Don’t Quit Consecutive Failure means odds of Success are still evenly in your favor
Professional Entrepreneurs play odds. Personally I play odds when favorable or not at all. Business is odds that result in wins depending on your ratio. I always try to weigh at least 3 or 4 possible victories in 1 situation. I am usually 3 or 4 to 1 in my favor at all times. Most people have 1 possible victory in 1 situation. At most they are playing even odds. Some have 1 possible victory and they balance 2 or 3 situations. Again most people play terrible odds. Probability and odds are not the same. I am very careful on avoiding situations where I cannot win at least 3 or 4 different ways in 1 play.
PROBABILITY VERSUS ODDS
Probability is the likelihood or chance that something will happen. It’s a success chance percentage.
Odds are ratios of a player’s chances to lose to his or her chances of winning. All Professional Entrepreneurs are players in a game that takes no prisoners. You make money or your don’t make money. There is no in between.
Another way stated is odds are the average frequency of a loss to the average frequency of a win. If a player owns 1 of 4 tickets, his/her probability is 1 in 4 but his/her odds are 3 to 1. That means that there are 3 chances of losing and only 1 chance of winning.
For example, if the odds are 4 to 1, the probability equals 1 / (1 + 4) = 1/5 or 20%. Odds of 1 to 1 (50%) are called “evens,” and a payout of 1 to 1 is called “even money.”
So odds and probability are different.
WHY MATH DISCUSSIONS IN BUSINESS
Why am I spending so much time on math discussions?
I am spending this much time on math because business is all numbers. You measure success by how much money is deposited. You look at how frequent your deposits are to determine stable customer base. You add up how many customers you have to determine if you have good market share. You make decisions to spend money on marketing based on “how likely” it is you will succeed in reaching a number of people.
If you are bad at math it is highly probable you are bad at business (although not there are exceptions to every rule).
A lot of people don’t realize that. Anything is possible. Every dog has its day. The New York Giants snapped a 9 game losing streak the other day. Everyone wins once in a while.
AFTER NUMEROUS FAILURES SUCCESS IS STILL HIGHLY LIKELY
I do not sell blind hope nor do I solicit false security. All things I believe are logical and all logic is related to math. When I say “Don’t quit because if you stay around long enough you will succeed,” it is absolute truth.
A popular catch phrase in gambling is “the dice have no memory.” A die or roulette ball cannot look back and determine that it is due for a 6 or some other number. How could a coin decide to turn up a head after 20 tails? Each event is independent. Independence means the player can never predict what will come up next. If a fair coin was flipped 5 times and came up heads 5 times in a row, the next flip could be either heads or tails. The fact that heads have come up 5 times in a row has no influence on the next flip.
Think of your success versus failures as the next flip. Despite our perception to control things we cannot control any external thing. We can control our attitudes. It is not the mind that empowers the change but the willingness to hang around through things we cannot control that results in us witnessing the change we want. The world is modeled off natural systems determined by mathematical facts. Mathematically if you hang around through your losses you will get a win.
Most people wash out despite the fact statistically they will win if they just stick through discomfort.
Don’t give up. Be patient. Learn what the system teaches you. Improve your odds by learning how to discover more than 1 success option in 1 situation. Odds will improve if you put more than one 1 win in 1 situation. The probability your tails is really a heads goes up when you are better than a coin flip. I always play 3 to 1 in my favor. Sometimes I am 4 to 1. I gamble at 2 to 1. What is the total wins to total outcomes in your one situation? Follow me on Medium or subscribe to my newsletter to learn more insightful advice on why my closing strategies actually work.
To your knowledge success!
About Christopher: Christopher Knight Lopez is a Professional Entrepreneur. Christopher has opened over 7 businesses in his 14-year career. Christopher’s purpose is to take advantage of various market-driven opportunities. Christopher is a certified Master Project Manager (MPM), Master Financial Planner (MFP) and Accredited Financial Analyst (AFA). Christopher previously held his Series 65 securities license. Christopher also has his General Lines — Life, Accident, Health & HMO. Christopher has managed a combined 286mm USD in reported Assets Under Management & Assets Under Advisement. Christopher has work experience in 29 countries, raised over 50mm USD for various businesses, and grossed over 7.5mm in his personal career. Christopher worked in the highly technical industries of: biotechnology, finance, securities, manufacturing, real estate, and residential mortgages. Christopher is a United States Air Force Veteran. Christopher has a passion for family, competitive sports, fishing, martial arts and advocacy for entrepreneurs. Christopher provides self-help classes for up-and-coming entrepreneurs. Christopher’s passion to mentor comes from belief that entrepreneurs need guidance. The world is full of conflicting information about entrepreneur identity. See more at www.christopherklopez.com.