Did you know entrepreneurship and gambling are very similar? While it may sound ridiculous, it’s true!
Whether you are an entrepreneur or gambler, you would know that both professionals research things well. While the gamblers never miss a well-predicted NFL week 12 odds for NFL games, entrepreneurs never go ahead without researching the market.
Besides that, they both have several traits in common. If you are wondering which ones, then read through:
Both gamblers and entrepreneurs are absolute risk takers. If you would look closely, both their industries have risks in almost every step. Their investments can suffer from a huge downfall if they miss out on any crucial factor.
But, despite knowing that, they do not step back. They take risks and give their best shot to succeed in the industry. Entrepreneurs also perform practical and effective steps to grow the business successfully. The rest is absolute luck!
Aware of Failure
Gamblers and entrepreneurs have equal chances of facing success and failure. As per the Bureau of Labor Statistics, about 20% of new businesses fail in their first two years of establishment. The value is 45% in five years and 65% in 10 years. Ultimately, only 25% of new businesses last till 15 years (or more).
Just like that, gamblers also know about their likelihood of failure. In fact, the slot machine odds have about one in 5000 to one in 34 million chances of getting the top prize. So yes, they are aware of the failure, and they prepare themselves accordingly.
Knowledge and Experience
In both entrepreneurship and gambling, knowledge and experience is the key. That’s why both these professionals believe in gaining knowledge before trying their luck in any game or venture.
Not only that, but they also take help from their seniors or professionals who are associated with the industry for the long term. They believe in training themselves so they can reach the perfection level they want. With such strategies, many entrepreneurs and gamblers have thrived in their respective industries.
Besides that, whether it’s a gambler or an entrepreneur, smart investment is a common trait for both. They manage their funds efficiently and do not spend on irrelevant events.
Note that here we are talking about professional individuals. Some beginners may invest unnecessarily in some areas, but that’s due to a lack of knowledge. In general, they aren’t as numbskull as one might think.
They also manage their funds well, so they can balance their present and future deposits.
Whether it’s twists and turns of sports events or the competition for big projects, both gamblers and entrepreneurs have lots of thrills in life. Every day, they play with fire, and surprisingly, they both like it.
You can compare the thrills of an entrepreneur or gambler to that of a sportsperson on the field. And the best part is that despite the cons, they do not lose hope and stay consistent with their motives.
To survive in such ruthless industries, it’s important for people to be confident. Fortunately, gamblers and entrepreneurs have the same. They have trust in their decision, which is why they are able to succeed in the industry.
These individuals also have the courage to stand by their decision and never doubt their abilities. Ofcourse, this doesn’t mean they always stick to their decision. At times they do change their mind, but that’s only when necessary.
Sincere, Virtuous, and Hard Working
Gamblers and entrepreneurs believe in moral excellence. They stay sincere with their goals and give their best efforts. Yes, they might get disappointed in facing a downfall, but they eventually move on.
In simple terms, both have a sense of sportsmanship in themselves. Instead of wasting their time and crying about what they couldn’t do, they focus more on how they could improve.
With time, they work hard and enhance their skills to do better in the upcoming opportunities. What’s even better is that their hard work mostly pays off! That’s the reward they get for not giving up.
That’s it. These were some of the common traits shared by both entrepreneurs and gamblers. Don’t you think they resemble each other a lot? We think so too!