Want to hear some of Mark Cuban’s success lessons?
Mark Cuban is an incredibly successful entrepreneur, with an estimated net worth of a whopping $3.3 billion.
His most noticeable venture was ‘Broadcast.com‘, an internet radio company founded in 1995 which was then in the end sold to Yahoo for $5.7 Billion.
Mark then went on to many other investments of his own, and is now the proud owner of the Dallas Mavericks.
Start ups can be very tough and gruelling processes, and if you don’t have a good plan at hand, just surviving alone in the business world won’t be easy.
Mark Cuban’s Success Lessons
Mark has a lot of wisdom when it comes to business start ups and success, so the below are 8 of his success lessons.
Once you’ve finished reading the article, leave a comment at the bottom explaining which of Mark Cuban’s success lessons had the biggest effect on you.
1. Don’t Start Unless it’s A Passion
Mark explains that you shouldn’t try starting your own company unless it’s something that you love to do. People who start companies just for the money have a very small chance of making their business a success.
If you don’t love what you do, you’ll be less productive when running your business. As well as less willing, and eventually the excitement you had for it will slowly die down.
If you love what you do, you’ll be less likely to have second thoughts when you’re business hasn’t started making any profit yet. For you, it’s an obsession and a passion so you won’t be put off it easily.
2. For Technology, Stick With What You Know
You’ll need computers, systems & software for your start up I’m sure. When it comes down to this, don’t get carried away by the fact that this business new and fresh. For the technology you need, stick to what you prefer and normally use.
Don’t go splashing all your cash on new complicated software when you’ve never used it before. If your preferred technology does what you need it to do, then use it.
3. It All Comes Down to Sales
What good is a business without it making money? Without revenue, it’s just a hobby. The key is turning your hobby into a successful profitable business.
You can be obsessed with figures like traffic, leads, interest, engagement… any of these figures. However, in the end, it all comes down to amount of sales you’re getting and the revenue that your products are bringing in.
All those other measurable numbers are useful; but they don’t have the final say when it comes to the success of your business.
So understand when starting up, how your business is going to be able to make money and what you need to do to get there.
4. No Private Offices
Too many private offices within your company headquarters hinders communication levels. If you keep everything open, employees will be able to communicate better with one another. Which will result in increased morale within your company.
It’ll also give you a good overview on how everyone gets along with their job roles; and help you to spot who might not be the greatest employee for your start up.
5. Hire People that Share Your Passion
If your business is based within a certain niche and you hire people that you know love the niche as well, you know they’ll love working for you.
If your employees are all in a job they love, they’ll be so much more motivated to produce excellent work and to help your business exceed.
It’s also important to note that an employee passionate about the subject at hand will normally do more work than they’re paid for.
They’ll also be coming up with more useful ideas as to how you can innovate and improve different aspects of the business.
They want to do well for you, rather than others without a care in the world who literally just want to do the task and take the salary from you.
6. Make it Fun
When you’re set on pushing your employees to do their best for you and get the job done as efficiently as they can, sometimes stress levels can get high and morale can get quite low.
Marks says that when he was at Broadcast.com, they had a company shot called the Kamikaze. Every now and then to reward employees for their continued hard work, they would take them to a bar and buy them all a few too many.
7. Keep the Organization On One Level
When you first start a company, there’s no point having one person reporting back to another, then that person reporting to another person higher up the chain and so on.
Keep it all grounded; at least that way everything will be reported back to you smoothly.
Everybody else will know exactly what their role is and you will be able to save costs. Instead of paying someone to manage a section you could just as easily overview yourself.
8. It’s Not a Passion if You Have an Exit Strategy
If you already have a plan just in case it all goes wrong, then this business is really not an obsession for you. You should be telling yourself that you will make it a success no matter what.
If it comes down to it, then there’s no harm in admitting failure if you’ve given your all and it just doesn’t work out. However, if you already have a plan in case of failure, then it just shows you’re anticipating failure before you’ve even begun your venture.
Will Smith once said;
“There is no reason to have a plan B because it distracts from Plan A.”
There’s definitely some valuable lessons within this article to take away with you. Personally for me, the first rule on the list is the most important when it comes to starting your own business.
- Don’t start unless it’s a passion
- For technology, stick with what you know
- It all comes down to sales
- No private offices
- Hire people that share your passion
- Make it fun
- Keep the organisation on one level
- It’s not a passion if you have an exit strategy
So there you have it, some excellent startup rules from Mark Cuban. Remember these for when you look to start your own business.
If you’d like to know more about Mark Cuban’s success story, you can check out the article we wrote that tells you everything you need to know.