I’m not much of a card player—except for Dutch Blitz with my family over the holidays. (If you’ve never played it, try it!) I know the rules of poker too, but I almost never play. That said, one time I joined a Texas Hold’em tournament with about 50 fellow investment bankers… and somehow ended up finishing second.
How did that happen? Honestly, I was terrified of embarrassing myself. So I decided to play ultra-defensively. My plan was simple: I’d only bet if I had a strong hand. As a result, I played maybe 20% of the rounds while everyone else kept bleeding chips. Eventually, they all dropped out—and I just kept hanging on until the final round, where I got crushed by a guy with a massive pile of chips.
Afterward, I started wondering: why didn’t everyone play like that? Why not just sit tight and wait for great hands? It turns out it’s a lot harder than it sounds. I only managed it because I had no better ideas. I wasn’t trying to win—I just didn’t want to lose.
The Tennis Lesson: Most Points Are Mistakes
I’ve seen the same pattern in tennis. About 70% of points are won through the other player’s mistakes. Only 30% are clean winners. So in effect, it’s twice as hard to win by blasting a perfect shot than it is by simply avoiding errors. The fewer mistakes you make, the more matches you win.
Logically, you’d think poker players would never make risky bets, and tennis pros would never go for winners. But that’s not how people work. Hitting winners just feels way more exciting than playing it safe. Players can’t resist—even when the odds are against them.
The Business Version: Shiny Objects and Quick Fixes
The same thing happens in business. We chase shiny objects, hire consultants and marketers who promise instant results, and convince ourselves that “this one” will be the quick fix. Who doesn’t want to turn things around fast instead of grinding it out slowly?
But here’s the hard truth: staying patient, watching cash flow, and making cuts early when things get tight—none of that is glamorous. It’s painful. It feels like you’re being too cautious or missing opportunities. It’s way easier to bury your head in the sand and tell yourself things will work out.
This is why disciplined leaders rely on simple guardrails—like the WTW Scoreboard™, included in The Summit OS® Starter Toolkit—to focus their teams on a small number of weekly inputs that prevent mistakes and preserve momentum. When everyone knows what it means to “win the week,” it becomes much easier to stay patient and avoid unnecessary risks.
The Munger Principle: Patience Prints Money
Charlie Munger once said that patience was the real secret behind his and Warren Buffett’s success. They made 95% of their money on just seven investments over seven decades. Seven.
That’s the lesson: avoid big mistakes and preserve your resources long enough to let good things happen.
The Real Goal: Don’t Run Out of Cash
Building a successful business takes time—usually ten to fifteen years. The key is simple: stay in the game long enough to win. Don’t run out of cash before you get there.
If you want an example of how a small business did exactly that—surviving setbacks, rallying their team, and ultimately thriving—you can download the unabridged version of Summit OS: A Fable. (And if you like it, please help me spread the word with an Amazon review.)
