opportunity. In his case, he needs to analyze the benefits/services his specific business can promise to customers. He then needs to think of potential customers. Who would be interested in his company’s services? He then needs to focus on competitors. Does his company have what it takes to outplay them? Finally, there are potential collaborators. An entrepreneur needs to think of associations and organizations that may have an interest in his success and see if there are ways to team up with them and extend the business line. Again, it is all about information and preparation.
Once he has done the homework and seen where his idea stands, it’s time to consider pricing. There we come to another gamble. Will his price hit the target market or he’ll shoot way too far? As safe as something may appear, you can never be sure.
Gambling risks every businessman faces
Whenever someone is starting a business, there is risk involved. Its degree is directly proportional to the amount of time he has dedicated to analyses. However, even if something seems perfect, there is always a chance of failure. Nobody can guarantee the new company will be worth all the time and effort an owner has put into it.
First of all, leaving a steady paycheck and your standard daily routine is one of the biggest risks you can take, right? We’d say it is even much greater risk than going to a casino and place a big bet on red. Whoever decides to start his own business is about to change his life forever. You won’t receive your salary at the beginning of the next month. All of a sudden you depend exclusively on the success of your newly-launched business. Isn’t it a massive gamble? Additionally, every single of the factors we have discussed above represents a risk. You are risking your chances with the market, competitors, customers, etc.
To sum it all up, we can say a businessman actually gambles whether or not his idea will work. The only difference between him and a gambler is that besides money, he invests time and health. This sentence pretty much explains the title of the article. There are so many similarities between a business investor and a gambler, as much as the former hates to be compared to the latter.