Mastering Uncertainty: Lessons from Poker in Business

Poker and the Psychology of Uncertainty by Maria Konnikova has a great perspective and overlap into business. 

I’ve been thinking about the risk of uncertainty in business and this article articulates the need to have incentives that are invested to drive decisions that build skills. 

Life as in poker you are dealt a hand of cards and it’s how you play them that matters at different stages of your life or game. 

“Betting on uncertainty is one of the best ways of understanding it. And it is one of the best ways of conquering the pitfalls of our decision processes in just about any endeavor.”

“In poker, you can win with the worst hand and you can lose with the best hand. In every other game in a casino and in games of perfect information like chess and Go you simply must have the best of it to win. No other way is possible. And that, in a nutshell, is why poker is a skilled endeavor rather than a gambling one.”