Tuesday, February 14, 2017

6 Business Lessons You Can Learn From Sports Betting

Betting is seen as a bad habit and for some people it really is. However, others enjoy betting, especially sports betting, and manage to stay healthy. It’s like their hobby and they don’t do it for the money, but for the thrill of it and for the math. Yes, there is a lot of math involved in betting, as well as lots of take away business lessons.

Betting is a business for some, yet if you are careful, you can learn a lot about a successful business from sports betting.

1. Pick your bet carefully

The first thing one can learn from betting is to pick the right bet. Let me give you an example: my first and last bet happened in middle school. A friend of mine proposed to me a bet: I was to throw his bag of crackers towards the chalkboard for $2. I accepted, but our teacher was not really impressed by my abilities to throw crackers and I got suspended for a couple of days.

This is when I learned that not all bets are meant to be accepted.[1] When you apply this to your business, you will notice how easy it is to pick those projects that are really going to pay off in the end. Because accepting all the bets is definitely not how you succeed in business. Nor life for that matter.

2. Appearances can be deceiving

When it comes to sports betting, you need to do your math[2] and business is not different. When a bet looks too good to be true, it probably is. If someone comes to you with a great proposal, which is supposed to pay off big, it usually won’t. Or, it will only pay off that big only if the stars align and the sun smiles at you. Learn to do your math before jumping into an attractive bet and you will see your business grow slow and steady. By the way, the same is valid for your job; so if your boss proposes you an amazing promotion, check the small print. You might find out you have to move across the country.

3. You can always recover after a bad day

Sports betting often goes wrong, but those who love betting always get back on track after a bad day. If today you’ve lost all the bets and you’re in debt, tomorrow might bring you all the fortune you’ve needed, as well as the means to recover your losses. It’s never too late to bounce back after a bad day or a bad period – this is the test you need to pass if you want to thrive in any environment, be it business, love or betting.

4. Don’t get too confident

The worst thing you can do is become too confident. When this happens, you will get a quick and painful wake up call from someone. Each time when you get too confident[3] in your abilities to hit the jackpot, your focus decreases and you start relaxing. This is the perfect time for someone to hit you in your soft spot, so never get too confident and never let your guard down.

5. No pain, no game

In betting, those who wake up early are successful and the same is valid for business life. If you are going to snooze until noon, someone else will get the most profitable deals. This rule is valid everywhere you look, from the fish market to the luxurious and eccentric celebrity management industry. Everywhere, the one who reaches the deal first is the one who wins it in the end, so stop procrastinating[4] and push yourself and your company.

6. Get used to losing

No one can win each time! The sooner you realize this, the better you will perform in life and businesses. When you are used to sports betting, you realize really fast that there are ups and downs. Someone always has to be the winner, but there is always a loser. And sometimes it’s you. When this happens get up, analyze what made you lose and get back to business, working harder and harder. In the end it’s not the small battle you will remember, but the war – you got to win the war, not each small battle.

Featured photo credit: unsplash via unsplash.com

Reference

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