Lessons in Leadership from poker pro Annie Duke

Team Leader with Two Employees
May 14, 2020
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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”. 

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Work Remotely Without Working from Home

Work Remotely Without Working from Home

Working from home offers a unique blend of comfort and convenience, creating a workspace that is both personal and professional. Your home becomes a versatile canvas where productivity meets comfort, and your creativity flourishes in familiar surroundings. From the cozy corner of your living room to a dedicated home office, the possibilities are endless. With the freedom to choose your workspace, you can design an environment that suits your workflow, whether it’s the tranquility of a quiet room or the vibrant energy of a sunlit nook. Working from home provides the flexibility to customize your surroundings, making it the ideal place to turn your aspirations into accomplishments.

Outdoor Features That’ll Improve the Success of Your Daycare Business

Outdoor Features That’ll Improve the Success of Your Daycare Business

Incorporating thoughtfully designed outdoor features can remarkably impact the success of your daycare business. Outdoor spaces provide children with teachable moments for social development and hands-on learning. Including functional picnic areas in nature-based learning environments is just one way outdoor features contribute to holistic learning. Children will flourish under your care. By creating a safe and enriching outdoor environment, you can stand out. Your dedication to fostering growth and safe exploration will propel you far ahead of the competition.

Essential Furniture You Need for Your Office

Essential Furniture You Need for Your Office

Creating a well-equipped office space is crucial for productivity and comfort. The right furniture can significantly impact your work environment and the well-being of your employees. We will explore the essential furniture pieces you need for your office. Desks Desks...

How to Grow Your Women-Run Florida Construction Business

How to Grow Your Women-Run Florida Construction Business

The challenges faced and conquered by women in the construction business world serve as a testament to the power of perseverance and the ability to turn obstacles into stepping stones. If you’re running a female-owned business, it’s crucial to celebrate the progress made and continue to champion the cause of women in construction. It’s also important to be proud of what you’ve achieved so far and to continue to dream big. Good luck!

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Recent Posts

How to Avoid Delays When Delivering to Customers

How to Avoid Delays When Delivering to Customers

In today's competitive business landscape, delivering products to customers on time is not just a courtesy; it's a necessity. Delays in delivery can lead to dissatisfaction and harm a company’s reputation, especially for female entrepreneurs who are striving to build...

Work Remotely Without Working from Home

Work Remotely Without Working from Home

Working from home offers a unique blend of comfort and convenience, creating a workspace that is both personal and professional. Your home becomes a versatile canvas where productivity meets comfort, and your creativity flourishes in familiar surroundings. From the cozy corner of your living room to a dedicated home office, the possibilities are endless. With the freedom to choose your workspace, you can design an environment that suits your workflow, whether it’s the tranquility of a quiet room or the vibrant energy of a sunlit nook. Working from home provides the flexibility to customize your surroundings, making it the ideal place to turn your aspirations into accomplishments.

Why You Need to Avoid Overworking Yourself

Why You Need to Avoid Overworking Yourself

The demanding landscape of entrepreneurship often celebrates burning the midnight oil as a pathway to success. While hard work is undeniably critical, overworking oneself can lead to adverse effects that are often overlooked in the hustle to meet deadlines and...

How to Expand the Services Your Hair Salon Offers

How to Expand the Services Your Hair Salon Offers

Running a successful hair salon involves staying attuned to the evolving needs and preferences of your clients. One effective strategy to keep your business thriving is by expanding the range of services you offer. By diversifying your offerings, you not only attract...