Quote:
Originally Posted by dappadan777
I mentioned this in another thread a while back. I played pro for over 10years and now I own ecommerce stores, it has quite a lot of similarities - upswings/downswings, running ads is a gamble basically and you 'move up in stakes' when you scale ads. I have the same sort of lifestyle I did when I played poker, I outsource a lot and don't have to physically be anywhere. I do not dropship. In the leaner months when things arent going very well, I dont pay myself, pretty similar as to when you're in a downswing and dont cash out. I actually think poker has helped me tremendously for business, pyscologically. However I likely have applied some bad habits from poker that have hindered my growth because I think like a poker player too much and maybe not a businessman sometimes. I was actually going to do a thread about it as my stores have done over 7figs in revenue now and I think people would find it interesting but I dont really have the time. It is not easy, it is not a passive income, it's ****ing hard and stressful and very similar in lots of respects to poker.
I know a number of people who have done very well over the past few years selling online. Lots of different models such as wholesale, retail arbitrage and online arbitrage. Here in the US (I'm originally from the UK) things such as credit card/gift card arbitrage and portals to increase margins.
I know some people who are successful with drop shipping but it normally involves direct relationships with the manufacturer or wholesaler rather than buying from a retailer or getting it sent directly from China. A lot of the people I know use virtual assistants to handle a lot of the tasks which I'm sure that's what you mean by outsourcing.
If you have a strong work ethic then running an online business is by far better than being a poker player which has IMHO diminishing returns on effort and a cap on earnings.
I have always said that if the worlds best Poker players put that kind of effort into other types of business ventures they would probably make far more money.
Poker works when there are good games running, the rest of the time you would probably be better doing something else.
That applies from the lowest to the highest stakes.
As for things like poker.
Casino Advantage player, lots of non-public stuff where you can get an edge over the casino from table games to even slot machines. Normally lots of travel and also have to have a thick skin. You will often wear out your welcome and most casinos are bad losers when you have the advantage.
Sports betting, This is my field, this is super tough, things constantly change as markets and bookies adjust. If you don't know WHY you have an edge on a bet, don't make that bet.
SB, like poker because of short term variance can make people believe they can beat it over the long term. (you almost certainly cant!)
Credit Card/ Gift Card arbitrage. This is work, its a grind. You can also wear out your welcome at various Credit Card companies and portals.
Far better to incorporate this into a real business with real expenses rather than using manufactured spending techniques.
FWIW The three things I have mentioned above, if you are good at them, will result in bans and exclusions.