As a solo entrepreneur, I’ve picked up some valuable business lessons along the way, which have helped me grow. Perhaps the most valuable lesson has been the importance of patience and planning.
This highlights the importance of planning carefully for your next step as an entrepreneur and showing patience throughout the process. It's about avoiding the temptation to rush headlong into things and taking thoughtful actions instead.
One thing that has stood out to me over the years is how crucial patience and planning are for betting as well. Both of these have served me well as a pro gambler and are something I like to focus on when betting.
Let’s go over some good examples of proper planning and a little patience for betting/business and explain why both are so essential.
Example of planning and patience in sports betting
This example leans on my experience as a professional sports gambler and how patience and planning can work in this sphere.
Sports betting bankroll management can’t (and shouldn’t) be ignored and really helps keep you on the right track long term. It involves planning out how much money you can safely put aside to bet with and then working out how much you should stake on each bet, based on your starting bank (usually a maximum of 1%).
When it comes to patience in sports betting, being able to stick to your staking plan and not rush into chasing bigger returns is key.
Example of planning and patience in business
Let’s imagine you’ve started an online store that sells handmade soap, scrubs, and toiletries. Proper planning when starting it up involves important steps, such as:
- Conducting market research to see which products sell best and at what price.
- Planning out a marketing campaign for launch.
- Planning how and where you’ll make the products.
Patience in this business example includes steadily building the new brand and acquiring a loyal customer base as you go. It also means scaling gradually and not taking on too much too soon. Although these two examples give an idea of how planning and patience can work in business and betting, let’s dig deeper into why they’re so crucial.
Patience protects from emotional decision making
Emotions are core to who we are as humans but are not actually that helpful in either business or betting. They can lead us to make rash, impulsive decisions that we later live to regret. Taking the time to remain patient is a great way to keep our emotions in line and ensures we remain in control of them when making decisions.
For betting, staying patient allows us to avoid chasing losses and diving right back into the market blindly after a loss. It also works the other way and helps us not dive right back into the market on a high when we’ve just won.
When it comes to business, remaining patient allows us to avoid overreacting to certain situations and market/industry fluctuations. Taking a breath and not jumping to a knee-jerk response enables entrepreneurs to make logical, strategic decisions they’ve properly thought through. This is used widely across business, and it’s one of the ways web publishers can achieve better results.
Planning is key for sustainable growth
Whether you like to bet or run a business (or both), you’ll struggle to get too far without taking the time to plan. Planning is key to setting a course of action, defining goals you need to achieve, and targets to aim for. It also helps you figure out how to get there and what steps to take. Good planning saves you from wasting time aimlessly. Instead, you can focus your energy on what really matters.
For sports betting, having a plan about how you will find bets and which sports and markets you’ll bet on is a great place to start. This simplifies the whole process and gives you a clear plan to work from each day.
Planning in business can be applied to many areas but could involve defining how many staff you’ll need to open up a new department in your main HQ. By planning this out, you’ll ensure that the staff are in place for the department to open as expected and that there are sufficient resources to offer high-level service.
What happens if you ignore patience and planning?
The simple truth: you will live to regret it and find it hard to succeed. If you decide to open a new business but fail to plan properly for its launch, gaining any sort of traction will likely be tough. Existing businesses that fail to plan for future growth will find it hard to expand and push onto the next level.
A lack of patience can be similarly disruptive and just as damaging. In my experience as a professional gambler, it can lead people to put massive stakes on bets for bigger returns, but eventually blow out their betting bank. It might also cause them to disregard a decent betting strategy after one losing wager and give up any future profits the system would have made.
Stay patient and plan for success
The modern world we live in does not always set us up to stay patient and plan for future success. Most people are used to getting everything instantly and not having to wait for good things to arrive. For both business and betting, planning properly whilst remaining patient is crucial.
