Because of DK’s SEO Poker Tournament during PubCon next week, I’ve been thinking a lot about poker. And, as always, I’ve been thinking about making money online. Since I’ve been thinking about these things at the same time, I’ve realized that there are some real similarities.
There are a Lot of Dreamers
There are a ton of people who dream about being a professional poker player. A lot of people play a little bit in home poker games, but few ever manage to make a living off of it. It’s the same for internet businesses, a lot of people dream about it and dabble in it, but very few people make a living from it, and even fewer become superstars.
Poker is a game of calculated risks. When you start betting, you are never sure that you are going to win a hand. Even if you are holding a pair of aces, someone could easily bet you with a set, straight or flush. However, if you start betting hard every time you have a 2-7 off-suit, you’re not going to make money in the long run. It’s the same with the internet business, most people have a lot of ideas for various sites, however, it’s always best to go with ideas that have the best money-making potential. Try and start with the odds stacked in your favor.
Long Term Strategies are the Best
Every poker player loses a hand every now and then. Everyone in the internet business has an idea that doesn’t work out for the best. The idea is to make money over the long haul. If you keep betting with the right ideas, eventually you come out a winner.
Alway Keep Improving
Poker is a game that you can never be perfect at. Even the best players in the world are constantly changing their strategies and trying out new tactics. The same goes for any Internet business.
Learn From Others
Poker players are constantly studying the competition to find out what the other top players are doing. The same strategy is also very useful in the Internet world. You can study other successful sites and figure out what they are doing right.
Knowing When to Fold ‘Em
Sometimes when playing poker you realize you have been beat and you just have to lay down your cards. The same things applies on the Internet, even though you’ve put time in some project you thought would work, you have to know when to just shut it down and move onto other things.
The Stars do it Over and Over Again
There are alway people in poker who have beginners luck and end up winning some big tournament never to be heard from again. But then there are players like Daniel Negreanu and Scotty Nguyen who keep making money year after year. The same is true of the Internet, you look at people like Jeremy Schoemaker and John Chow who seem to keep raking in the big buck for many years.