I do not know how much are you familiar with the game of poker, but inside its forums it has one of the best advice you may ever hear in your whole life.
Imagine you are playing a hand of Texas Hold’em poker for over $1M, you are at the river card and you have a middle pair, the person against you raises all-in. Now you only have only two choices: either call a very weak position or fold and leave behind $500K of your own money. What should you do?
There are many theories on how to decide what to do next.
Possibly, you would need to calculate the probability that he is bluffing his hand and that he has nothing to understand whether the pot odds are enough for you to call.
Different types of players would think differently of this situation and many could argue that this is up to the subjective opinion.
Do you want to know what would most of the advice be on the poker forum? It is a very simple and elegant answer:
Fold Pre.
This is it. This is their whole advice, you could ask a 5 minute question about the situation with as much history of the hand at play, and they would answer with these 2 simple answers. Fold Pre (which means that the player should not have played that hand in the first place).
The reasoning behind these 2 words are simple: Playing weak hands puts you in tough spots, and you have a much higher probability to make the wrong choice in the wrong spot. If you have an extremely strong hand, the choices are much clearer and easier to do, and since you have the highest chance of winning, you should risk it all, even if you end up losing. On the long run you will win.
By now, you should have seen how this relates to your startup and the decisions you make. If you believe the decision is not the best decision or a weak one, just muck it and wait for the best opportunity. But when the best opportunity comes, you need to make sure that you risk it all without fear. Even if you lose, on the long run you will win.
Next newsletter, we are releasing a personal test to answer a set of questions that allow you to identify whether an opportunity is worth it or not. So Stay Tuned!
If you are interested to know more about how we can help you save money while building fast and efficiently, read this blog post. I’m sure you will love it.