Book 7 of 10: Lucky and Good: Risk, Decisions & Bets for Investors, Traders & Entrepreneurs by John Sherriff
The business world has much in common with the world of poker. In a sense, each player poker pro may see himself as the CEO of his company. Be a poker player, is to have his own business.
Several qualities are necessary to succeed. Among other things, to succeed, you need to have good knowledge in your field and be lucky. The chance is often underestimated in enterprises. A good idea at the right time is worth much more than a good simple idea.
If you take the information technology field, several programs offer the same services. Some are popular, others less, despite their similarities. Why? You can give several reasons, but the chance is often part of the answer. Is once a software is very popular, people trust him (which leads to other users).
The author gives a perfect example that shows how to succeed, the chance is often as important as talent (even if one is more talented, more it becomes lucky).
You are one of the best hitters in major league baseball. You hit circuits more than anyone and you have an exceptional batting average.
If in scenario 1, you are in a poor or very average team, you can not really illustrate you. Few people will come see you play, your team will probably not win the Championship of the world anytime soon, and your media visibility will be probably more thin. You have the talent, but your bad luck did so that you are not in the best of teams. In the long run, this could play on your morale and thus, affect your performance.
In a second scenario, you are with a star team. The parties at home always attract crowds and your team is at the top of the leaderboard. You will have a high media profile and your talent will be much highlighted. This is nothing to always hit doubles if there is person subsequently to mark (which will have an impact on your sheet).
Wayne Gretzky was a hyper-talented hockey player, but it must be admitted that it was often well surrounded. This does not detract from his talent, but on the contrary, is more his talent in evidence. Its results would likely have been less glorious had he still been badly surrounded. In almost all sports, luck is an important factor.
The work which we are discussing today is interested in ways of doing business, the skills we have to succeed and the share of luck that one must have to stand. In the words of the author: "the risk-taking, the evaluation of the sides, making decisions and putting our money in a company are different topics covered in this book".
The author is a passionate of economy, finance and poker. It is therefore not a coincidence in this book, with poker examples abound.
According to the author, the people most likely to have success in the stock market are professional gamblers because they understand better than anyone the importance of thinking long term and will not fall into the trap of short-term profit.
That entertaining as much informative reading for all poker players or for the major financiers in the making.
If you are interested in reading this you can buy the book in Kindle on Amazon version priced at $ 10.28.
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