Betting is not an investment, use that time and money to learn entrepreneurship ropes

Online sports betting concept with realistic laptop with basketball, football tennis and other balls flying away from laptop screen with golden coins.

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What you need to know:

  • When you think betting most of the time, you will engage in it.
  • When you try it once, your mind will have accepted it, and bang!
  • You begin to move gradually towards addiction to hits and misses.

I am often reminded by many self-made millionaires that you become what you think about most of the time, that what you think and how you think about it is important.

When you think betting most of the time, you will engage in it. When you try it once, your mind will have accepted it, and bang!

You begin to move gradually towards addiction to hits and misses and greater expectation upon each loss, buoyed by the wins of others who have tried countless times.

I was not the best mathematics student in my high school days, not even at the university, but I understand how probability work.

Betting table

The betting table has probabilities skewed in favour of the owner of the table. So, to the many young men and women who flock betting application and tables while misusing the word investment to describe their placement of bets, you will always be on the losing side for two reasons.

One, you think about betting, you have become it. You have become a person who puts their life on steep chances any time, all the time. When you win, you will continue to behave as your mind guides, taking steep chances hoping to win bigger.

It will not be long before you are broke again. Secondly, you have no investment.

Close-up of businessman, using a calculator.

Photo credit: File I Nation Media Group

You do not know how to do it, and when you make an attempt, you will most likely take extreme risk, usually biased towards steep gain or losses. You are who you think you are most of the time.

When you make a choice to join entrepreneurship as a career, you think like entrepreneurs, you are not like the person doing betting, unless you refuse to take the mandatory pills in entrepreneurship – learn quickly how the market responds and make timely iterations.

Chances of success

You will enhance your chances of success by visualising how your business idea reality would look like (mental picture of your success) and taking small consistent steps necessary to make it become.

This raises your self-esteem and personal respect needed for motivation in the long journey to success.

All great products and services first start out as an idea formulated either in a boardroom, amongst two friends talking, or sometimes in a ‘meeting’ you hold with yourself while taking a shower.

Ideas are spontaneous in nature, are seldom forced and can arrive in the least expected situations.

The success you enjoy in business resulted from an idea, the natural starting point for any new entrepreneur that is turned into a product or service or a new business.

For example, it starts with frustration experienced while acquiring a service, frustration that ends up as a useful solution that becomes your core business.

Once again, I am reminded by successful entrepreneurs that failure results when you think too much, yet take no action or act without thinking.

Brian Tracy, a motivational public speaker and self-development author and one of the key self-made millionaires who rose from grass to grace through a steep winding path (if interested read

The Sahara Crossing), once said that unsuccessful people never dream, never try, and never get started.

There are no schools for teaching you hard work, drive, and determination. These admirable traits are already in you waiting for the stresses of the environment to bring them out.

Combine them with a right idea, and your potential for wealth building through creating and increasing your income will grow dramatically.

Patrick Wameyo is a financial literacy coach at Financial Academy and Technologies, and an entrepreneurship coach at The Entrepreneurship Center EA. Email; [email protected]