Every business decision involves an element of uncertainty. The challenge is knowing when to take a calculated risk, when to hold back and how to make the best decision when you don’t have all the information.
In episode four of the Price Forbes Podcast, Drew Harvey is joined by Jo Living, Founder and CEO of Aces High London, to explore what the poker table can teach us about decision-making, leadership, risk and performing under pressure.
Drawing on Jo’s experience in investment banking, entrepreneurship and poker, we explore why the quality of a decision shouldn’t always be judged by its outcome, how leaders can become more comfortable with uncertainty and why knowing when not to play can be just as important as knowing when to take a risk.
After a decade in investment banking, Jo moved into the world of start-ups, entrepreneurship and innovation, ultimately founding Aces High.
Along the way, she discovered striking parallels between poker and business. Both require people to make decisions with imperfect information, assess risk and reward, understand the behaviour of others and remain composed when the pressure is on.
Through Aces High, Jo now uses poker-based experiences to explore essential business skills, from negotiation and assertive communication to decision-making and self-regulation.
Good decisions don’t always produce good outcomes, and a positive result doesn’t necessarily mean the decision behind it was right.
Jo and Drew discuss the importance of separating decision quality from outcome quality. Rather than asking whether a particular decision worked, leaders can consider whether it was the right decision based on the information available at the time.
Just as in poker, calculated risk is about considering the potential return, understanding what is at stake and deciding when an opportunity is worth pursuing.
Taking more risk isn’t necessarily the answer.
Professional poker players are selective about the hands they play, conserving their resources for the opportunities where they see the greatest potential return. The same thinking can be applied in business, from choosing which prospects to pursue to determining where organisations invest their time and resources.
The conversation explores why success can be less about trying to win every opportunity and more about knowing which opportunities are worth pursuing.
The episode also explores the behaviours that can help leaders make better decisions.
Jo discusses the value of listening, empathy and the ability to pause before acting. In poker, being the last person to act can be an advantage because you have had the opportunity to observe everyone else first.
The same principle can apply in the boardroom. Leaders who listen before setting the direction can gain valuable insight from the people around them and avoid making decisions based purely on instinct or ego.
As technology and AI become increasingly embedded in the workplace, Jo and Drew consider the growing importance of distinctly human skills.
AI can support decisions involving complex information, but judgement, nuance, communication, empathy and the ability to read a room remain critical when navigating competing priorities and uncertain situations.
For leaders and teams, developing these skills could become increasingly important as technology continues to change how we work and make decisions.
Taking calculated risks also requires the right environment.
Jo discusses why organisations need cultures where people can test ideas, learn from failure and adapt. Rather than avoiding failure altogether, businesses can create opportunities to experiment on a smaller scale, gather feedback and pivot when something doesn’t work.
Because uncertainty will always exist. The goal isn’t to eliminate risk, but to get better at deciding which risks are worth taking.
Drew Harvey
Chief Client Officer, Price Forbes
Drew leads client strategy at Price Forbes, focusing on delivering insight-led solutions and strengthening relationships across global markets.
Jo Living
Founder and CEO, Aces High
Jo is an entrepreneur with a background in investment banking, start-ups and innovation. Through Aces High, she uses poker-based experiences to help teams explore decision-making, communication, negotiation, risk and performance under pressure.
Episode four of the Price Forbes Podcast explores what poker can teach us about business, leadership and calculated risk.
Discover why making a good decision doesn’t always guarantee a good outcome, how to perform under pressure and why navigating uncertainty is about knowing both when to take the risk and when to walk away.
Explore Episode One of the Price Forbes Podcast, where industry experts discuss how AI, data and digital trading are transforming insurance, reshaping risk management and redefining the role of brokers.
Listen to Episode Two of the Price Forbes Podcast as Sarah Horler and Cosmo Warner discuss how 9/11, the financial crisis, COVID-19, and geopolitical conflict have transformed risk, leadership, and the insurance market.
Trent Somerville speaks with Hemant Shah of Archipelago Analytics about trusted data, AI, catastrophe modelling and the future of risk management in the insurance industry.
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