Why You Can’t Beat Low-limit Games — Part VI

Many years ago, Theodore Levitt wrote a classic Harvard Business Review article, “Marketing Myopia.” It said that many businesses fail because their executives are near-sighted. Instead of trying to understand and give their customers what they want, they focus only on what their companies do well. He recommended that executives should ask, “What business are we in?” If they answer that question correctly, they won’t make mistakes that have destroyed many companies and industries. For example, railroad companies should have seen that they were in the transportation business, not the railroad business. If they had realized that they couldn’t prevent the airlines from taking away their customers, they would have purchased airlines or built airplanes. Because they didn’t do that, so many of them went broke that the government had to bail out the entire industry. What Business Are You In? If you’re trying to make money playing poker, the ...

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