Scott Fischman’s ‘Online Ace’ book also illustrates the Leader/Manager balance of upside-attacking/downside-defending risk strategies. Building on my comments on 31 July 2006 (“Jackals, Mice and Eagles”) which looked at poker for a great analogue for looking at risk perspective to decision making, he has his own endorsement of the balance of ‘doing the right things right’.
In fact, his strategic advice is filled with what appears at first blush to be contradiction, but it really describing the balance between leadership and management. In his ‘Basic Strategy’ chapter, he says ‘Build your stack slowly’ and ‘Play aggressively’ as well as ‘Play tight…but think loose.’
“There are two equally important aspects to being a winning poker player:
1. You maximize your winnings
2. You minimize your losses
This may sound totally obvious but you’d be amazed how many people sabotage their earning potential by ignoring one or both of these aspects…Avoiding losing situations is as important to your bottom line as maximizing your wins.”
So many people are entranced by the powerful and aggressive move of ‘all in’ that ‘no-limit’ Texas Holdem provides, they often forget the just a crucial strategies for protecting the downsides. It is a game that attracts ‘Leaders’ but is dominated by those who master both Leadership and Management.