Factors Responsible for the MIT Team’s Success as Entrepreneurs

Bill Aulet, who moderated the MIT Blackjack Team’s reunion panel at the XSITE conference held by Xconomy, has given six reasons why the members of the team later became entrepreneurs.

The first reason was they functioned as a team, which could accomplish things unimaginable, and entrepreneurship works best for those who function as teams, not as individuals. Second, the team never played random-risk games such as slots and roulette, but only those games, the outcomes of which they could control by implementing strategies. Successful entrepreneurs take risks only after making sure that the odds can be bent in their favor by sheer hard work.

Third, they had more confidence in their long-term vision than in short-term outcomes. Wins and losses at the blackjack table tend to affect blackjack players, making them play emotionally. But the MIT team was sure that they will ultimately succeed if they stuck to their plans. Their ability to “think long term” made them successful blackjack players and successful entrepreneurs.

Fourth, they loved the challenge of beating the house. Fifth, they enjoyed creating their own set of rules, which is what entrepreneurs are proud of doing. The sixth reason why they became successful entrepreneurs was that they were a disciplined and highly focused team.