I went to Jad Abumrad's excellent talk on creativity at Benroya hall tonight and I was really interested when he talked about Pot Odds and applying the concept to every day life. Pot odds are what poker players use to determine if they should make a bet or not. For example, consider a player with a 25% chance of having the best hand. A probability of 25% is not very good. Most people probably won't make a bet with a 25% chance of winning. However, when there is a $300 pot and a $100 bet, the player should bet! Why? Because if the player places the bet and wins, they'll get $400. If they place the bet and lose, they'll lose $100. If the player repeated this scenario indefinitely, they would get $400 every fourth time, which would be greater than the $300 they lost from the previous three bets.
Jad says he uses this strategy when creating his shows and his every day life. It also helps remind him that he does not always need to create a success. As long as his pot odds are good enough. I'm now curious how I can apply it to my own life and what my pot odds are.