PokerStars
PokerStars

Join today to PokerStars Frequent Player Program
The biggest and best rewards program in online poker!

party poker new logo
Party Poker

Get an exclusive 100% up to $500 bonus and $50 FREE just by signing up at Party Poker through this link

8-Time WSOP Champ Erik Seidel explains Business Secrets

With 8 WSOP gold bracelets and over $20 million in tournament winnings, Erik Seidel is one of the most-knowledgeable poker players in the world. But little do many people know, he's also quite proficient in the business world.

Seidel invests in various companies, including AlleyNYC, a cutting-edge co-work space for aspiring entrepreneurs in Manhattan. And Jason Saltzman from Entrepreneur.com recently picked Seidel's brain over some advice on how business and poker relate. Saltzman also asked him some poker-related questions too. So if you're interested in hearing poker and business advice from one of the greatest players ever, here's a look at some of the best questions and answers from the interview.

Q: Most people associate poker with gambling. What percentage of poker is a gamble and what is pure skill?

A: Over the short term, the variance can be huge, but in the long term, skill will win out and the top pros consistently take home the money. That's one of the cool things about this year's World Series of Poker. You could watch at home on ESPN and see how Martin Jacobson made one great decision after another and eventually that all added up to him taking home the world championship and $10 million.

Q: What do you feel are the most common misconceptions of being a professional poker?

A: I think many people misunderstand the luck factor. They don't understand how complex the games are. You can spend a lifetime trying to understand the various poker games and still have much to learn.

Q: Poker is a huge business. How would you compare yourself and the business of poker to traditional businessman/business structure?

A: To be successful at poker you need to be adaptable to constantly changing conditions. That's also true of business. I think AlleyNYC is a very good example of a company that is constantly evolving, and staying ahead of the curve. That's typical of the successful Internet companies, adapt or die, and definitely true in poker.

Q: Most startups fail. It’s sad but true. Most poker players fail, as well. What advice would you give upcoming poker players and soon to be startup founders trying to grind it out?

A: Hard work and passion are the key ingredients. People need to be open-minded and realistic about what changes need to be made to the business model every day, and not get caught up in closed mindsets. Every day you have to be better and different than you were the day before.