Shark Tank star, owner of the Dallas Mavericks and Billionaire entrepreneur Mark Cuban shares his secrets to business success.
Mark Cuban On Starting A Business
1. Find Something You Love To Do
Don’t follow your passion, follow your efforts. Find something you’re good at and like to do and go for it.
2. Get Great At It
Do your homework. You need to know more about your business and your product than anyone else.
Always ask yourself… “How someone could preempt your products or service. How can they put you out of business? Is it price? Is it service? Is it ease of use?”
3. Sell It
There has never been a business that succeeded without sales. Find something you really feel great about selling.
If you watch Shark Tank, notice one of Mark Cuban’s biggest pet peeves about entrepreneurs who get on the show. It’s when they have little to no sales, and can’t explain why they haven’t “hustled” to sell more.
Like every successful entrepreneur, Mark knocked on doors and sold his ideas, products and services face to face, to get his business up and running.
Mark Cuban’s 7 Rules For Business Success
1. The Sport Of Business Isn’t Divided Into Games
It’s 7 X 24 X 365 forever. If you’re not willing to eat, breathe and live it, you may not be cut out to be an entrepreneur and create massive business success.
2. Success Is About Creating An Edge
– The edge is getting so jazzed about what you do, you just spent 24 hours straight working on a project and you thought only a couple of hours had passed.
– The edge is knowing that you have to be the smartest guy in the room when you have your meeting and you are going to put in the effort to learn whatever you need to learn to get there.
– The edge is knowing that you can fail and learn from it, and just get back up and in the game.
– The edge is knowing that people think you’re crazy, and they are right, but you don’t care what they think.
– The edge is knowing you are getting to your goals and treating people right along the way, because as good as you can be, you are so focused that you need regular people around you to balance and help you.
– The edge is knowing that while everyone else is talking about nonsense like the “will to win” and how they know they can be successful, you are preparing yourself to compete so that you will be successful.
3. The Best Equity Is Sweat Equity
The only thing you can control in life is your effort.
In sports, the only thing a player can control is effort. Same applies to business. The only thing any entrepreneur or salesperson can control is their effort.
Don’t follow your passion, follow your efforts
4. Number One Mistake People Make
Looking for answers from other people.
You have to figure out the answers yourself. You have to learn how to solve problems and how to find answers.
Being curious to find solutions on your own is where successful businesses come from.
If you’re asking “what should I do?” – you’ve already lost.
5. Read Books
If you’re not curious, if you’re not always learning, you are falling behind. Read a lot.
All it takes is one book to trigger an idea that could change your life.
6. It’s Ok To Fail
In basketball you have to shoot 50 percent. If you make an extra 10 shots per hundred, you are an All-Star.
Make as many shots as you can. Try different things, and don’t be afraid to screw up.
It doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one counts your failures. No one is going to know or care about your failures, and neither should you.
The only thing that mattes is that you just have to be right one time.
7. Start The Day Motivated With A Positive Attitude
You need to be motivated every day. Mark did whatever it took to get himself motivated. Listening to motivational audios. Driving around and looking at big houses, asking himself – “What is that person doing that I’m not doing? What do I need to do to have a house like this?”
You need to get up every morning, knowing that things might go wrong. That you’ll make mistakes and screw up. But, no matter what happens, remind yourself every morning that you’re going to be excited and enjoy every minute of the day.
There are 19 more lessons from Mark Cuban in an interview with Tai Lopez.
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