When people are starting a tech business, they often believe that finding an incredible idea is the answer. The news and social media are always raving about the next great technology or gadget that will change the world.
While such inventions and discoveries are possible, they are very rare.
Rather than trying to make your business into a unicorn in the tech world, you may want to learn from Texas Hold’em. Using the game of poker as a model, you can create a strategy for success pertaining to your tech startup.
Learn from Texas Hold’em Poker
When people get into the technology sector, they are searching for that “eureka” moment to push their company to the next dimension. While that is admirable, using Texas Holdem online as an example, they should be adapting their business differently.
If you talk to any poker player, they will tell you those moments where you get a royal flush and win a huge jackpot are very rare. The game is not about searching for the ideal hand and then going all in, but in finding the little combinations of cards that will be good enough to get you a few extra chips.
Play the Long Game
Texas hold’em players know that they are playing the long game when they are entering into a competition. They are not there to make a ton of money within ten minutes and then leave, as some of these games can go on for hours or days. Hari Ravichandran spent $8000 on advertising just to get his first client for EIG.
Sometimes you have to accept that you may not have a great hand, which is also the case in tech. Perhaps you have a good idea as a business, but not a great one. Accepting that would allow you to realign your short-term expectations accordingly.
Opportunity Cost Analysis
Every time a poker player is going in on a round, they are deciding whether paying the ante is worthwhile. When they are the small or big blind, they have no option, but the other players on the table do get to decide if they want to fold before putting in a single chip.
That is also the way you may have to do business. Perhaps you are trying to rush out a product to compete with another business, but you have to decide if the opportunity cost of doing so is worthwhile. A cost-benefit analysis would help you arrive at the final decision.
Assess Your Competition
A poker player is not participating in the game in a vacuum. Even if they are impressed with the two cards they received in Hold’em, they have to think about everyone else on the table.
Perhaps they see two players putting in a lot of money on the ante, which indicates they are confident with their two cards. Then three cards are revealed on the table, which results in those players putting even more money on their next bets.
That is how a business must operate if they are to succeed in the modern economy. A technology startup must assess the competition in their sector. Is your idea special or unique, or even more practical for consumers, compared to what others are offering?
There are instances where a business may have a mediocre idea, but it is better than what others are offering. Sometimes companies can come up with brilliance, but they are beaten to the punch by an established player in the market.
Boost Brand Recognition
Poker players want to have access to the best games with the largest jackpots. They can achieve this by winning when they are participating in smaller tournaments, which gives them visibility in the community.
The same is true in business, as tech startups must get noticed if they are to get the funding they receive. Perhaps your company sets up a GoFundMe or another similar venture, where you are raising money from interested parties and then producing a prototype of your product.
You want to get as much exposure for your brand and product as possible. The more people know about you, the greater your chances of putting together the funds you need.
Leverage Social Media
Sport stars get a huge following from their fans and other interested parties on social media. The same is true for poker players, especially if they are very visible in online games and in-person tournaments.
Businesses must also leverage social media if they are to find success in this economy. Being on social media is a direct way to reach out to your prospective customers, while impressing clients who have the funds you need.
Poker players know they have to work on their social media game, as having a large following and dedicated fan base increases their chances of getting invited to big tournaments or the unveiling of new online poker games.
Even if being on social media does not feel directly related to your work, you have to know how deeply it impacts every sector and industry. That is why being prominent on social media is essential for tech startups.
Have Fun on the Journey
The goal of every Texas Hold’em player is to win money when they are on the poker table. Business owners want to ensure success for their startups.
What people involved in both activities must remember is that having fun matters as well. The journey is as important as the destination, which is why you should be doing what you enjoy.
