Launching a business is like going all in with Texas Hold ‘Em – you do it only when you know for sure you’ll win the hand. If you’re not sure, if you’re worried you might lose, you can call to see what happens for a minimal risk, or fold and hang on to your chips. But you can’t go all in. And you can’t launch a business until you are absolutely certain it will succeed.
Uncertainty is the death of great ideas and big plans. If you’re even the slightest bit wary of staying in, chances are you’re going to lose. Call it instinct, call it inexperience, something in you knows you might not win. Whether it’s based in realty or insecurity, your feeling is right. Once you open up the possibility of a different, losing outcome, odds are you’ll end up a loser.
In order to succeed in business – and in poker – you’ve got to be willing to bet the farm. When you go all in, you hold nothing back. No hedging. No waffling. No plan B. When you know you will win, there can be no retreat. So you better be sure you can pull it off.
Does this mean you need a fancy business plan and a room full of angel benefactors kissing your ass in order to launch with confidence? Nope. In fact, your chances of succeeding in business are much greater without them. Would you need an office, a staff, and a stack of embossed business cards in order to feel ready to go in to start-up mode? Heck, no. The trappings of “playing office” are distractions – expensive distractions – that have little to do with getting your business off the ground.
What you need, what you must have in order to win in poker, in business, and in life, is the unwavering belief that you will make it. Yes, you will also have to do some recon to make sure your idea is as innovative as you think it is, the timing is right, and your methodology is spot on. But none of that will make a bit of difference if you’re not totally convinced you will pull it off.
If you know for sure, go all in. The entrepreneurial world is high-stakes game and you’ve got to play to win.
Mike Michalowicz is the author of The Toilet Paper Entrepreneur.
Thanks for the inspirational thoughts on entrepreneurship and business. A positive mind and good idea can definitely make more successful in business.
The Leader World – Social Enterprise
By the way, I only suggest people take advice based on two parameters:
1. The person giving the advice has actually achieved what you are seeking (naysayers can go home).
2. When you hear the advice that is resonates with you. Meaning you intellectually AND emotionally (your gut) agree with the advice.
If an advice giving session meets those parameters, then go for it. If it doesn’t then dump it. And by the way, that stands for this comment too!
- Mike Michalowicz
Dear Mike,
I really liked your post. I would like to add that if you are a true entrepreneur, you can tipically live with a lot more uncertainty than the average human being. Being an entrepreneur is about taking calculated risk, but it is also about being able to get out of your comfort zone and go all in with limited info and without the certainty of a win. You know there is no hand that guarantees you a win in Hold’em. Much less a plan that gets a sure hit in the business world.
Thanks for writing!
Santiago
So true, so true. I myself am frequently hedging my bets, expecting to fail at least some of the time.
“Unwavering Belief” – I like that. I’m going to post that on my computer so I don’t forget.
Santiago,
Just to stick with the poker analogy, there is in fact an unbeatable hand in Texas Hold ‘Em (or any standard poker game), and it is the Royal Flush. No one can beat it, and once you have it you know you are going to win or worst case split the pot. But you know you will never lose.
When going into business, I do everything in my power to ensure I have a royal flush or a really good hand. Then I go all in. I have with my first, second and now third company. I would argue it is a crazy bet, if you were unsure. But if you are unsure, you (I) shouldn’t be betting in the first place. But when the hand is in my favor, I play to win and go all in.
- Mike Michalowicz
Your site is very very cool !! I love it
Respect !,
Nice man!,
great tips. I enjoyed reading this,
Very interesting!I’d like to see how far he goes and how well the word will get out.,
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