There are many things that people suggest running a business is like. Some say it’s like following a Sat-Nav that constantly changes the route, others like writing a book, and some, such as
https://www.smallbusinessbonfire.com/, say it’s like running a marathon. Your comparison would differ depending on how your business may have progressed. Each of the analogies helps give insight into what your business could do to improve how it is run. One of the more out-of-the-box analogies is that running a business is like playing a game of roulette. There may be some truth to this. Let’s see how playing roulette can help inform how your business could improve and make it more productive.
Know What Risks to Take
One of the key foundations of roulette is making decisions based on having limited knowledge of what the outcome could be. You know the odds (roughly 50/50 for evens/odds, red/black) and can plan accordingly, but until the ball lands in a slot, the outcome is a mystery. This is very much the case in business. You may have plans and projections that suggest what certain outcomes could be, but ultimately the way they play out doesn’t have to follow that trajectory. Being in business involves taking measured risks and being comfortable making decisions that don’t give you guarantees. This is the basis of roulette gameplay. Some are more extreme than others, just like decisions in business.
For example, there are a range of different roulette games according to https://games.paddypower.com/c/roulette – from standard European rules roulette to roulette that gives you money back if you land on 0. In business, this range of potential decisions also ranges from staking a large portion of your business on a risky takeover to posting something on social media that could be taken controversially. Each game and each business decision takes a different level of risk analysis. Knowing what risks to take when playing roulette could help you determine the worthwhile risks when it comes to business.
Don’t Rest on Your Laurels
One of the key takeaways for the game of roulette is that the past is irrelevant to the future. No matter how many times the ball has landed in a black slot, this doesn’t determine where it may land in future. Businesses would be keen to understand this as many cite a slump following a big success. This is largely due to the fact the business is likely ‘resting on the laurels’ of that big success.
One of the most notable examples of this is Kodak, which failed after 100 years of business according to https://medium.com/. The company that supplied film did a roaring trade as people began to afford cameras and wanted to document momentous family occasions. But they remained blind to the growth of digital technology as they were too busy focusing on the way they had always done business and how this had suited them. This led to a complete divestment of that arm of their business and rendered them one of the most cautionary business tales.
There is no single right way to do business. What works for one organisation may be detrimental to another. But taking inspiration from unexpected sources can give you an advantage over those who follow a more linear path. Roulette provides some interesting ways in which businesses can learn to do better. It teaches you not to rest on your past achievements and it helps to give you an intuition over which risks to take and which to avoid. Roulette may not be the most conventional business advice, but it provides some surprising similarities.