Mark Cuban is a businessman born in Pittsburg, USA, on July 31, 1959, he is an investor, owner of the NBA Basketball team the Dallas Mavericks, he also owns the Landmark chain of cinemas and the Magnolia film distributor Pictures. He is considered an expert and successful businessman in the world of sports and business in general.
Mark got his start in the business world at the age of 12, selling trash bags, then went through various jobs including as a waiter, dance instructor, and party freshener. As a university student, he had some businesses such as a bar, a company dedicated to giving dance lessons and a chain letter business. Later he founded a company in the field of technology called MicroSolutions, a company dedicated to the integration of systems and reseller of computer programs. Mark Cuban, like any successful businessman, has his own rules to achieve success, which we will share below:
The perfect time is now
There are entrepreneurs who always wait for the “ideal time” to undertake, but in reality, any time is indicated to start a business, when we have the required preparation we will know when it is time to start, even when there are fears (which are natural), Mark mentions that if we are not sure we can partially undertake to continue with our daytime work, Mark recommends always going forward, making the most of the Internet, since we have all the options and tools in the world at our disposal, which allows us to create the business that best suits us, whether it is only “part-time” or as a way to generate additional income. The perfect time to start will always be now.
Put the necessary passion in what we do
Mark Cuban mentions that we must be passionate about what we plan to do, it is essential to act in this way since that is what “we are going to transmit” to others, doing things with passion must be a characteristic of every entrepreneur. It is recommended to put a lot of effort into our activities, study a lot and document ourselves about what we do, all this will give us advantages over our competitors.
It’s important to learn from history
When you have a business idea, ideally is to look for antecedents, it is important to know if there have been other entrepreneurs, and to know what the result of that business has been, see why some failed, learn from them to correct our possible failures and learn from those stories. The ideal is to know who has tried our idea (or a similar one), and to know how it has gone, and to study the way to overcome similar problems, Mark mentions that many people when they want to investigate something from the past, they only limit themselves to searching on Google.com and read the first search results, but it must be taken into account that Google is something very recent and that there are hundreds and thousands of years of history that must be known and learned from all those teachings and experiences, usually certain facts or changes tend to be repeated throughout history, Mark mentions that let’s not forget that the person who does not learn from history is destined to repeat the same mistakes.
Know the business
Many businesses are started without having capital, that means that more effort must be made, but this does not mean that we are going to fail due to lack of capital, failure is generally due to a lack of intelligence and will, and this happens because some People are not willing to work intelligently in their business (or they simply do not do it), they do not recognize the amount of work they face, and for that, we must prepare ourselves and know better than anyone the business we are going to undertake since we are going to face the competition and we have to be prepared to be better and differentiate ourselves, which we can only achieve with a deep knowledge of our business area; for our business to advance, it is also important to set objectives as we explained in our previous article titled 10 Productivity Hacks for Entrepreneurs.
Be honest with ourselves and take the lead
Mark mentions that generally, entrepreneurs tend to lie to themselves in their projects, they make certain comparisons with other companies in different aspects, for example, they say “my product is cheaper” or “my product is of better quality”, etc. and generally this is not the case, since the company with whom we are competing is not ignoring us, they will not say “this company has the best product … poor of us we will have to close” since they are keeping an eye on us and our steps and most likely they will simply copy us. That is why we must always take the lead, be careful as entrepreneurs, be very honest with ourselves: be aware of what we know and what we do not know, only this way we can seek help and we can be a pioneering company that takes the lead.
Know our weaknesses and strengths
It is very important to know our strengths, and therefore our weaknesses, to know what we like to do and not see it as work because then we would be “counting the hours” waiting for the end of the day to leave. On the other hand, if we see it as something we like to do, and we know what our strengths are, we can get a lot out of them. If we know our weaknesses we can seek to work with people who complement us to move forward and put the necessary passion in the activities in which we are good. Mark mentions that it is important only to do the work that we really enjoy or are good at and delegate the rest of the work or areas in which we have deficiencies, in this way we can form a high-performance work team.
Mark mentions that it is important to understand that we are unique and that this will allow us to differentiate ourselves from our competitors, this is the reason why we have to establish differences with others, we have to know our competition and seek to be unique (not imitate them). It is important that there is a unique characteristic in our business in order to be the best in that business, otherwise, there will be another company that will be better than us and consequently will be more successful than our business.
What do you think about this topic? Would you like to know other rules to achieve success?
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