The Difference Between a Gambler and an Entrepreneur

The Difference Between a Gambler and an Entrepreneur


Hey folks
I am here at the top floor of the Wynn Hotel in Las Vegas
(the penthouse level here)
Just spending at little bit time with some friends
a couple of days
Here is the view
Pretty good view
Here’s the sister hotel, The Encore
And, What I thought I’d do before
I went down and got into it is
just talk to you about some of my thoughts
when I came in here
You know, I look at gamblers
Fun gamblers are fine
Everyone is just having a good time
But when I look at the serious gamblers in this place
I really shake my head
And…
You’ve got a lot of people
losing a lot of money here at the whim
And…
What I thought I’d do today is
just talk about the difference between the top entrepreneur
(someone who’s likely to be highly successful in business)
and someone who is really into gambling
here in Las Vegas
And I think there’s 2 fundamental differences
The First is…
The big gambler hopes for luck
Their strategy is to get involved with a game
that might bring them good fortune
and somehow if they’re really lucky
they might succeed
Now that is the total opposite of
what a good entrepreneur does
A good entrepreneur is following a 3-step formula
the first is they establish a strategy
and they observe the results of that strategy
and then they re-strategise
so that if it isn’t working they just do something else
If it isn’t working they just adjust it
and they strategise, observe results, re-strategise
until eventually they reach an angle or a method that works
And what happens is people call them lucky
But really, every one of them just followed that formula
until they had a bit of good fortune
So there’s a structure to luck
And the people who are serious gamblers downstairs
they don’t realise that what they’re following is just blind luck
There’s no structure to it
Everything is rigged against them
But if you follow the entrepreneurial
greatness structure of strategise
observe results and re-strategise
everything is for you
Then, the second observation about the serious gambler is
they want to cut corners
Sometimes it manifests in every area of their life
They’re cutting corners with what they eat
but expect to look good or live a long time
Or they’re cutting corners in relationships
and expect them to be great
And also of course
they’re cutting corners by choosing to do serious gambling
thinking that somehow that is going
to get them a quicker win, a quicker way to wealth
than really hard work
And that’s the second part of what entrepreneurs don’t do
The great entrepreneur is always working hard
They’re working smart and they’re having fun
but they’re still working when they don’t feel like working
They’re still working when the results are slow
And when we combine these two elements
of being a great entrepreneur
(strategising, observing results and re-strategising)
with consistent hard work
well it’s almost certain that over time
that person is going to earn a lot of money
and get their financial dreams
And it’s almost certain that
the serious gamblers downstairs here at The Wynn, are not
So I just thought while I’m here
I’ll just bring that up and maybe we can have
a look at how much we’re following
the two critical strategies of great entrepreneurs
versus how much we might be gambling
Hope you’re having fun
Hope you got value out of this
Bye for now

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