Trader Vs. Gambler
Trader Vs Gambler: Or Can You Be Both?
In business management there are two basic types of approach to decision making, making changes and deciding on the future direction of the business. They are often described or summed up as the "trader vs gambler" scenario. Within these two extremes there are, of course, many variations and degrees, and business coaching can help you move from one to the other to suit the type of problem or opportunity that you are facing.
As a trader you are an effective risk manager and would not dream of making a leap on a hunch or on poorly cobbled together information. You tend to be methodical and logical in your decision making both in your personal as well as your professional life. You do not take risks; you make calculated decisions that, over your life, have led to positive, albeit often a bit slower than you may like, progression through your career.
However, since you are very logical and methodical in decision making, you may have missed excellent opportunities in your life. This means that big contract or that next new business opportunity may have escaped you since you didn't feel completely informed or in-the-know.
A gambler is a risk seeker. He or she will go out on a limb, take a leap of faith, or simply go with the thought that it is time to hit the big time. Gamblers often find that they do get large rewards because they are making decisions that conventional wisdom, and perhaps even reality, would say are not in their best interests.
The downside to being a gambler is obvious. Sometimes the adrenalin rush of making that big play is more important than the risks that are involved. Addiction to gambling, be it at the casino or in running a business, is a serious issue that can be devastating. Gambling can also include ignoring the facts, rushing headlong into decision that could easily be researched and found to be unproductive or risk aversive.
Business Coaching And Trader Vs Gambler
Business coaching can be a very effective way to give executives, either traders or gamblers, a better insight into their own decision making process. It can also help the executive to develop the alternative skill set that allows them to be more comfortable taking some levels of risks whilst also curbing the excessive risks that gamblers are willing to take.
Learning your natural style and developing the complimentary side of these polar opposite styles to business management is a common request in business coaching sessions. Often the gambler recognizes the possible addiction issue with their handling of their business model, and may also recognize the same pattern of behaviour in their personal life as well.
With a business coach working in private, confidential sessions the gambler, and the trader, can learn more about themselves and about more effective and productive ways to make decisions about the future of their business. At Philippe Jacquet & Associates we can help you gain that personal insight and assist in developing the skill set that you need to be more effective in your executive role.