Have you ever made a bad decision? I mean a really bad one. We all have. Some of us hired terrible candidates. Or teamed up with the wrong co-founder. Or stayed in a bad job for far too long. But all of us — hopefully — learned a lot from these mistakes. On the afternoon of 21 April we’re going to make a lot of bad decisions. Some of them will be really bad ones. And we’ll definitely learn a lot from these mistakes. Luckily, this time we’ll be in a safe environment, around a few poker tables.
By popular demand Decision Boot Camp is back. Balazs Fogoly (MBA ‘06D) — Chief Play Officer of Ember Associates — fresh from his paternity break, will teach us how to play poker. And while playing, he will use our successes and mistakes to teach us different aspects of decision making — from psychology to probabilities. But most importantly, all the teachings are not just applicable outside the poker table, will be translated to the language of business and our personal life.
But why poker? Well, on one hand, because it’s fun. Games — as Albert Einstein said — are the most elevated form of investigation. And on the other hand, poker is very similar to business. We have to make a lot of quick decisions under pressure in a competitive environment, without sufficient information, while managing scarce resources. And we have to constantly adapt our strategy to the ever changing environment shaped by our decisions, our competitors’ actions and luck.