I recently finished Mark Cuban’s book, How to Win at the Sport of Business: If I Can Do It, You Can Do It
,and loved it. Here are some highlights and quotes from the quick, interesting and funny read (not to mention it’s only $2.99).
1) Learn to sell. In business you’re always selling – to your prospects, investors and employees. To be the best salesperson put yourself in the shoes of the person to whom you’re selling. Don’t sell your product. Solve their problems.
2) Customers want to see that you have other customers. When Mark started MicroSolutions he did the work for his first customer free – only charging them the cost of the software. He called it his, “no money down approach to start a business.’”
3) “Everyone has got the will to win; it’s only those with the will to prepare that do win.” Mark Cuban paraphrasing Bobby Knight.
4) “Your customers can tell you the things that are broken and how they want to be made happy. Listen to them. Make them happy. But don’t rely on them to create the future road map for your product or service. That’s your job.”
5) One thing we can all control is effort. Put in the time to become an expert in whatever you’re doing. It will give you an advantage because most people don’t do this.
6) That being said, don’t get caught up in how many hours you work. Judge success based on having goals and measuring your results. Hard work, and lots of it, is certainly needed, but focus on what you get done. What do you need to do to deliver for your client? To land the next customer? To expand within your customers? . . .
7) “Business happens over years and years. Value is measured in the total upside of a business relationship, not by how much you squeezed out in any one deal.”
8) Great companies start without investors. He cites Apple, Dell and Microsoft as a few examples. Given that he’s a venture capitalist, and he’s recommending not to take venture money, it’s certainly worth trying to avoid. That’s probably not possible in some cases – but it makes sense if you can pull it off.
9) “The beauty of success, whether it’s finding the girl of your dreams, the right job or financial success, is that it doesn’t matter how many times you have failed, you only have to be right once.” And, “then everyone can tell you how lucky you are.” For further proof of this truth check out these 23 famous failures — their perseverance lead to enormous successes.
10) “As I would learn later in life, money makes you extremely handsome.”
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If you want more to read more advice from the Sharks on Shark Tank, check out 23 Killer Business Lessons from Shark Tank.
If you liked this post, you’ll also like, 11 Important Lessons from Teen Entrepreneurs.
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FAQs
Mark Cuban: The best way to start a business is with as little money as possible. Or, with no money, or with money you saved up. You are selling a skill you have, and you start slowly.
What is Mark Cuban's advice in business? ›
Mark Cuban: The best way to start a business is with as little money as possible. Or, with no money, or with money you saved up. You are selling a skill you have, and you start slowly.
What is Mark Cuban's philosophy? ›
At the heart of Cuban's philosophy is the idea that success is an internal state, not an external one. It's not about the accolades or the bank balance. It's about the intrinsic satisfaction and joy you find daily.
What great things has Mark Cuban done? ›
He has been a prominent figure in the NBA, known for his active involvement with the Mavericks (with which he won the 2011 NBA Championship as owner) and frequent disputes with the league's management. Outside of business, Cuban has been involved in philanthropy, political commentary, and reality television.
What is a business quote from Mark Cuban? ›
“Doesn't matter how many times you fail; you only have to be right once.” “Every no gets me closer to a yes.” “If you can sell, you'll never be unemployed.” “You've got to work like someone is trying to steal your business.”
What are Mark Cuban's biggest investments? ›
During his time on the show, Cuban invested in 85 companies, with his largest investment being Ten Thirty One Productions at $2 million.
How to learn from Mark Cuban? ›
8 Things You Can Learn From Mark Cuban
- Happiness doesn't have anything to do with money. ...
- Treat people like winners if you want them to perform like winners. ...
- Always be the most prepared person in the room. ...
- If everyone is zigging, make sure you zag. ...
- Focus on the present. ...
- Success is a matter of effort. ...
- Get paid to learn.
In addition to the Gulfstream G550, Cuban also owns a Boeing 757-200 that he purchased especially for the NBA team he now owns a 27% stake in — the Dallas Mavericks. The jet, purchased at $36 million, is a testament to Cuban's commitment to his team's success and comfort.
What company did Mark Cuban invent? ›
Mark Cuban (born July 31, 1958, Pittsburgh, Pennsylvania, U.S.) is an American entrepreneur, venture capitalist, businessman and television personality who cofounded (1995) Broadcast.com, an Internet audio and video streaming service, and who was active in numerous other companies.
What was Mark Cuban's inspiration? ›
Once, when Cuban went back to his house after work, with no light because of unpaid electricity bill, in the words of Mark Cuban, it was the biggest inspiration for him to change his life. Thereafter, Cuban never looked back.
Through his VC firm, Mark Cuban Companies, he's invested in over 400 businesses to date—but his 2000 deal for a stake in the Dallas Mavericks has been by far his most lucrative. Cuban owns 85% of the NBA team, which Forbes values at $3.3 billion.
How was Mark Cuban motivated? ›
The driving motivation for Cuban wasn't money or the need to make millions. Instead, Cuban said he always thought in terms of time. He wanted to control his own destiny and control his own time. Cuban started a company called MicroSolutions.
What is the cost plus Mark Cuban business model? ›
Cost Plus Drug Company works directly with drug manufacturers to bypass middlemen and lower prices. For consumers, the price of each drug includes a 15% markup as a profit margin, a $3 pharmacy handling fee and a $5 shipping fee. Cost Plus also transparently displays what it pays for its medicines.
What is Mark Cuban's management style? ›
Cuban is known for his accessibility and open communication with his team, often highlighting the importance of building trust and respecting his employees. This approach is reflected in his management of the Dallas Mavericks, where he revolutionized the culture by focusing on player welfare and support.
What made Mark Cuban's company successful? ›
This pioneering company provided streaming services and quickly gained popularity during the dot-com boom. Cuban's foresight and innovative approach led to the company's tremendous success, and in 1999, Yahoo! acquired Broadcast.com for a staggering $5.7 billion.
What is Mark Cuban's primary business? ›
He founded Mark Cuban Cost Plus Drug Company to help people afford their otherwise out-of-reach prescription meds. Mark Cuban Cost Plus Drug Company is a disruptive business that makes life-saving prescription drugs affordable to millions.
What is Mark Cuban's philanthropy? ›
Mark Cuban Foundation is the private non-profit foundation of Dallas Mavericks proprietor Mark Cuban. The Foundation leads programs including the AI Bootcamps Initiative and The Fallen Patriot Fund.
 — Sustainably Lazy)