By Invaluable Business Lessons to Learn from Mark Cuban
Mark Cuban is a phenomenal successful American Entrepreneur with an estimated net worth of $3.3 billion. His most distinguishable undertaking was ‘Broadcast.com’ an internet radio company founded in 1995. The company was later sold to Yahoo for $5.7 Billion. Cuban then ventured into many other businesses on his own. He is currently the Dallas Mavericks owner, an American basketball team based in Dallas. Despite the accumulated billions, Mark Cuban never ceases hustling. He has continued to be a remarkable influencer in entrepreneurship and one of the world’s most intelligent businessmen.
Starting up a business can be very tough and wearying, and if you don’t have a good strategy, surviving alone will be difficult in the business world. Mark has immense wisdom when starting up a business and how to make it prosper. This write-up will discuss some of the precious business teachings from Mark Cuban.
Don’t Start Unless It is A Passion
Mark explains that you should not start a company you are not passionate about. People who start firms for the sake of money have a slim chance of making a breakthrough in the business. You will be less productive running a company you do not value. The initial excitement you had will slowly fade, and you will less likely invest more in that business.
On the other hand, if you love what you do, you will not think twice about promoting it even when the business is not making any profit. It will be an obsession, and you won’t be easily put off even in case of losses.
For Technology, Stick with What You Know
You will need computers, systems, and software for a business startup. At this stage, stick to what you prefer and typically use. Don’t be carried out by technology and end up splashing all your money on sophisticated software that you have never used before. Use the technology you are familiar with as long as it does everything you need to do.
Never Stop Working Towards a Sale
A business without revenue is just a hobby. It would help if you turned your business into a thriving profitable enterprise. At the end of the day, all that will count is the amount of sales and your products’ revenue. Before venturing into a business, understand how it will make money and increase sales.
No Private Offices
Mark Cuban urges that a company headquarters with too many private offices will hinder communication. Employees will communicate with each other better if everything is kept open. This will result in increased morale in the company.
Open offices will give a good outline of how everyone gets on with their job roles and help you identify an employee who might not be the best fit for your business.
Hire People That Share Your Passion
If your business is focused on a specific specialization, you should employ passionate people who fancy the same niche. That will guarantee that the employee will love working for you. Employees who love their jobs will be more motivated and will work extra hard to grow and expand the business.
An employee who is passionate about work will develop essential ideas on how to create and upgrade different business features. They will typically do more work than they are paid for.
Make it Fun
When every day you are trying to push your employees to do their best and be as organized as possible in the job, there is a possibility their stress level will rise and their morale will go down. For example, when Mark Cuban was at Broadcast.com, he says they had a company shot called kamikaze. They would take their employee to a bar and buy all of them a few shots. This was part of the reward to employees for their continued hard work.
Give it Your all or Forget It
”Do not start a company unless it’s your obsession and something you love. If you have an exit strategy, it’s not an obsession.” The business is not fully in your mind if you already have a strategy in case it all goes wrong. It shows you are anticipating failure before you have even begun the business. It would help if you were determined to succeed no matter what. In the circumstance that you have given your best and still don’t work out, there is no problem in acknowledging failure.
Keep the Organization on One Level
When you first launch a company, there is no point in having a long chain of command. Keep it grounded so that everything will smoothly and be reported back to you. You will cut costs by eliminating sections you could easily manage.
There is no doubt that Mark Cuban has some priceless lessons for any business enterprise. The lessons are vital when starting up a business and remaining relevant in the market.
