What Can Roulette Teach Us About Business?
Roulette: There are many sources of inspiration you can go to for business advice. You could follow the greats and hope to recreate their success, or you could absorb textbooks and learning materials. But there is another, less conventional influence for business success: roulette. What can the game teach us about business?
Develop a Killer Strategy
The Martingale Strategy
Unbeknownst to some, roulette can be played with several strategies. The strategies don’t involve anticipating where the ball may fall, but in planning the amount per bet. For instance, the Martingale Strategy involves a table with a small min bet and high max bet. You place a bet on either red/black, even/odd, or numbers 1-18/19-36. If you win, you place the money aside. If you lose, you double your wager on the same bet. Statistically, you will eventually end up winning, and the doubling will recoup all the losses beforehand.
Plan to Succeed
Businesses are also guided by strategy through a business plan. Those who plan for contingencies and every eventuality are better equipped to navigate both difficult and prosperous times. A business plan can let you know if you are on the right track and can also inform which elements of the business might need tweaking.
One of the key things in common between both roulette and business is the need to take risks. With roulette, these risks are finite and have a statistical set of outcomes: win or lose. But, in business, these risks can be more complex and can have a knock-on effect for the future. In both instances, you need to be able to know when to take the risk and when to let it pass by. You’ll need to hone your skills in the ability to take risks based on the limited amount of information available.
Diversify Your Offering
Businesses Need Multiple Profit Channels
One of the most important lessons to learn in business is to never put all your eggs in one basket – in other words, you should diversify what you offer. Businesses that are able to offer two different products/services are in a better position if external events hamper the success of one of their revenue streams. Having multiple profit channels means that you can remain afloat even if one arm of the business begins to falter. For instance, the closure of physical retail operations wouldn’t be as much of an issue if the business has a strong online offering too.
Roulette Offers Many Alternatives
Roulette offers this diversification when looking to play online. For instance, you can play roulette in many different iterations. There are the classic roulette wheels based on European and American rules. There is also Superman-themed roulette, Chinese-inspired Dragon Jackpot roulette, science-themed Quantum roulette, and mythology-based Age of Gods roulette. There are also live roulette lobbies that allow players to see a dealer spin the wheel in front of them to give a more personalised experience that would also inspire greater tension.
Roulette might not be the most conventional teacher to emulate for business success, but it can provide important lessons. This includes both planning a strategy and knowing when to take risks as well as providing many alternatives and revenue streams to keep you afloat.