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Mark Cuban: Entrepreneurial Business and Success Lessons

Mark Cuban: Business and Success Lessons from Dallas Mavericks Owner

Billionaire Mark Cuban is the co-founder of Dallas-based firm broadcast.com and owner of the National Basketball Association’s Dallas Mavericks. During the third month of the Read the World Challenge, one of the requirements is to read a Book that blends discipline. After reading How to Win at the Sport of Business by Mark Cuban, it doesn’t quite fit the bill for the challenge requirement. But, the book is worth the read. How to Win at the Sport of Business by Mark Cuban is a collection of his best blog posts. The subtitle of the book is If I Can Do It, You Can Do It, which is very telling. Mark Cuban demonstrates that anyone can attain success if they work hard and follow certain business and success principles.

Related:

Biography of the co-founder of Dallas-based firm broadcast.com and owner of the National Basketball Association’s Dallas Mavericks

Read the World Challenge

I really loved this book because Mark Cuban demonstrates the importance of reading, and the part that it played in his success. You’ll also find a lot of wisdom on how to become successful. I have said this so many times on The Invisible Mentor blog, that the most successful people read books. They devour good books because they know that one good idea can lead to a solution or a new client. Information is still currency today, and even after his phenomenal success, Mark Cuban spends three hours each day reading. For him, reading has always been a competitive advantage. It has been his experience that most people won’t invest the time to get the knowledge advantage. Mark Cuban is relentless in his pursuit of new ideas, so he reads books and magazine. He doesn’t read for reading’s sake, he applies the information, which has helped to contribute to his success. He emphasized the importance of getting it right once – that is finding and applying a mega-winning idea. I tell people when they read a book to take notes, and to combine the ideas from the books they read because it takes one idea to transform your life. Mark Cuban and I are saying the same thing, but in a different way.

When he first entered the tech industry, Mark Cuban spent hours studying and pouring through computer software manuals. He was able to compare and contrast features, then make informed recommendations to his consulting clients. In How to Win at the Sport of Business, he talks about how his secretary Renee Hardy cleaned out the $85,000 in the bank account, then did the disappearing act. Mark Cuban learned an important lesson, and that is, instead of expending energy, trying to exact revenge, he needed to hustle, and get more business. He knew that the best revenge is to become a success.

Although How to Win at the Sport of Business by Mark Cuban is a short book, I spent a lot of time reflecting on the words on the page. Here are some things worth thinking about.

Mark Cuban – Lessons to Learn

  1. How can others put you out of business? Anticipate where the problems will come from.
  2. Run your business as if you are competing with the larger companies. It could even be a vendor. What would you do if any of these organizations entered the market you are in? The answer to this important question will teach you how to operate your business.

He emphasized that the real competition comes from the sport of business, which is 7x24x365xforever. Read that again.

Many people talk about how hard they are working. Mark Cuban says not to lie to yourself about how hard you are working. The only thing you can control is the amount of effort you put in. Effort is setting goals and getting results. You either make the commitment to get results or you don’t.

Dallas Mavericks Owner: Best Interview 2015 UNCENSORED

YouTube Video of Dallas Mavericks Owner Interview

Mark Cuban – Rules to Win in Business

  1. Distinguish between adding value and going for the ride.
  2. Win the battle you are in before you take on another battle.
  3. Hire people in whom you can build trust. Let them take the ball and run with it.
  4. If you are a small business and cannot hire staff, it’s even more important to focus on one challenge at a time.
  5. Win the battle you are in first before you enter another market.
  6. Get the fundamentals right, then add base skills.
  7. You can drown in opportunity. Focus on the core competencies of your business.
  8. Sweat equity is the best startup capital. Raising cash is the biggest mistake you can make. When you ask for money you change the game. Now you are playing someone else’s game. Don’t start big. It’s okay to start slow. It’s okay to grow slow.
  9. Treat your customers like they own you, because they do. You have to re-earn your customers every day. Walk a mile in your customer’s shoes. Listen to your customers. The best salesperson is the one who puts herself in the customer’s shoes.
  10. People tend to choose the path of least resistance. Offer a product/service/content that’s a path of least resistance. Are your products, the easiest to experience and sell? Make your products easier to buy that the competitors.
  11. Learn to accept ‘no’, then move on to the next prospect. You don’t want to come across as being lazy or desperate. If a prospect says ‘no’, ask why. If you can provide a solution to the objection, that’s great, if not, that’s great as well. Move on.

Mark Cuban – Wisdom Bites

  1. It’s okay to live like a student. The cheaper you can live, the greater your options.
  2. Take lots of chances – this works best the younger you are. Move through your fears. Try different things to find out what you love. Create opportunities for yourself. Look where others are not looking.
  3. Figure out if you are in the right job. Do you truly love the job?
  4. Figure out how to be the best. Be the best at whatever you do. You are the worst judge of your abilities. When you’re the best, demand for your service will grow.
  5. Start the day motivated with a positive attitude. Each morning, remind yourself that you’re going to enjoy every minute of the day. You’re going to enjoy the good and the bad.
  6. Invent the future, don’t ask customers what they want. Kick your own ass before someone does. Learn from your customers about what is broken, but do not rely on them to create the future roadmap. That’s your job, and it is a part of inventing the future.

12 Mark Cuban Rules for Startups

  1. Don’t start a company unless it’s your obsession – your passion.
  2. If you develop an exit strategy for your startup, that means it’s not an obsession.
  3. Hire people who you think will love working for your startup.
  4. Know how the company will make money and how you will get sales.
  5. Know your core competencies and focus on being great at them. Hire the best people.
  6. Use money wisely, don’t be frivolous about offering perks.
  7. Have open offices so everyone is in tune with what’s going on.
  8. Go with the technology that you know. This is no time for experimentation.
  9. Have a flat organization.
  10. Don’t buy swag to give away. It’s a waste of money.
  11. Don’t hire a PR firm because no one can sell your company like you can. Get the email addresses of people you want to approach.
  12. Make the job fun.

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Zero to One by Peter Thiel, Book Review

Show Your Work by Austin Kleon, Book Review

As I was reading How to Win at the Sport of Business by Mark Cuban, I was thinking about how I can apply the information to The Invisible Mentor and the Read the World Challenge. I recommend reading this book, because it offers a lot of practical tips.

Please take the conversation to my  Facebook page. You can still join the Read the World Challenge – it’s a new kind of reading challenge.

Book links are affiliate links.

The post Mark Cuban: Entrepreneurial Business and Success Lessons appeared first on The Invisible Mentor.



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