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If you analyze winning gamblers, you will see a consistent set of tools and methods that make them successful over time. Once you comprehend the strategies that these profitable players use, using these approaches in your own entrepreneurial endeavors can launch your business to new levels of financial success and stability. Whether you are just starting your small business or are a seasoned entrepreneur, thinking and acting like an expert gambler in your business will definitely pay off. The purpose of this article is to outline positive gambling characteristics that you can begin using in your own business today.

For the most part, what separates successful gamblers from the losers is self discipline and aggressive risk management. By self discipline we mean that the player knows the game and consistently follows a set of rules to maximize his edge. Following these rules helps keep his emotions out of the cards. In other words, his playing decisions are based largely on the mathematical probability of success. Risk management is a set of rules the gambler employs to preserve his capital through a series of losing hands. By preserving capital the player is able to bet big when positive trends emerge. A successful gambler knows that he gets wealthy on only a few hands out of thousands played.

You don't need to be a blackjack or poker professional to apply successful self discipline and risk management strategies in your business. You simply need to know where to start and have the ambition to learn. Incorporate the following characteristics in your business today and hit the proverbial cash flow jackpot.

Know Your Exit - A successful gambler always knows when to leave the table. This point may be a monetary level, duration of play, or a percentage of losing hands in a row. The player meticulously follows his exit rules at all times. As a small business owner, you also must plan for and abide by your exit criteria. For example, how much money are you willing to spend on a new concept before you realize a return on your investment$%: At what point in time do you cut a partner loose because of inconsistent performance or conflicting goals$%: In a poorly performing business, when do you close your doors in order to preserve startup capital$%: Always know your exit.

Know Your Edge - Winning gamblers always know their edge. They understand the probability of winning and only play games and hands that have a measurable chance of profitability. There is simply no reason to venture into any financial endeavor if you do not have an edge. Why waste your time and money on a losing proposition$%: When starting a small business, do your homework. Before investing a dime, clearly understand your cash flow scenarios and profit probability. Know the elements of your industry that will give your business a competitive and financial edge. Think of it this way: if you don't know your edge, then you are the edge.

Study Your Competition - An expert poker player closely studies his competitors to learn their tells. A tell is a change in behavior that can often predict hand quality or the next move a player will make. By carefully studying these tells a successful gambler knows when to go in for the kill or fold. In business you too must also constantly study and analyze your competitors. With enough practice you will soon be able to predict your competition's next move before it is too late to do anything about it.

Manage Your Money - Successful gamblers often only bet small fractions of their overall bankroll on any given hand or play. This approach keeps them in the game long enough to take advantage of the big trends when they develop. "Betting it all" is often a sign of frustration, low self esteem or stupidity. In business, watch your cash expenditures like a hawk. Do not spend too much money on any one venture or transaction. Preserve your startup capital so you can invest in high probability opportunities when they arise.

Learn From Your Mistakes - After a long night of gambling, the successful players often go somewhere quiet to study their play. They ask themselves what worked well, what did not, and where they made mistakes. They learn from these mistakes and improve their play. You must also learn from your mistakes in business. Set aside time each week to study your business and the decisions you have made. Identify areas for improvement and implement steps to address these areas. The most expensive mistakes are those from which you do not learn.

Successful gamblers play to make money. Losing gamblers play for the thrill. By understanding and implementing key self discipline and risk management practices in your business, you will soon realize substantial improvements in business performance. Take emotions out of your business. You will make more confident decisions and can more effectively achieve your business strategies and goals.