I am not a gambler. When I go to Las Vegas, my favorite slots are the penny slots closely followed by the nickels. I love that $50 can fund an evening of fun. Recently, I played in a free casino on my iPad and observed and learned as much as I played. Did I lose money? Yup, sure did – but it wasn’t real money. Did I win? Sure did – some fake chips and a lot of learning about leadership too.
Are you a leader that takes risks or plays it safe? Here are six leadership lessons worth a gamble:
#1 You’ve Got to Play to Win
I have no idea how to play Texas Hold ‘em so I watch. I see big money and skilled players. I ask myself: How could I ever jump in? Like the players at the gaming table, every leader starts somewhere. Leadership starts with stepping up. Want to be a leader? Get in the game.
#2 Play Small, Win Small
Playing small as a leader is like playing one line on a slot machine. Sometimes you’ll have a hit but the chances are low – you’ll mostly be feeding the machine. Leaders that play small rarely hit the jackpot for their team or the organization.
#3 Risk Big, Huge Upside, Big Downside
I was shocked when I would win a few fake dollars (and be totally thrilled) and another person at my virtual table would win seriously big bucks. I had more coins in my virtual pocket but they had more coins on the table. When they hit, they left me in the dust. Know where you, and your organization are on the risk spectrum. People thrive when their risk tolerance is in sync with the organization.
#4 Know the Odds; Just Don’t Live By Them
When I decided to give blackjack a whirl, I actually did OK. Still, I decided to Google a blackjack guide that I thought would change everything. I could just look at my little card and it told me what to do based on the odds. Thing is, the odds are just possibilities, not reality. Odds are a best guess based on the information we have available to us. Leaders don’t live by the odds alone – head, heart and gut work together to achieve success.
#5 Don’t Bet More Than You Can Lose
I found myself up to several hundred thousand in chips and I placed some big bets. I bet tens of thousands of fake chips and lost every time. The chips were fake and free and it still freaked me out. My personal risk tolerance is lower than some people and higher than others. As a leader, what you can lose is more than a number on the P&L. Are you willing to lose respect, clients, and team members? Every leader needs to know how far they are willing to go.
#6 Know When to Walk Away
One time I played roulette and was shocked when after what felt like a million spins in a row my number didn’t hit. I played the same number over and over and figured that sooner or later I’d be the big winner. Unlike my turn at the table, great leaders change it up before they get caught in a rut. Same actions, same results? Walk away, reflect on what you’ve learned and forge a new path to the goal.
Bottom line is that casinos are the big winners, not gamblers. In business, leaders don’t gamble with their people or on the bottom line. Organizations and teams win when everyone is in the game and not just watching from the sidelines. Leaders that know the odds, take planned risks, and are willing to take a step back to move forward both survive and thrive.
Challenge yourself to beat the odds, see what’s possible. Just play responsibly 😉
When have you taken a risk at work and had it pay off? Have you risked and failed? What did you learn?
My favorite is the first one: You’ve Got to Play to Win. “You miss 100% of the shots you don’t take.” -Wayne Gretzky (Hockey great)
Thanks, Dan! Great quote and totally true – If you’re not willing to get in the game, it’s the end of the story! I know many leaders with big dreams and big ideas – lots of ’em – but their fear of failure holds them back from even taking the first step. Appreciate your comment!
Leaders who are not willing to take risk are not leaders. They are managers: at best they are keeping up status quo, at worst destroying the organization.
That said, most organizations require both people who are willing to play the game and people who are not.
The ability to manage risk is an important factor when training military leaders. We constantly evaluate the officer cadets especially on their willingness to “play the game”.
In combat a leaders who do not act will be outflanked and overrun.
Soren – Great points – thank you! I agree, not everyone needs to be a superstar leader out in the front. Organizations do need people who are consistent, reliable, trustworthy and engaged with the work and focused on getting the work done day-to-day.
I’ve seen risk taking / risk management from the corporate side but I appreciate the insight into how it translates to military leaders. Looks like we agree: leaders that stick with the status quo will ultimately be left behind.