Leading a business is no walk in the park. Challenges in managing your people, navigating complicated marketing strategies, and staying updated with industry developments will almost certainly be inevitable.
Equipping yourself with the right mindset and insights to drive success is, therefore, essential. Introspection can be one of these tools. According to Forbes Business Council member and digital coach Krista Mashore, knowing your ‘why,’ or the underlying reason behind your desire to reach your goals, can play a crucial role in overcoming setbacks and aiming for growth.
Aside from introspection, gaining valuable insights from successful entrepreneurs and business leaders is another effective way to help you learn useful lessons that can help with managing your company. Among these leaders is Phil Nagy, the current CEO of Americas Cardroom, the leading online poker platform in the US. As a professional poker player with total live earnings of $1.5 million and years of experience on the felt, Nagy has worked his way up to steer Americas Cardroom towards success. Here are some lessons that you can learn from Nagy:
Knowing and meeting demands are crucial
Filling in a niche to meet audience demands is crucial for success. It helps you establish stronger customer relationships, enabling you to build a loyal customer base and increase brand loyalty. For instance, Nagy strengthened online poker in Florida by establishing Americas Cardroom as a reliable, internationally recognized offshore online poker platform that offers real-money games to residents of the Sunshine State and other locations in the US. While live poker is entirely legal in the state, it still has no state-licensed online poker rooms, a gap which Nagy and Americas Cardroom helped fill. As a result, Americas Cardroom is now thriving in Florida and other states with no established online poker cardrooms.
Remaining agile is key
Agility is essential in managing a business, as it helps you adapt to various circumstances and setbacks quickly. In an interview with Forbes in 2017, Nagy attributed his company’s success to his Agile framework, which focuses on frequently completing tasks and ensuring continuous delivery for customer satisfaction. Nagy has said that this framework, which is anchored on staying agile, helped him overcome roadblocks to success. According to Nagy, a key element of staying agile is learning to break down complex projects into manageable tasks to ensure efficiency. Following the Agile framework can similarly help you remain composed and ready to lead your team to success.
Learn to spotlight or appreciate your people
As Nagy has demonstrated, the poker world is filled with interesting people who bear stories of success. Take professional poker player Jennifer Tilly, who has an estimated net worth of $40 million that she built through her major acting gigs as a voice actor for hit shows like The Simpsons and Family Guy, and a successful poker career. Like Tilly, another successful female pro player is Ebony Kenney, who is part of Americas Cardroom’s roster of pros. Nagy has spotlighted Kenney several times, including when they were paired together for the Coin Rivet International poker tournament, where the CEO described Kenney as a “refreshing and unique personality who brings such joy and spirit to the table.” Nagy has never shied away from appreciating his team members, something that can boost colleagues’ morale. Today, Kenney is among Americas Cardroom’s top Twitch streamers, helping showcase the platform’s tourneys to a broader audience.
Engaging with your employees is important
According to Columbia University researcher Eric Qian, strong communication practices foster collaboration and a sense of belongingness that empowers employees. Nagy has shown the importance of that. In one of his LinkedIn posts, he mentions how he inculcated a practice where his team members would watch product presentation videos with him to foster mutual understanding, find new ideas together, and promote synergy within the company. “It’s amazing how this simple initiative, born out of necessity, has evolved into a powerful tool for building bridges between us,” Nagy wrote in his post. Similarly, you can foster strong communication with your employees in the workroom to strengthen teamwork and achieve your goals.
Americas Cardroom’s success is thanks in no small part to Nagy’s agility and ability to play his cards right. By learning from his work, you’ll be well on your way to leading your business towards success.
