Red or Black: Three Lessons from Roulette That Also Apply to Starting Your Own Business
No opportunity comes without its inherent risks. Wherever the possibility of success lies, you also find its twin: the danger of failing. The choices we seize always have this element of Russian roulette, and it is this that so often stops people from striking out and starting a business venture of their own.
We’re not condemning anyone for this brand of conservatism because losing your gamble is a legitimate concern. Launching an enterprise that is purely yours is a dream for many but there are no guarantees that it won’t come crashing down around your ears.
So, what exactly do you do? Play it safe and stick with what you know, or stake it all on the roll of a dice? The answer is neither: you take these three top tips from the casino table and apply them to starting your own company.
Lesson one: be sensible with your spending
Gambling is a high stakes game but the trick to keeping on the right side of Lady Luck is very simple: be sensible with your spending. This applies whether you’re rolling the dice in Vegas or striking out on your own and building your dream business. So long as you don’t overstretch yourself, the worst thing that can happen is you sacrifice a sum that you know you can survive without. This might be frustrating but that really is the limit of what can go wrong and, when you consider how much good could come of giving your dream a go, well, it seems like it might just be worth it to us.
Lesson two: slow and steady wins the race
Anyone who’s familiar with the roulette wheel knows that, although you’re playing a game of luck, skill and experience can still go a long way towards helping you win. With this in mind, experts suggest that it’s best to play in short sessions, as staying focused for an extended period of time can be a really big ask. The same applies to starting your own business. There’s an awful lot of work involved and one of the worst things you can do is to burn out. Give yourself some downtime, remember that a proper work/life balance is essential no matter how much you might want to make your business a success, and your brain will be able to work at its optimal level.
Lesson three: stack the odds in your favour
As we mentioned above, roulette is a game of luck, but it’s possible to tip the odds in your favour. As this article from Betfair Casino explains, players with their eye on the prize should go for a concept known as ‘the double dozen’ i.e. betting on two 12s at the same time. This allows them to cover 24 numbers – or 66 percent of the table – with just two bets, meaning they’re stacking the statistics in their favour. It’s very much possible to create the same sort of formula for success for your enterprise too; do your research, hire people who can really contribute to your company, invest in training, equipment, and marketing, and you’ll have built the foundations for a thriving business.
Isn’t it time you took the plunge and made your play?