Living Life As Business

When a new business is created, someone had an idea to provide an income and be worth doing. No one starts a business, or should start a business with an idea which is distasteful. Any new business needs every opportunity to succeed, and if it is not fun for the owner, it will likely fail. Succeeding initially means long hours over a long period even before the doors first open, so a new business idea should be something one really wants to do.

As a business idea grows, it begins to flesh out and become real. Plans are formed around steps needed for value added item the business is going to produce. As plans are written out and looked over, new steps are added.

As opening day gets closer plans become more detailed as equipment, suppliers, requirements, location, customers base is finalized. For some business startups, some obvious details items are overlooked until it is discovered something is not working as it should. If anything pertaining to the business is changed, overlooked, or freshly discovered, the plan is updated as needed.

Eventually the doors open and enough time goes by when there are no surprises. No one is expecting the unexpected. One day, suddenly, without warning something goes wrong and a crisis is born. It may be anything from building problem, a utility matter, illness, or unforeseen supply problems going wrong when it is least expected.

Panic sets in and the business owner focuses on how to fix the problem.  A solution is arrived at, implemented, and the crisis is under control. Everyone starts to relax, and shortly it is back to business as usual. Eventually something else happens, and the process of crisis recovery starts all over again.

Running a business has a lot in common with day to day life although it is not obvious. Each of us in our own way is a start up business in some form. How successful we are in the business of our life, depends on how we manage unforeseen circumstances, and what we do to avoid repeat situations.

One of the tricks successful business use is periodic review. Review of what is done, how it is done, and can it be done better, is a continuing focus of successful business. This same process applied to our life can used to help us be more successful.

Reviewing our day, week, month, what ever length of time works in our life is a good habit to start. What should be reviewed is dictated by our unique and individual lives, but there are fundamental areas of our life we all should be monitoring.

What has been done for example. What was done in the last period of time in our review period. How did we improve our life, control personal resources, and limit stumbling blocks whenever possible. Could we have done anything better?

How is our time, money, and energy being used. Is there any slice of life which needs more time given to it. What is, or what has turned into a time waster(s) we can cease to do. Time wasters come in many forms, and a time waster for one person is time well spent for another. Knowing what is and is not important for us is a key to our success.

What was done well, and what could be done better is something we should learn and understand. We have interactions, arguments, and frustrations which we have handled very well. We also have days when we were not exactly a glowing example of the proper way to handle issues. Defining and understanding when we were doing our best, and those in which we were not allows us to prepare for the next time a similar problem starts to happen.

Living is a dynamic process; our individual life should not be managed by how we feel at the moment. Not feeling like doing something that needs to be done, is as bad as overdoing something that should have been ignored. Setting calendar review periods to review what is going on in our life provides better direction, and helps us learn so we better manage our life problems.

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Managing Ups and Downs Of Life and Poker

Some poker game sessions are very good. Other times I may go home wishing I never sat down at the table to start with. I really enjoy those times when it seems no matter what I do the right cards fall and I win most of the hands I play. Of course I am unhappy when it seems I did everything right and the wrong result happened.

Winning too fast, or losing too fast is of one of the fundamentals of poker. Playing poker it is not how many hands you win in a session, but rather optimizing the hands you play to win as much money as possible from the hands you do win. Forget this concept, and you end up winning or losing quickly in a session, and losing over the long run.

There are times when I play when I am lucky to win one out four hands I play to the river, yet overall I am making a lot of money. There are other times when I play a lot of hands and I also win a lot of hands, but I am barely holding my own as far as staying on the winning side of poker.

One of the tools experienced poker players use is to monitor their variance. Poker not played well results in having a very large amount of money invested in what is essentially a poker game where you should lose much less. Managing, or reducing that amount is managing your variance.

According to a site, icoachmath.com variance is defined as: Variance is a statistical measure that tells us how measured data vary from the average value of the set of data.

varianceThat may sound confusing if you are not a math person. I think of this as measuring or monitoring at certain times whether I am ahead or behind, and by how much. It is not uncommon to sit down at a poker table and win at a very high rate, sometimes three or more times the normal expected win rate of a good player. The opposite happens too, where a player finds themselves losing at the same rate.

When I play poker when I like to use variance as my poker gas pedal. If I am winning or losing at a rate much higher than normal I know my variance is over my average variance. When this happens I start to analyze what is going on. Is the opposition that bad, or that good? Am I getting more than my normal share of winning or losing hands? Am I making dumb mistakes and it is time to leave the table? Keeping tabs on reasons for variance at the poker table, helps keep your chips in front of you, and not in front of another player.

I also keep tabs on my variance in my life too. Life runs in cycles. Some days or weeks are very good, some days or weeks are terrible, though most days and weeks flow without any real ups or downs. It is when the variance in my life is quickly rising either on the upside or the downside that I stop to think about what is happening in my life.

Occasionally, especially when life is going well, we forget to keep an eye on ourselves. The same thing happens when life is not running so smoothly. In both instances it is important to recognize your variance is much higher than normal. When life is going smooth there is little variance in our day to day life, and we need not pay attention to our variance as it is about where it should be at any given moment.

When our life is not going that well, our decisions are sometimes made for the wrong reasons and do us more harm than good which sends our variance plummeting downwards from an already too low point from where we would prefer it. Our decisions are made out of frustration, childishness, not thinking of long term consequences, or just because. Later when our life slows down and we start thinking again, we realize that we were responsible for making a low point in our life worse than it had to be.

Check on your variance daily, and if it is going down, slow down and think of what is going on and how you can keep it from going lower. Spending some time thinking about what to do is a lot better than trying to fix problems from acting without thinking.

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