What you can learn from Don Schlitz's The gambler

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haibe

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What you can learn from Don Schlitz's The gambler
Posted on: January 10, 2015, 03:51:07 PM
Not sure if everyone is familiar with "The Gambler" by Kenny Rogers but I remember it's a song I used to love when I was much younger,  not just because of the rhythm alone, but also because of the intelligent message the writer is passing, I decided to do a Google search about other people's opinion about the song and I ended up with this lessons below which may be suitable to those in business, yes! gambling is inevitable in the business world even though some are too ignorant or religious to admit it.

"Kenny Roger’s song The Gambler has a business idea for
any entrepreneur in the world.
The song says that every gambler knows the secret for
surviving. What if the song says every business know the
secret for survival? What would be the secret for survival?
Good customer service, excellent products, or sound
financials?

The gambler song is an entire business toolkit, with tips
ranging from business plan and market intelligence to
customer service and business strategy.


"You got to know when to hold `em, know when to fold `em,
Know when to walk away and know when to run.
You never count your money when you`re sittin` at the
table. There`ll be time enough for countin` when the dealin`s done. "


The gambler knows the competitors cards by the way they
held their faces:
By watching your competitors action you can understand their strategy. If the competitors are purchasing a new plant it means that they want more market share. If they get a new loan they could even be targeting your customer with a new product, or they want to diversify.

In order to play the game, you need to learn how to play it right: This means you need to understand your market, your industry and your products.

You need to know when to walk away, when to run:
This means that you need to understand your business and your market to know when to change tactics, when to change products and when to attack to your competitors.

Knowing what to throw away, knowing what to keep : In market segmentation you need to know which segments will give the best returns. You have to know which customer to keep and which to ignore. Better have fewer happy
customers than have a numerous customers who are not
happy.

You never expose yourself by counting money during the
deal:
This is because it will expose your financial situation. You need to be cautious on anything regarding your financial position."


Source: http://www.replaybusiness.com/2013/01/the-gambler-knows-secret-for-survival_31.html?m=1



 

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