Lessons in Leadership from poker pro Annie Duke

Team Leader with Two Employees
May 14, 2020
79 / 100

Leadership advice and inspiration can sometimes come from the most unexpected sources. I recently came across Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts, the Wall Street Journal best seller from World Champion poker player Annie Duke, and found it was packed full of insights and advice that could easily be applied to leadership positions in any industry. 

Tapping into the latest trend in self-help i.e. behavioral psychology, Thinking in Bets provides an applied framework, including practical techniques and strategies, to improve decision making – one of the core foundations of effective leadership. As one of the top female poker players of all time, and a former World Series of Poker Champion, Duke has quite literally turned decision making into a professional and profitable career. 

Lessons in Leadership from poker pro Annie Duke 1

Although poker is more commonly compared to stock markets and investments, to Duke, leadership (and life) is very much like a game of poker. There may be many variations of the discipline, but they are all “a game of incomplete information…(poker) is a game of decision making under uncertain outcomes.” 

Duke naturally draws on her considerable experience to examine effective decision making through the lens of poker, but she also draws on a wide range of sources, from academic research to TED talks and TV shows. It’s a must-read for anyone looking to develop their leadership skills, and to get you started here are 5 key takeaways. 

1. Reframe decision making 

Right from the outset, Duke wants us to reframe decision making. Decision making is comparable to making a bet; bets are essentially investments made into uncertain outcomes and need to be approached probabilistically and with an open mind. 

Since the future is uncertain, black and white thinking needs to be avoided when making decisions. Instead, decisions need to be objective – the goal is to achieve the best outcome possible, rather than being specifically good or bad. 

2. Embrace uncertainty 

As a species, we tend to resist uncertainty, and it’s a trait that’s magnified when we step into a position of leadership. We’re often encouraged to feel absolute or certain before moving forward with an action or decision, but Duke believes we’ll be much more effective and the outcomes will be more positive if we embrace uncertainty.

The best poker players, just like the best leaders, are self-aware and know that they’ll never be 100% certain when making a decision. Instead of focusing on their uncertainty, they try to figure out just “how unsure they are”, making their best guess at the probability of the different outcomes that could occur. 

3. Separate outcomes from everything that came before

Speaking of outcomes, something that will get in the way of every leader and professional poker player is the inability to separate outcomes from the decisions and processes that led up to them. A bad result is not the same as a bad decision, and the same goes for good ones too. 

All too often we end up judging the decision-making process by the quality of its outcome, but this is a rookie mistake. Sometimes a bad decision-making process, which doesn’t take into account all the analysis or consider the possible outcomes, does produce a positive result. However, if you were to repeat that process over time, it would end up generating negative outcomes more often than positive ones. 

4. Lead by engaging 

Whether you’re leading a team of 1 or 100, you’re still part of that team and you need to lead by engaging your teammates. Disagreements are a part of every workplace across the world, but by choosing to engage with those people that you disagree with rather than dismiss their concerns or ideas, you will mitigate any disruptive consequences. 

When someone presents you with an alternative perspective or idea, listen out for those things that you can agree with and state them openly. Adopt the “yes and…” approach; by saying yes to something you’re affirming a valuable opinion or idea, then choosing to say ‘and’ instead of ‘but’ shows that you are open to discussing it and want to develop it. 

5. Nurture future leaders

Finally, if you really want to take your leadership skills to the next level, identify and nurture the future leaders in your company or organization. Like Duke states, “If you want to get better at something try to teach it”. 

Categories

More Posts:

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

How to Create a Professional Image When Building Your Brand

First impressions matter, especially in business. So, let's explore how to create an image that sparks trust, admiration, and success. Dive into the depths of brand-building with determination and drive, blossoming into a professional powerhouse.  Build a Positive...

Why Companies No Longer Give Workers a Pension

Pensions would seem to be a thing of the past. You may hear an older person talk about getting their pension, but it’s not anything almost anyone these days can access. They used to be fairly commonplace, however, so what changed? Why do companies not offer their...

Signs it’s Time to Find a New Office Space

For any business owner, their office space is an essential aspect of success. It's the place where you and your team devote countless hours a day working alongside clients or partners. In some cases, it may be time to relocate to a different workspace. Here are...

Why Now is the Time to Make Your Office Green

Going green has never been more opportune! Now that environmental issues and our contributions to climate change are gaining international recognition, businesses across the world have begun shifting their practices toward sustainability. If you're contemplating...

How to Keep Your Business Safe From Cybersecurity Threats

How to Keep Your Business Safe From Cybersecurity Threats Find more business software and technology tips at Leadership Girl. Cybersecurity is a major concern for businesses big and small. Every year brings a new record number of cyber attacks and by 2025, cybercrime...

The Social Entrepreneur – changing the world through business

The Social Entrepreneur, changing the world through business.
Individuals who start their own business are motivated by different things. Some people dream of becoming wealthy and building a global company. Others want to pursue something they’re passionate about or yearn for the freedom of being their own boss. In recent years, a new kind of entrepreneur has emerged: the social entrepreneur.
A social entrepreneur is a person who creates a business that has a positive impact on their community, society, or the world. Typically, social entrepreneurs are driven by a deep desire to create positive change.

Ideas for Setting Up a Non-Profit Organization

Have you always had the desire to make a bigger impact on others, particularly on underrepresented and underserved communities? One great way to do this is to set up a successful non-profit organization.  Here are a few ideas for setting up a non-profit organization. ...

Why Your Business Should Offer HSA-Compatible Health Plans

As a business owner, you have a lot of responsibilities when it comes to taking care of your employees. If you offer good benefits, such as healthcare, you’ll be more likely to hire and maintain the best employees.  Here are a few reasons why your business should...
Elements That Should Be Part of Your Company Retreat

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

Why Now is the Time to Make Your Office Green

Why Now is the Time to Make Your Office Green

Going green has never been more opportune! Now that environmental issues and our contributions to climate change are gaining international recognition, businesses across the world have begun shifting their practices toward sustainability. If you're contemplating...

The Social Entrepreneur – changing the world through business

The Social Entrepreneur – changing the world through business

The Social Entrepreneur, changing the world through business.
Individuals who start their own business are motivated by different things. Some people dream of becoming wealthy and building a global company. Others want to pursue something they’re passionate about or yearn for the freedom of being their own boss. In recent years, a new kind of entrepreneur has emerged: the social entrepreneur.
A social entrepreneur is a person who creates a business that has a positive impact on their community, society, or the world. Typically, social entrepreneurs are driven by a deep desire to create positive change.

Ideas for Setting Up a Non-Profit Organization

Ideas for Setting Up a Non-Profit Organization

Have you always had the desire to make a bigger impact on others, particularly on underrepresented and underserved communities? One great way to do this is to set up a successful non-profit organization.  Here are a few ideas for setting up a non-profit organization. ...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Elements That Should Be Part of Your Company Retreat

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

Why You Should Run Your Business on the Latest Technology

Why You Should Run Your Business on the Latest Technology

In today's fast-paced business environment, keeping up with technological advancements is essential for success. Implementing the latest technology can offer numerous benefits, such as improved productivity, enhanced data security, and reduced costs.  Improve...

What are local links and how to earn them

What are local links and how to earn them

What local links are and how they might assist local businesses develop an efficient SEO strategy are covered in this article. Local links allow visitors to learn more about a region and its businesses by connecting websites from the same area that are relevant to one another. They must be pertinent to the neighbourhood and offer valuable resources or information. Content marketing, reviews, sponsored content, social media, and directories are all ways to generate local links.

Ways for Increasing Property Management Lead Generation

Ways for Increasing Property Management Lead Generation

Property management is not a simple job, there are multiple tasks that a property manager should complete for various property investors. Marketing is one of the difficult parts, but it’s crucial. You can only attract tenants to your property and gain income after you have generated leads. Therefore, you should try your best to come up with smart and effective strategies to get your company known.