Blackjack is a much-loved card game that’s been popular since the 18th century. While online play means that it can now be tried more easily by more people, it’s worth considering how this game might also be used by business leaders looking for some inspiration.
Work Out a Strategy
Blackjack is one of the few casino games where players don’t rely purely on a random outcome. Unlike games such as slots and roulette, they must make decisions that directly affect the outcome of their bets.
This can be done by simply deciding whether to hit or stand based on your gut instinct. Or you can look for the basic blackjack strategy sheets that tell you exactly what to do to have the best possible chance of winning the hand.
Following a strategy doesn’t guarantee success in card games or in the business world. Even if you choose the most viable option, the dealer might land 21 or you might get an unexpectedly high card that makes you go bust, or your product might not suit the public right now. But the idea is that by following the right strategy you increase your chances of success in every way you can.
Understand the Decisions You Can Make
The last point mentioned hitting and standing, but those aren’t the only options that you can take once you learn blackjack strategy well. You could also split the hand if you get two cards of the same value. This is a way of trying to make the most of a pair of aces or trying to minimize the damage of getting two 8s together.
So, sometimes it’s about pressing home an advantage and other times it’s about trying to make the most of a bad situation. The same tactics can apply in business. The problem is that not everyone is aware that these options exist.
They hit or stand and think that’s all they can do. In blackjack, and in business, it makes sense to see what all your options are before deciding. Only by knowing what your options are can you expect to make good decisions.
Decide When to Walk Away and When to Double Down
The phrase doubling down has entered the business world but not everyone is aware that it comes from blackjack. The option of doubling down is available when you have certain strong hands. You can then choose to ask for another card with double the original wager or stand with the cards you currently hold.
When should you double down and when should you ignore this option? It’s also covered by the blackjack strategy sheets mentioned earlier. They take into account the cards you hold as well as the dealer’s first card to tell you whether doubling down is a smart move or an unnecessary risk.
In the business world, you need to carefully weigh up any decisions where you feel that you might be able to gain more by taking a bigger risk. These aren’t moves that should be made purely on instinct, as you need to know what your chances of success are and what the market is like right now.
Look After Your Own Hand
The aim of the game blackjack is simple. Get as close to 21 as you can without going over that figure. The dealer can still beat you if they get closer to 21 than you do, but what the dealer does won’t matter if you go bust or end with a really weak hand.
Therefore, the first and most important thing is to look after your own hand. If you can get to a total of 20 or 21 the chances are that you’ll win most games with this score. You still need to consider what the dealer has, but it’s not the most important aspect.
For example, if you have a middling hand like 15 or 16, you’ll want to take the dealer’s up card into account. If they stand a good chance of reaching 21 you might decide to take more of a risk in trying to reach that total as well. But if their hand is looking potentially weak you could decide to stand. But on the hands, you’ll decide what to do without needing to consider the dealer.
This can be applied equally to businesses. You need to look after your own products and services above all else, with a solid marketing plan. If you can see that there’s an opportunity in the market or strong competition developing, this could be the time to react with aggressive moves. However, you can’t do this if your own house isn’t in order first of all.
By looking at these tips from the world of blackjack, we can see how well some of them relate to the business world. If you’re looking to get inspired, you could bear these tips in mind to see how much they help you.