Life, Lessons, & Casinos: Entrepreneurial Lessons from Viva Las Vegas

Nerd Alert

Our world is constantly being driven by advances in our understanding of human behavior— socially, politically, and economically. Psychology and neuroscience have given us an increasingly complex understanding about how people think and feel, and how they make decisions. This has allowed us to better design and deliver products, services, and policies. While working on my master’s degree in Public Health I was always fascinated on classical approaches to areas such as finance, economics, and public policy are now being influenced by behavioral finance, behavioral economics, and behavioral public policy.

I have a heavy science and research background so even when I am in Las Vegas, NV I was observing the psychosocial, behavioral, community, and societal influences in this fascinating environment and how it applies to entrepreneurialism. If you haven’t picked up on this yet—I am a huge NERD.

For those that have been to Las Vegas, the best way I can describe it is an energetic and electric city full of non-stop entertainment. My siblings and I decided to take our grandmother there for her 69th Birthday to have some fun and spend time with the family since we are all moving in different directions nowadays. I have recently fully embraced my own inner entrepreneur and thought I would apply a fun application due to my recent travel and educational background.

Understanding the Game

Since games of chance are set up so the house always has an advantage, a gambler wins infrequently at best. When you engage in recreational gambling, you are not simply playing against the odds, but also battling an enemy trained in the art of deceit and subterfuge. While the perception is that entrepreneurs are gamblers who don’t mind taking on debt for a chance to pay back that debt (and earn much more), the reality is that plenty of entrepreneurs don’t have the stomach (or think they don’t have the stomach) to assume more debt. I could tremendously relate as I watched money pour onto casino table, slot machines, and designer shops nearby.

Las Vegas casinos have perfected the art of their trade just as some entrepreneurs have disrupted the workforce narrative and find themselves outside of traditional nine-to-five careers. They’re both beautifully imperfect but seek a means to the end. If there is any one characteristic that gamblers and entrepreneurs have in common, that would be their willingness to take on huge amounts of risk.

However, risk is viewed differently. Gamblers wage their money on external actions out of their control. Games of chance have a vested interest in hooking players for longer and letting them eventually walk away with the impression they did better than chance, fostering a false impression of skill. Whereas, entrepreneurs’ wager on themselves, and their abilities to provide products, services, or ideas as they commonly researchers, planners, and strategists. That is not to say both cannot use strategy and be successful but they are executed differently.

Entrepreneurship Ingredients

Being an entrepreneur is not just about being a business owner or an investor. It is a lifelong occupation. It is about creating ideas and opportunities around what you have. It is about believing in your decisions and making these decisions despite the challenges. Sometimes, it involves taking unnecessary risks to bridge a gap towards your vision. For example, about 30-40 percent of casino revenue comes from gaming. That’s a huge decrease from the 1960s, ‘70s, and ’80s. Casinos have changed policies to match changing preferences in order to maximize profit.

So, where do the booze come in?

In honor of the casino floor way depending on where you gamble in a casino, there might be a different policy for complimentary drinks. Waitresses still fly around the casino floor offering table game and slot machine players complimentary drinks. Of course, depending on the casino the drink might taste a little different.

Casino operators in Las Vegas today are mostly corporations looking to maximize profit everywhere they can. Casinos don’t dish out the freebies like they used to. The casino customer has changed a lot over the years and so have the companies. The small difference might not be noticeable by every guest but most people should be able to taste and feel the difference. The short pours aren’t only for mixed drinks. Less booze = less buzz. Not cool.

The entrepreneur in me thought interesting… So I compared and contrasted between properties but one thing became clear that as casino manipulate their drinks and gamblers I would not be swayed on the entrepreneur ingredients.

Whatever your preference of adult beverage(s) these are typically the shared ingredients among fellow entrepreneurs.

Vodka Visionary

Successful entrepreneurs “typically” have clear vision of what their business will be and can concisely articulate its purpose, goals and market position. Vision is what makes you dare: dare to explore, dare to challenge, dare to insist, dare to keep pushing, dare to have the determination to succeed. Vision is the energy that provides an entrepreneur and its organization with the ability to perform and succeed.

Passion Mocktail

This is the most significant characteristic that every entrepreneur has, and for obvious reasons. They are successful because they love what they do. These entrepreneurs put all the extra hours they have into the business to make it successful and flourish. It is a pleasure for them to see the results of their labor, which goes well beyond the money received.

Grit n’ Gin

Courage is not the absence of fear, but the triumph over it. An entrepreneur does not quit. He does not stop creating despite the risks and always finds the determination to carry on. Entrepreneurs are expected to “rise above the game” and know what to do at all times. If you are observant, you can easily spot one mutual trait—a rather high dose of leadership quality—amongst entrepreneurs. “Grit is passion and perseverance for very long-term goals,” says American psychologist Angela Lee Duckworth, who currently spearheads some important studies into the role grit plays in success. “Grit is having stamina,” she continues. “Grit is sticking with your future, day in, day out, not just for the week, not just for the month, but for years, and working really hard to make that future a reality.”

And in the case, you indulge too much just like Zach Galifianakis from The Hangover you will find yourself waking up hungry as most entrepreneurs wake up with an itch to create value, build things and achieve their goals. Just like Zach’s character Alan entrepreneurs are rarely like everyone else. Or at least, the people who know them well understand that they have some quirks and unusual perspectives. If you’re considered weird by anyone, that’s not a bad thing. If you don’t mind being uncomfortable, welcome to entrepreneurship. Alan’s unique perspective although thoughtfully crafted with comedic satire drives to point that you have to be self-assured and own who you are in the face of adversity. Entrepreneurs are people who know that you’re going to have to make tough choices and go through tough situations even if you attempt to make a blood pact with your business partners on the roof of Caesars Palace. Entrepreneurship is not for the faint hearted. Entrepreneurs understand that there is a direct relationship between uncomfortable moments and success. The more uncomfortable situations you face, the more likely you’ll find situations that result in greatness.

So how do you get ahead and beat the house from an entrepreneurial stand point?

Research / Plan: Are you someone who takes control over weekend plans and gives direction to all those around you? If so, you’re showing a sign of delegation and leadership. Two key traits that are found in the great entrepreneurs. Studying patterns, strategies, trends, and

Timing: Entrepreneurs understand that their time is the most valuable asset they own. It’s the one thing that people will try to take from them week in and week out and the one thing they must protect as much as they can.

Technology is your Friend: Do you use apps like Uber, AirBnb, TaskRabbit or IFTTT? If so, you’re hacking your life with technology and optimizing it. This is a trait of an entrepreneur who values their time and embraces the idea of being efficient.

Diversify your Portfolio: Diversification is a risk strategy where money is spread out across different assets so that the risk in your investment portfolio is reduced. You should plan diversification on two levels—across asset types and within an asset class.

For many people, these carefully designed outcomes enhance the satisfaction they get from gambling. It may remain easy for them to simply walk away when the chips run out. In the entrepreneur’s lens it is a game of survival, pursuing a dream, and making an impact. When you have it, there is no walking away from your next adventure. Because we don’t mind failure. Entrepreneurs aren’t afraid to fall down or stumble. Entrepreneurs recognize that failure is a part of the journey and are willing to struggle a little to achieve a lot.