Perhaps you’ve never thought about how the gambler and the entrepreneur might be alike. If not, you might be surprised to learn how some of the key elements of gambling and business are actually the same. Managing funds, assessing risk and preparing properly are central common elements.
It can be quite interesting to compare two groups that might seemingly not have much in common. Usually, you discover that different groups of people share many more characteristics than you think. And so it is with the gambler and the entrepreneur. It’s not the oddest comparison in existence. You could see how one person liking one of these endeavours would also like the other. At the same time, online gambling has broadened the spectrum of who likes to gamble. A great example is sports betting, which has captured people of all age groups, all over the world.
Today, sports betting is one of the most loved leisure activities. When looking at a person who is passionate about gambling and a person who is passionate about entrepreneurship, they have quite a few interesting things in common.
Managing Funds as Priority No. 1
Perhaps the most obvious one for both is that managing funds is the backbone of their endeavours. In either of the two, there’s no getting around managing funds properly. In gambling, such as sports betting or online casinos, you need always to manage your bankroll in order to know how much you can afford to bet.
When you’re running a business, your success in managing funds is the basis for the company’s existence and so it is the main priority for both the gambler and the entrepreneur.
Getting Excited By The Thrill
One characteristic that makes the two persons look-alike is the desire to seek a thrill. Both endeavours have a distinct element of thrill and risk. In gambling and sports betting, it’s obvious. The thrill is what it’s all about. In entrepreneurship, it’s often a side note that comes with running a business. Many entrepreneurs put a lot on the line when they start out and perhaps have to live with insecurity for a large part of their careers.
Being Prepared For a Downfall
Living with the thrill of insecurity means being prepared for a potential downfall. The gambler and the entrepreneur both have to consider that there might be times when things are going less smoothly. Unlike many other employed people, the two persons will most likely go through higher levels of ups and downs. You can’t win every time you spin the roulette wheel or bet on a football game, and you sometimes find yourself on a losing streak. The same applies to entrepreneurship, where sometimes there is nothing but adversity. Both know these times could be coming and are focused on preparing for them.
Researching and Practicing
Two things that many people tend to forget is how much research and practice matter. Especially when it comes to activities like sports betting and entrepreneurship, some forms of gambling are more based on luck rather than skill, but knowing how the games differentiate from each other, how to play in each of them in the best possible way and how to know when to stop is crucial. Entrepreneurship is exactly the same. You can’t control everything, but if you prepare the best you can and learn from your mistakes, you are much more likely to achieve your goals. Therefore, successful entrepreneurs and gamblers are both focused on doing their best to take as much insight with them going forward.
Article edited by Karl Webber