Chapter 1: Understanding Patience as an Asset

In today's fast-paced world, the ability to remain patient can provide a significant edge over competitors. This lesson became clear to me years ago while playing poker, and its relevance has endured.

At a poker table with nine players, statistically, you should expect to hold the best hand once every nine rounds. However, the random nature of card distribution can lead to significant imbalances in a small number of deals. For instance, one player might go through an extended period without receiving a strong hand—this could be 20, 50 hands, or even more. Such streaks fall within normal statistical patterns, meaning that choosing to fold for long stretches can often be a wise strategy.

Despite this, players frequently rationalize their decision to play a subpar hand with statements like, "It was the best hand I've seen in the last hour." This line of thinking is fundamentally flawed and stems from impatience. What they are really expressing is their unwillingness to wait for a better opportunity, driven by frustration over the cards they have been dealt.

When facing impatient opponents, you can gain a considerable advantage by exercising patience and carefully selecting when to act, while others succumb to boredom and make poor choices.

This impatience manifests in the business realm as well:

• To justify a poor hiring decision: "She was the best candidate out of the 20 I interviewed."
• To rationalize accepting a less-than-ideal job offer: "It was the only offer I received after three months of searching."
• To defend a failing marketing strategy: "It was the best option among the four proposals we received."

Simply picking the best option in front of you does not mean that acting on it is a sound decision. Time can reveal better alternatives, and sometimes choosing to "fold" is the wiser path when presented with mediocre options.

If you find yourself defending a decision by saying, "it was the best option I saw recently," take a moment to reflect on whether impatience is distorting your perspective. Consider if it might be more prudent to wait for a stronger opportunity.

Remember, careers and business endeavors are long-term journeys. You have more time than you might think to evaluate your options and make informed decisions.

In the video "Patience vs. Complacency: How to Keep Moving Forward While You Wait," we explore how to maintain momentum while waiting for the right opportunities.

About Me

I am a business development executive based in Washington, D.C., with a background in leading strategy and operational teams at notable companies like Capital One, comScore, and Credit Karma. My writing focuses on business, careers, psychology, and my experiences building a LinkedIn audience. Occasionally, I incorporate insights from my poker experiences into my content.

Chapter 2: The Importance of Timing in Decision-Making

Patience is more than just a virtue; it's a strategic necessity. Timing your decisions can be just as crucial as the choices you make.

In the video "Give Your Business the Competitive Advantage," we discuss strategies to enhance your business position through informed decision-making and timing.