For Lyle Berman, the phrase “I’m all in” means more than a poker bet consisting of all of a player’s chips. It’s also more than the title of his new book (co-written with Marvin Karlins), I’m All In: High Stakes, Big Business, and the Birth of the World Poker Tour (Cardoza Publishing, 228 pages, $24.95).
“I’m all in” is the way Lyle Berman lives his life. His successes in business and at the poker table have made him millions. His setbacks have been large as well. He was thrown out of the Wharton Business School in his junior year for running a poker game in his apartment. His first attempt at expanding the family business, Berman Buckskin, by opening a retail outlet in Madison, Wisconsin, was unsuccessful. Undeterred, he went on to expand the business to 200 outlets and sold it three different times, making money each time. (In 1988, the company became part of Brooklyn Park– based Wilsons Leather.) He then started Grand Casinos in Hinckley in 1991, and Rainforest Café in the Mall of America in 1994, and served as CEO of both for several years.
"I have taken risks and won, and I have taken risks and lost. But I have never run away from risk."
His latest high-profile venture has been the launch of World Poker Tour, which premiered on the Travel Channel in March 2003. Berman is betting that he can capitalize on the newfound popularity of poker, thanks in large part to his television show, creating a brand that will take off in the form of licensing, foreign syndication, and the Internet.
In his book, Berman describes his philosophy not just about gambling but also about business and life: “Every time you make a decision, you are gambling, so here’s the real issue: When you take a gamble, do you have a positive or negative expectation of winning?” In the following edited excerpt, Berman offers some tips on how an entrepreneur can turn his or her cards into a winning hand.
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