After a weekend in Vegas, we came up with a list of ten business lessons showing that what happens in Vegas doesn’t stay in Vegas, when it correlates to important business truths.
10 Business Lessons a Trip to Vegas Can Teach You
While people usually think about a trip to Vegas mostly in terms of fun, many of the lessons this city can teach you are true about business, too. Here is a list of the top ten business lessons Vegas taught us.
Top 10 Business Lessons We Learned in Las Vegas
10 Business Lessons Las Vegas Can Teach You, Too
1. You have to take some chances if you want to win.
There’s no such thing as a “sure thing” in Vegas, and there’s no such thing in business, either. Sometimes you have to gamble on something – a good idea, a hunch, an instinct, an advantage. You must play if you hope to win.
2. Winning feels better when you have skin in the game.
And on the flip side, losing hurts worse when you have skin in the game. When you are financially, personally, emotionally or otherwise invested in a business or as a professional, winning at work feels that much better. Those who aren’t invested or engaged simply don’t feel as much pain when they (or the business) takes a loss.
3. It will probably cost more than you think it will.
Think that you’ve budgeted for everything? Think again. Inevitably there will be that forgotten item, money lost, money misplaced, costs higher than expected, hidden taxes and fees, unexpected challenges. Having reserves, friends you can call (or who are along for the ride), and planning for contingencies might just save your trip.
4. You must expect the unexpected.
If this is your first trip to Vegas, forget all that you think you know about U.S. cities, because this one has sights, sounds and experiences all its own. Likewise, if you’re starting a business (even if you’ve started one before), entering the work force or starting with a new company, expect things to be totally different. Be open to taking in the new environment and keep your eyes and ears open.
5. Learn to tell the difference between people and personas.
Walk the Strip in Las Vegas and you’re likely to see a number of celebrity impersonators, street performers, and pitch men. While it’s important to learn to tell the difference in Vegas, it’s even more important in business. You are likely to come across many people who are playing a part or pitching a product or service that may – or may not – deliver. Learning how to differentiate between the authentic and the *spiel (a recitation or story typically intended as a means of persuasion) is critical.
6. You have to know when to walk away from the table.
Yes, it’s important to take some risks; however, that doesn’t mean you have to risk everything. When thinking through a risk-and-reward scenario, set limits on how much time, money or other resources you will put into play, so that you know when to pull the plug if a project doesn’t begin to pay off.
7. You’re going to want a quiet place to rest.
To be in Vegas in just about any public place – well, maybe except the library – is to be in an environment filled with sights, smells and sounds. It’s an almost constant assault on the senses. You are going to want a quiet place to sleep where you can retreat and get refreshed when you need a break from all the action.
Taking a break now and then gives you a chance to see things from a new perspective. In business, you need to find that place away from the work that will allow you to clear your head and recharge your batteries; even for just a few minutes each day. It’s also healthy to take some vacation days away each year so that you don’t burn out. You will find that it’s often during these times away that your biggest “a-ha!” moments occur.
8. Sometimes you’re going to see things you don’t want to see.
Though often billed as the world’s largest party, not everything in Vegas will bring a smile to your face. Expect to have moments in Vegas (as well as in business) that delight as well as moments that make you frown, cringe or even cry. Sometimes you are going to see things you don’t want to see and sometimes you will have to deal with things you don’t want to deal with.
9. Plan to do a lot – and I mean a whole lot – of walking.
On the first day of my very first trip to Vegas I got several blisters. I simply had no idea how much walking I would do, and did not have the right shoes for the job. It takes time and effort to create demand, even for the most ingenious business ideas. You are likely going to take more time and traverse more distance than you had imagined when it comes to building your business or advancing in your professional career. You need to be in shape and bring the right equipment, or it could be a much longer and more painful process than you’d planned!
10. Remember that having fun is an important part of the journey.
While for some a trip to Las Vegas is nothing but fun, for others it’s a by-product. Running a business or working at a job is not all fun, but it should be fun sometimes. If there is nothing “fun” about your organizational culture, you can’t expect people to want to come along for the ride.
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