Starting a Business vs. Gambling

[aioc]

For those of you who are experienced gamblers, investors, or entrepreneurs:
Do you look at business ventures through the same lens as a calculated bet?
Where do you draw the line between a calculated entrepreneurial risk and pure gambling?
Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

There is a big difference between analysing your bets through stats and a feasibility study when launching a business. All options are presented to reach the sales and profits, whereas in gambling, even the best analysis fails because it's gambling
If you're a seasoned businessman and you are planning to launch a business, you will seek a successful formula, something you cannot find in gambling.
Treat your business as a business that you are sure to succeed in and not as a gamble where you are not sure of the outcome.

[Judith87403]

No. Gambling cannot be equated with or viewed through the same lens as entrepreneurship. Both gambling and entrepreneurship involve significant risk, but it would be very odd to view them through the same lens because, in practice, they are not the same. The same applies to investing. Gambling, entrepreneurship, and investing all share a common element—the balance between risk and opportunity—but applying the same lens to them is truly odd.

You are right, they all involve risk, but using the right skill that is meant for each of them is important, as some might think they are to treat as you and that won't work the way they might be picturing it. That is why its never advisable for one to treat gambling or investing as one, they may somehow look alike but are not of the same strategy and its even best if they choose entrepreneurship to gambling, because with your business, you have the control over it, no house edge and its something you can peacefully have profit from, if you do the right thing.

[livingfree]

In Business you can have the perfect business plan, the best suppliers, and great marketing, but an unexpected economic shift can completely wipe you out.

That is the same with gambling when you think that you've been lucky all along and then you ended up losing.

You've got the best run and winning streak but that has to end and so, before it happens you'll have to make sure that you've got some other plans when it comes.

As they say, a gambler isn't a good businessman. Just like what they say, some might believe it's true and we don't.

[bangjoe]

snip
For those of you who are experienced gamblers, investors, or entrepreneurs:
Do you look at business ventures through the same lens as a calculated bet?
Where do you draw the line between a calculated entrepreneurial risk and pure gambling?
Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

It's not a straight comparison between entrepreneurship and gambling, in terms of risk it's clearly different in field practice you bet on the same day you lose the money you bet, while in business you won't lose that fast, there are always ways to take solutions to get out of problems such as economic disasters, it's not like you lose in gambling then your money is gone, you will have time to act and anticipate more severe losses.
And there is no way when you open a business and then the next day the economic disaster comes, unless you don't read the news, which is more clear the ratio of losing in gambling that causes losses faster than the ratio of losses from economic disasters that destroy your business?

I had a business before the covid time then everything became a dead end when the lockdown, people couldn't come to my shop, I was confused and stressed because my products were not selling, but in the end there was a solution to sell online and slowly consumers came from different places which led me to still have profits even though I was in a bad state.

[yixichloro2xx]

‎I don't see any kind of similarities between gambling and starting a business. It's totally different, whereby in gambling your chances of winning depends on how Lucky you are and the system is built to beat you. Before you start a business you should have done lot's of feasibility studies about the business and how to run it. Although there's risk in running a business, but it's not as much as that of gambling. Your business get better if you have control through planning, strategy, and consistency. gambling can't give you consistent profits in the long run , unlike business that grows and can give you significant profit in the future.

[Agbe]

There are some factors which make a business more profitable and attractive. First thing to do is the marketing strategy, targeted audience and availability of the product or services and once those things are there then you can start your business. And I will not compare business with gambling. The risk in gambling is much more higher than doing a business. Therefore in a simple term, I prefer business to gambling.

[tech30338]

There is a big difference in gambling and starting a business, in gambling you can have time, or even have less capital, but in business there is a lot difference, its like you have been enroll into a school again you wake up early you need to prepare everything, calculate and make sure everything is running and all are ready, its true that its hard, but if you are going to focus in a business, there is a big chance that your business will grow, if you'll compare gambling with business they are both need capital, but in business you are the one who have control if it will succeed or not unlike gambling, the dealer has the control or the casino.

[HustleZ]

[…]

We cant categorize anything that involves risk with gambling. In that case every thing in the world is a bet or gamble. But some things are safer and require hard work more than luck which becomes socially and mentally acceptable. A business involves risk but you know if you put more hardwork you can succeed but you can’t say it for gambling because the more you gamble the more chances are of you losing and the house recieving its edge. So i think anything that involves risk shouldnt be categorised with gambling as if we do that then everything is gambling.

[Cryptomultiplier]

For those of you who are experienced gamblers, investors, or entrepreneurs:
Do you look at business ventures through the same lens as a calculated bet?
Where do you draw the line between a calculated entrepreneurial risk and pure gambling?
Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

Everything you want to do in this life has risks. Starting a business is not a win-win thing because there are also chances of failure. But the difference between gambling and starting a business is that you have some level of control over the business.  Your inputs will determine how successful the business will be. However, most gambling outcomes are determined by luck. An entrepreneur might decide to increase his capital or extend his business hours just to make more profits. But in gambling, it is considered loss chasing which is dangerous.

Business is mainly for profit-making and not for entertainment.  But gambling is mainly designed for entertainment.

I can agree that both gambling and being an entrepreneur are in same boat, but the disparity is how both view themselves and the manufacturable edge.
 
While an entrepreneur would strive be in control of the house edge as in treating the business as a plan from scratch to fulfillment, knowing when to cut cost and read market data, this would require strict discipline and more attention to details and capital, until the plan, which of course is the entrepreneur's edge, pays off in the long run.

A gambler on the other hand may be in it for the entertainment and fun of it, may decide to gamble based on gut feelings, may chase losses more because of indiscipline and absence of knowledge of risk management and we know of course that the house edge is always against the gambler.

So like I said from the onset of my first paragraph, the most important factors that differentiates both a gambler and an entrepreneur from each other is mindset and a manufacturable edge.

[Franctoshi]

For those of you who are experienced gamblers, investors, or entrepreneurs:
Do you look at business ventures through the same lens as a calculated bet?
Where do you draw the line between a calculated entrepreneurial risk and pure gambling?
Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

The bottom line or summary to this topic falls on one very thing, "Risk factor", you can't escape risk both in the running of business and in your involvement in gambling, now what differentiates both, is the amount of risk that gets involved. Because it's not about winning all the time but the goal is to be at the table each time when it hits hard and this is based on your risk exposure.

[coin-investor]

Do you look at business ventures through the same lens as a calculated bet?

No, because it will not work. Business ventures have an exact formula to follow; in gambling, you rely on hope and luck for your bet to hit the mark.
The drawing board and the thinking process are very different; gambling dwells on uncertainty, while business dwells on execution based on a proven formula, so we cannot correlate or compare them, as they do not add up.
I have seen it in my cousin's business: he has an exact formula that guides him to success, and he is not a gambler.

[Yeesha]

Starting and business can be compared to gamble only if the start-up of it is done recklessly and with no prior market research and knowing better ones product has demand on one's city, for example.

Exactly, if a person wakes up one day and decided to start-up a business without proper research or investigation about the market, you are risking your money and creating a easier way to lose it. Because one of the greatest factor that leads to successful business is understanding the market. In terms of business the most important thing to do is to prioritise the safety and security of your fund, so that even without profits you should still have your capital. Losing both the capital and the profits is the hight of it and non will actually wants to experience that. I think starting a business in the appropriate way and following the required steps is going to be more suitable for an individual rather than gambling.

[hedgeh0g]

No, because it will not work. Business ventures have an exact formula to follow; in gambling, you rely on hope and luck for your bet to hit the mark.
The drawing board and the thinking process are very different; gambling dwells on uncertainty, while business dwells on execution based on a proven formula, so we cannot correlate or compare them, as they do not add up.
I have seen it in my cousin's business: he has an exact formula that guides him to success, and he is not a gambler.

Of course, there are tough moments in business that require balanced decisions, but I'd also add that luck is also important and can steer a business in the wrong direction or bring us together with people who will lead us in a different direction. I think it all depends on the individual, because there will be those who will lose everything they can gambling but still manage to build a successful business, while there will be those who, on the contrary, can gamble like professionals and make a living from it, but won't be able to build a business. It's just important to understand which of these two is closer to us.

[mcdouglasx]

They might seem the same, but they're not. They only have the risk factor in common, but with a business you have a better chance of success than gambling, especially if the bets depend purely on luck. I think this is clear from the fact that very few people have won at gambling relative to the number of traders, while on the other hand, there are more successful traders compared to the number of people who invest in businesses. In other words, risk is extremely linked to the type of business and your ability to maintain and analyze it.

[ChocolateBitcoinK]

No business is guarantee to be successful in the long run but your commitment, sacrifice and patience can make it successful in the long run but in gambling no matter how pro you are or how hard you try to be successful, you cannot achieve progress because you will end up a loser in the long run.

Gambling and business isn't the same so, don't get it twisted because in everything you do, there must be risk management.

Yes, I agree with you, this is why gambling and business should never be considered the same. They are completely different types, we can conduct business with research, through research we can increase the chances of positive results, where we can ignore the risk and go where the chances are high.

But is there any chance of this in gambling? No, in gambling everything depends only on luck, So, in this case, we cannot really research or analyze anything to determine whether we can win now or whether there is an opportunity where our chances of success are better. So we must be realistic in these matters.

[Gost ms]

They might seem the same, but they're not. They only have the risk factor in common, but with a business you have a better chance of success than gambling, especially if the bets depend purely on luck. I think this is clear from the fact that very few people have won at gambling relative to the number of traders, while on the other hand, there are more successful traders compared to the number of people who invest in businesses. In other words, risk is extremely linked to the type of business and your ability to maintain and analyze it.

Yes I completely agree with you. But business and gambling are completely different things. Business is about hard work and proper financial management and moving forward through proper management. But gambling is completely dependent on luck. Of course, the chances of success in business are much higher than in gambling. We can never compare gambling with business.

Very few people are seen to be successful in gambling. The biggest reason for this is that they cannot control themselves. Not everyone always loses while betting, they also win but they are not able to keep the money they win

[rachael9385]

Your business could be turn into gambling if you don't have a clear plan and only following the trend so you should have a target and learn the risks so you know where to start and not just following the trend. If you make a decision, that will be look as gambling as you don't know the result but you know the possibility that might happens.

You should make a detail plan running the business so you control the running and not gambling inside. Checking your business running from the progress so you know how good the business growth and what you need to do next according your plan.

You are absolutely right, some people start a business hoping that it's going to work out, there is no precision or target, in such a case that's gambling because you are diving into it with no research whatsoever and just expecting it to be profitable. A business is supposed to bean investment that has already been calculated even though it has it's risks but you should be 85 percent sure of making profit.

[Webetcoins]

In Gambling You calculate the odds, accept the house edge, and manage your bankroll to survive variance.
In Business You conduct market research, evaluate competitors, and manage your capital. However, instead of a house edge,you face market volatility, inflation, and changing consumer behavior.

This is what happens when you gamble too much . Just kidding. I mean, if you look at things that way, everything's a gamble. You go to school/college and that is a gamble as well because you don't know whether the education investment will pay off.

The thing that you are missing here is the concept of house edge. When doing a business, you are not 'expected' to lose money. But in gambling, you are expected to lose money because the house has an edge against you at all times.

[Hatchy]

For those of you who are experienced gamblers, investors, or entrepreneurs:
Do you look at business ventures through the same lens as a calculated bet?
Where do you draw the line between a calculated entrepreneurial risk and pure gambling?
Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

How exactly is business being compared to gambling? In business you take risk, that's the only comparison it has with gambling but we don't lose like we do in gambling. Business is like investment, when you have the right idea, location and with good planning you could launch a business and in the first few months you should be able to make good profits. In gambling profits are not guaranteed, you just take blind risk and hope that your predictions turn out to be correct. In gambling you depend on luck and hope to win. In gambling you depend on strategy and communication. I don't see business the same way I look at gambling. They are two different things entirely and it shouldn't be mixed up..

[DiMarxist]

There is no Basis for this comparison between gambling and setting up a business that will be running. Gambling is taking on a risk that is not calculative in nature, in fact when you are gambling with your money it's more like throwing away your money because it's as good as letting your money go away. Business is not the same because no matter how bad the economic situation is you can't compare running a business with gambling because there is no reason for anyone to even think about bringing the two Ideas together.