Starting a Business vs. Gambling

[Miles2006]

Both gambling and starting a business are not in same field, I wonder why anyone will get the thought about gambling in reference to starting a business. In business you must be well knowledgeable about the area you want to focus on before starting any move while in gambling you still don’t get it all right despite the skill mentioned, business owners have the full privilege to manage risk and make sure the outcome is profitable while you can’t say same for gambling, I’m trying to highlight the basic meaning you don’t have to view both in same way although there’s risk involve in both still the risk with business can be avoided or managed when an entrepreneur is smart enough to keep the business going, in summary you need a good capital before venturing into business.

[SUPERSAIAN]

All of your comparisons are superficial, you can't just say starting a business and gambling are more or less the same, that kind of mentality is what pushes people to abandon their chances to start good businesses and spend all they have on gambling instead, telling themselves there are the same thing, if you owned your own business then you wouldn't have this mindset about owning a business and gambling being similar. This thinking pattern is flawed, it's better you change it.

On the surface, you might say, without any logic, that's exactly what he did in Opera. But he's greatly mistaken. When you start a project, even if it fails, you don't actually fail you gain experience for the next attempt and learn a lot of new things. In gambling, you either win or lose. If you lose, it's completely over, and it hasn't added anything to you.

[Crypto_Timothy]

First off, everything is a bet whether calculated or not, every single move we make is a gamble but then the key difference is that in gambling the odds are mathematically fixed against you by design, while in business you actually have the ability to reshape the odds in your favor over time through adaptation, learning and execution. A casino's house doesn't care how hard you work or how creative you are, but a struggling business can pivot, cut costs, find a new market or just improve its product to survive and besides long term favours most businesses whereas if you stay long gambling, there is a good chance you're losing.

[Cryptohygenic]

Here is how I see the comparison, and I’d love to get the community's perspective on this:
Risk Management vs. House Edge
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.
The Illusion of Control

And to tell you the reality, no single or kind of daily running business or investment is risk free, you can name any and I will tell you the risks aspect behind it. Afterwards, you should be expecting to answer if does that mean every businesses and investments are relatively to gambling all just because it has it risk. I am sure you won't win the argument.
I will only advice you to do your proper research before undergoing any business and I am sure you will be profit table according to how you diligently set up the business.
Of course service and products offers including situated locationmmatters too.
Gambling is gambling and business is business. Both are risky.  

[junder]

I also think that going directly to a business in gambling without first having experience from a business in the real world is a wrong move. Nevertheless if you feel convinced that you know your way around or at least other people in business have advised you how to run any business including gambling online then you can definitely try it out. The problem is that if you intend to open a crypto casino for example you need to have a lot of money as starting balance otherwise you risk that some whale win outperforms your entire balance and your business fail.

To start a business, capital is needed to start it, with casinos of course this is not a small thing so when we are going to start a casino business, capital is needed which is likely to be a lot.

In addition, if in doubt, another solution is to become an investor, but on the other hand, it must also be considered not to just invest, see first or do research first with what will be done.

[SquallLeonhart]

Business decisions come from an entrepreneur and they succeed through their own efforts and hard work. Here, someone may enter skillfully or someone may become skillful by joining the business. To be successful in business, you have to be patient and manage the business with discipline. There are many histories where many businessmen have started from zero and become successful. There are many businessmen who could not succeed even with a lot of capital.

There is risk in business. There is a risk of losing money in gambling but it would not be right to compare business with gambling. Business is not a bet success from here has to be achieved through hard work.

Plus, with business, if you lose then you still learn something from it and doing it again you will do better. Whereas, if you end up gambling and lose, there is nothing to learn from that. Let's say that you put up 100 dollars a month every month for gambling for a year, that is 1200 dollars.

Instead, if you save that, and then use 1200 dollars as capital to start an online business, and you fail, at least you learn how to do better next time around. So instead of gambling, you save one more year, and then one more, until you do fine. So as you can see this will get better and better, whereas gambling will always be just gambling.

[Don Pedro Dinero]

Plus, with business, if you lose then you still learn something from it and doing it again you will do better. Whereas, if you end up gambling and lose, there is nothing to learn from that. Let's say that you put up 100 dollars a month every month for gambling for a year, that is 1200 dollars.

Instead, if you save that, and then use 1200 dollars as capital to start an online business, and you fail, at least you learn how to do better next time around. So instead of gambling, you save one more year, and then one more, until you do fine. So as you can see this will get better and better, whereas gambling will always be just gambling.

Not only that, but in gambling—such as casino games—if you spend $1,200, you’re likely to lose it all because of the house edge, and even in games where there is no house edge, the percentage of winners is very low. The only way to come out ahead is to get lucky and be able to stop and cash out.

In a business, on the other hand, although most also fail, you don’t have the odds stacked against you, and if it works, in terms of the money you can make, the sky’s the limit.

[len01]

I’ve been giving a lot of thought lately to the concept of risk. I am currently planning to launch a real-world commercial business, and the deeper I get into the planning phase, the more I realize how many parallels it shares with gambling.

No, they are clearly not the same. If you run a business with detailed planning and have properly managed the risks involved, it cannot be considered gambling. If you're only looking at the fact that both involve risk, then even living in this world could be called a gamble, because there are risks wherever you are.

Remember, with a business, you are the one who has full control over how to improve and grow your profits. Gambling, on the other hand, largely depends on luck, and you do not have full control over the outcome or the profits you may receive.

[fruktik]

All of your comparisons are superficial, you can't just say starting a business and gambling are more or less the same, that kind of mentality is what pushes people to abandon their chances to start good businesses and spend all they have on gambling instead, telling themselves there are the same thing, if you owned your own business then you wouldn't have this mindset about owning a business and gambling being similar. This thinking pattern is flawed, it's better you change it.

Indeed, it's a strange way of thinking and drawing an analogy with the gambling business. No, we need to not only change our thinking but also abandon the idea of ​​comparison altogether. If we continue down this path, we will certainly never build a good and successful entrepreneurial venture. Everything is much more complicated and requires careful preparation. Yes, there are risks everywhere, even when we're just leaving the house. We shouldn't focus on them. Why? Fear will prevent us from taking the first steps.

[Julien_Olynpic]

Thank you for the topic. Indeed, business and gambling have a lot in common. In fact, business is also a form of gambling. True, it involves slightly less risk than traditional gambling. And we can have an advantage similar to the house edge. I'm referring to the situation where you're an expert in something and build a business around that expertise. This gives you an edge over your competitors. But the main advantage of business over traditional gambling is the ability to conduct advanced analysis.

[Pi-network314159]

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!!!

I actually know where your statement is going, but I would like you to know that despite there is no business without risk, doesn't mean all business is as risky as gambling. Gambling remain the highest risk business except you are the owner of the casino. Where normal business is risky is starting business you don't have the idea or have never even made a research before can pose as a threat to your because it is certainly a very big risk game. In sport betting or casino, the risk is certain that when you lose you are not getting it back in return except a one big win. But in business, if you lose out of carelessness, you may not lose all at once and the little you lose , with time you will recover it with high level of business expirence. So they can not share thesame risk.

[Cityhunter34]

I don't know the basis of making this comparison because both have no connection in my own point of view. Gambling is not supposed to be treated as a source of income because the winning is not guaranteed. On the other hand, starting a business is a source of income so it should come first so that part of the profit from the business can be used for gambling.  If you gamble without a source of income, it will ultimately lead to depression and that is not good for anyone.

Gambling and business are not the same thing at all. even though they both involve risk, business is far safe for making a good profit because it's a source of income. And there's usually a return at the end of the day, so the comparison isn't necessary. Gambling isn't a source of income. Without luck on your side, nothing can change the game. It's a new anymore: there's a higher risk in gambling than in business.

[tech30338]

I don't know the basis of making this comparison because both have no connection in my own point of view. Gambling is not supposed to be treated as a source of income because the winning is not guaranteed. On the other hand, starting a business is a source of income so it should come first so that part of the profit from the business can be used for gambling.  If you gamble without a source of income, it will ultimately lead to depression and that is not good for anyone.

Gambling and business are not the same thing at all. even though they both involve risk, business is far safe for making a good profit because it's a source of income. And there's usually a return at the end of the day, so the comparison isn't necessary. Gambling isn't a source of income. Without luck on your side, nothing can change the game. It's a new anymore: there's a higher risk in gambling than in business.

Gambling and business is the same that it has risk, but risk in gambling is far way dangerous, in business you just need to be focus and make sure things are on track and things will go to the flow, risk comes when you are not the one managing it, or you let others manage it, while gambling from the start is risky, you don't know what will happen you might win but that is by luck, if you don't control your emotion you will be in a deep debt in the end because you will be addicted, so if you are to chose select business over gambling.

[Olatundespo]

Is it fair to compare gambling with business? I think it is better not to compare. Losing money in gambling is almost certain if you manage it with discipline. If you can implement discipline and proper planning in business management, it will be possible to achieve high profits.

Business entrepreneurs are very brave because they are ready to take risks because there is a possibility of loss in a business. Gambling involves risk and gamblers have to be brave because there is a possibility of defeat in every bet. Applying the right marketing system and strategy can take a businessman to the top level.

Even if you are not perfect while running a business, you can correct it later but there is no opportunity for correction in gambling. If you are very experienced in gambling, the chances of being perfect will be less because the results of gambling depend a lot on luck.

[Rubuchi]

To start a business, capital is needed to start it, with casinos of course this is not a small thing so when we are going to start a casino business, capital is needed which is likely to be a lot.

In addition, if in doubt, another solution is to become an investor, but on the other hand, it must also be considered not to just invest, see first or do research first with what will be done.

you have to choose whether to start a business or whether to go into gambling. Many may want to look at this from the point of profitability and honestly if you do, gambling might even look more luckrative than starting a business but there are so many more advantages starting a business has over gambling and the first of it is longevity. Starting a business lasts longer than gambling and the profitability of starting a business is far more certain and reliable than gambling which is a pure game of luck. You may hit jackpot in gambling today and that could change your entire financial situation big time but you may also make a big mistake that could cause all that you have and care about in gambling within few minutes but starting a business you know is not like that. It allows you to plan and walk your way through the ladder to become successful particularly when you are patient and perseverance about your business.

[ZeroVinsonN]

All of your comparisons are superficial, you can't just say starting a business and gambling are more or less the same, that kind of mentality is what pushes people to abandon their chances to start good businesses and spend all they have on gambling instead, telling themselves there are the same thing, if you owned your own business then you wouldn't have this mindset about owning a business and gambling being similar. This thinking pattern is flawed, it's better you change it.

He has forgotten that business is far more different than gambling there may be some risks in owning a business but it's never the same as gambling if business has same characteristics as gambling many businesses would have went down because it's more profitable than gambling, i have seen people that gambling has brought to nothing some due to how addicted they have been gambling couldn't do well in their businesss because when they make profit from business they gamble with it and lost.

One thing is certain, you will never see the general population kick against the idea of being addicted to your business, there are workaholics but it's never the same as being addicted to gambling so when people try to compare the two and create similarities between them they should also try to consider the big differences between them, we can't be looking at only one side of it and ignoring the other because it's not supporting our personal opinion.

[TedMosby]

When I read your post, somehow it seems like you see gambling as something that is more predictable than it should be. It's an illusion of control. Gambling is pure luck. Even in a skill based game like poker, you may have good skills in playing it, but at the beginning it still depends on the cards you get.

Business is for long term growth. It's scalable and expandable in many ways. Meanwhile, in gambling, you can only scale your stake and expand your game variation. IMO, business is way more controllable compared to gambling, which only creates an illusion of control.

Gambling is a zero-sum game when it comes to player vs player, and a negative-sum game when players are battling against the casino (mostly). Meanwhile, most businesses are a positive-sum game, including the casino itself.

[OgNasty]

There is no link between gambling and running a legitimate business. It is a flawed line of thought to consider entertainment and employment the same thing. Starting a business is something you do to earn money. Gambling is something you do to entertain yourself.

[YOSHIE]

Would love to hear your thoughts, especially from those who have transitioned from gambling to running a business or vice versa!!!

That's a good idea, it means that your way of thinking is long term, business is a more promising opportunity now than gambling, but you need to understand that running a business is not easy. There are risks and challenges, and running a business varies greatly, so it is important for you to consider several things before continuing the business.
1. Consider the skills you have.
2. The capital you have.

And look at the location/area where you want to start a business, that is important, my advice is for the current economic conditions and circumstances, a good business for me is Digital Services (Online), Basic Needs & Refills.
I think the current economic conditions are good for two business models like that, because people need them.

[OsaiEmma]

~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!!!

Well said OP. But this is not a new concept, someone in the replies also said something interesting. Everything we do in life involves risk.

I have been writing for years that everything is gambling, and that life itself is one big gambol! Those parallels you saw are real, and I see them as well... simply said, when the outcome is uncertain, we need to give it a try, take the risks, and after that we can only hope for the best...

~snip.

I think this is the major similarity. There is some level of risk in whatsoever we do. "No risk no reward reward", this is a popular saying, right? And it is even more prevalent in real life business ventures. And when the result of the venture you're taking a risk on is uncertain, we call it a gamble. But the major difference is control, and you said something along those lines:

~snip
The Illusion of Control
In Gambling Poker players rely on skill, but a bad beat can ruin a perfect strategy. Sports bettors analyze stats, but a single referee decision can spoil the bet.
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.

This is no illusion but a reality. The chances of this economic shift in a stable society is slim. And if you are in a society which is unstable, there is still profit to be made. According to a popular saying: "There is profit to be made in crisis".

Compared to betting. In poker, you just deal with the cards you're dealt with, in sports, you're relying on the players to cash out. These variables are outside your control. But in business, you can change your location, product, price, strategy, marketing, customer relationship, suppliers etc, so that your business can perform better. This means you have much more control on the outcome of your "gamble"(business) , compared to general gambling.