Becoming a King or Queen

Lyle Berman was inducted into the Poker Hall of Fame at Binion's Horseshoe recently, becoming the king of poker for a day and deservedly cementing his place in history. By the time this issue of Card Player is in your hands, poker will have crowned a new king or queen as champion of the World Series of Poker.

With a record $2 million purse going to the champion, I thought now would be a good time to take a look at the kings and queens of business who have amassed even greater fortunes and represent the principles of success in poker and business. Clubs symbolize strategy; diamonds symbolize money; hearts symbolize people; and spades symbolize power.

Queen of Clubs (Strategy)

Meg Whitman

As CEO of eBay, perhaps the most successful Internet-based business, Meg Whitman has become a master strategist, in large part because of her ability to listen. "Our best ideas are our users' ideas," she said. Her ability to understand who her customers are – both internal and external – allows eBay to make decisions quickly and to implement quickly.

"For the users, it needs to feel like their eBay," said Whitman, who has succeeded in building not only a trusted brand, but also a feeling of community among her customers. By striking the perfect balance between expanding the business and not diversifying beyond its core competency, Whitman has built eBay into a formidable online empire.

King of Diamonds (Money)

Warren Buffett

The "Oracle of Omaha" focuses on fundamentals, and values business based on cash flows. Buffett is known for his "punch card" approach to investing, and believes you'll be lucky to find 20 good businesses over the course of your lifetime. When Internet stocks skyrocketed, he didn't jump on the bandwagon, stating that he refused to invest in businesses that he didn't understand. Despite much criticism, Buffett stuck to his beliefs, and when the dot-com bubble burst, the public learned two valuable lessons: Your best chance to win is playing in the right game; and the value of a business comes from cash flows.

Buffett has amassed a net worth of more than $30 billion not only because of his ability to make money, but because he is known for not having any leaks. For Buffett, wealth is measured not just in billions, but also in legacy.

Queen of Hearts (People)

Oprah Winfrey

Oprah has made a fortune helping others get what they want by believing in themselves. She reinvented talk TV to a point where her show is now widely copied. The success of The Oprah Winfrey Show proves that it's not the idea of her show that makes it successful; it's the execution.

Oprah has shown that "weak is strong," and is beloved because she is unafraid to share her struggles with her life in front of others. Her appeal has allowed her to create a valuable "brand" and extend that brand – from television to film to her own magazine. Her book club has changed the face of publishing. Oprah's success stems from the fact that if you can help others accomplish their dreams, you can accomplish your own.

King of Spades (Power)

Steve Wynn

Steve Wynn is famous for saying, "If you want to make money in a casino, own one." Not only did he become the house, he used the profits to build more houses. Wynn reinvented the city of Las Vegas by thinking "outside the box." The old business model was to use rooms, food, and entertainment as a loss leader and make money on gambling. Once Wynn realized that Las Vegas could become a "destination" and not just a gambling town, he found ways to turn each element of a hotel into a memorable experience and a profit center.

By walking in the shoes of his customers, Wynn learned how to serve memorably. He changed the face of America's best-known gambling destination forever by combining the hospitality of a hotelier with the vision and drive of an entrepreneur. Now, people come from all over the world to visit his temples.

Want to Be a King or Queen?

1. Study other kings – continually educate yourself.

2. Think you are – it's a title only you can give youself.

3. Show humility, and don't flaunt your power.

4. Don't be afraid to admit your flaws – weak usually means strong.

5. Don't tax others too much – if you want to be "the house," you have to be fair.

6. Look like one – you wear your brand.

7. Maintain your poise and stature in times of adversity.

8. Think of your legacy in history each time you take an action.

9. Love what you do, and every day becomes a holiday.

10. Treat yourself royally.

Greg Dinkin is the author of The Poker MBA: Winning in Business No Matter What Cards You're Dealt, which is available through Card Player (see the ad in this issue). Greg is also the co-founder of Venture Literary (www.ventureliterary.com), where he works with writers to find publishers for their books.