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Lessons entrepreneurs could learn from savvy gamblers

Texas residents thinking of starting their own businesses could possibly learn something from seasoned gamblers. Veteran casino patrons are used to making quick decisions and changing strategies abruptly when things are not working out as planned, but many entrepreneurs remain doggedly loyal to their business plan even when it becomes clear that changes would be prudent.

This phenomenon is becoming more apparent as the economy evolves. The pace of change ushered in by the information age provides business owners with myriad opportunities, but they are often of the low probability and high reward variety. While this may be an ideal situation for venture capitalists and others with a gambling mentality, it can leave cautious business owners used to methodical planning lost at sea.

Entrepreneurs may be able to deal with changing market conditions more easily if they develop the mindset of veteran casino patrons. Seasoned gamblers expect most of their bets to lose, but they know that a single win could offset many, many losses. Adopting this philosophy could allow entrepreneurs to calculate their chances of success more effectively and develop psychological armor that may protect them against the emotional trauma of repeated failure.

Those considering a new business venture often encounter contradictory advice. Some experts cite the high rate of failure among fledgling commercial ventures and advise entrepreneurs to only act after planing thoroughly, but others speak of the fleeting nature of opportunity and favor quick and decisive action. Business law attorneys may be familiar with predicaments like this, and they could advise their clients based upon experience rather than a philosophical point of view. Attorneys could also help entrepreneurs to select the appropriate business entity and explain the pros and cons of corporations and limited liability companies.

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