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What is the most powerful game you can play that trains your brain to win in business?
If you replied on poker, you are right.
Using poker strategies in your business can give you an unfair advantage, book profits, and allow you to make difficult high-stakes decisions in seconds with limited information.
Poker is easy to win, but notoriously difficult to master. Warren Buffett once said, "If you've been playing poker for half an hour and still don't know who the patsy is … you are the patsy."
Related: 4 Tricks For Negotiating Like A Poker Pro
According to Wayne Yap, one of the youngest poker players to win multi-million dollars and a winner of the high roller event at the ACOP, the most successful players in the world of professional poker employ eight-core strategies to address their fear of loss overcome. Make multi-million dollar decisions in 30 seconds or less and outsmart world-class competition in a zero-sum game very similar to success in business.
In business, you need to manage your fear, have the brain of a statistician, spot invisible opportunities, and know exactly when to move in perfect timing and in a coordinated manner. Over the lifespan of a company, there are thousands of ways that your reputation, wealth, or competition can be invaded and decimated by the thousands.
What if you could increase your chances of success for any of these decisions 3 to 10 times? A professional poker player's mind could be the ideal secret weapon in the business.
Yap has developed a number of non-obvious strategies based on years of professional poker play that he applies as an investor and advisor to startups and established companies. These strategies will appear in his upcoming book, Zen and the Art of Business and Poker – Eight Professional Poker Strategies That Will Give You an Unfair Edge.
Yap recently made a transition from being an award-winning poker player to being a full-time entrepreneur, consultant and investor.
His journey is fascinating. He grew up in Singapore and started playing poker with friends when he was 17. Her obsession with the game led her to skip school and spend hours playing in abandoned classrooms. Yap bought every poker book he could get his hands on to gain an edge and got good enough to play online poker.
Then he had to do his civic duty. Singapore has compulsory military service upon graduation and Yap turned down an opportunity to become an army officer because his focus was on becoming the best poker player he could. During training missions in the Brunei jungle, he secretly watched training videos on a smuggled iPod Touch.
When he returned home from his duties, he received devastating news from his parents. Their business had failed and they had lost the family car. At that point, Yap was making a few thousand dollars a month playing casual poker so he could give his mother $ 1,000 to help her rebuild. The look on his mother's face when she saw the money cemented his decision to play poker professionally. While they wanted him to pursue a more traditional career path, the money and ability to help his family made poker a breeze.
In the years that followed, Yap played at some of the largest international casinos as a high-stakes professional poker pro, earned $ 1,419,184 and achieved the lifestyle of his dreams. He eventually realized that the stress of this lifestyle – sometimes playing 30 to 40 hours in a row before getting the opportunity to play a hand with the right players at the right tables – was unsustainable.
He started investing heavily in his personal growth. He began meditating and reading personal development books such as The Power of Habit and The Seven Habits of Highly Effective People.
Related: 6 Ways Playing Poker Can Help You In Business (And 2 Ways It Can't)
He realized that many of the things he had learned through playing poker professionally could be applied elsewhere in life. His instinct led to perfectly timed investments in Activision Blizzard, Bitcoin and Amazon. He started advising companies and found again that his way of thinking made him a huge influence. (One of Yap's "Edge Finder" strategies is that you need to know where you are at an advantage in any business or game you play.)
Yap doubled his personal growth, investing nearly $ 1 million in coaches, masterminds, and business mentors like Tony Robbins and Dan Sullivan. These investments increased his ability to thrive in business and his new life away from the poker tables.
Here are three professional poker strategies that can give you an unfair advantage:
1. Brand Bluff
Because of the art of playing poker, a professional has an enormous incentive to look like an amateur. An amateur has many incentives to look like a professional. In business, brand building and credibility is very important. Q: What's the fastest shortcut that will make you look like a pro in business? A: Increase your credibility or borrow from others. Joining masterminds where you can meet other smart, successful entrepreneurs or hire the most successful person in your industry as a coach or consultant can speed up your status and connect with professionals.
2. Desensitize Big Money
Get used to asking for lots of money or playing a big game as quickly as possible. It feels uncomfortable at first to ask for a big paycheck or bargain more, but with the repetition it becomes easy. Over the course of your life, your willingness to desensitize big bucks can mean millions of dollars in lost (or realized) income. Wayne was no longer comfortable betting and losing $ 100, but instead assumed winning (or losing) more than a million dollars a day.
3. Close the call
If you have a tight decision to make, choose the option that makes short-term pain more felt. We tend to do more to avoid pain than experience pleasure, and our brains usually compensate for short-term pain. This tendency can make decisions feel harder and tighter than they really are, which in turn can make you play smaller. Discipline and repetition will reduce your risk awareness.
The more you study Wayne Yap's thinking, the more it will change the way you play your inner game, your outer game, and your business game. To learn more about Yap and to receive a free copy of his upcoming book, click here: www.UGAdvisory.com/Free