Mark Cuban is a well-known loudmouth. He’s notorious on ABC’s Shark Tank for speaking candidly to entrepreneurs on the show, often giving out painful advice (his favourite phrase is “big mistake”). Ouch! What makes Cuban so qualified to give such blunt advice? Well, he is a successful billionaire, investor, and owner of the Dallas Mavericks. His book How To Win At The Sport of Business has become a best-seller and offers plenty of real, tangible advice. Simply put: Mark Cuban knows what he’s talking about. Read on to see some of the best advice out there for any young, eager entrepreneur:
Be Audacious
It’s no surprise that a major part of Cuban’s advice is to tell companies to be bold. But being audacious goes past that: it’s about not only taking on risks, but thriving on them. Complete confidence in your business is everything. If you know your product in and out and have confidence in its ability, then being audacious and taking huge risks will not seem scary, and will most likely result in success for your company.
Be Genuine
Of course, there’s a time and a place to be daring, Cuban says. You can’t take risks for risk’s sake. “Your idea can’t be goofy; it’s got to be genuine and well thought out, or people won’t respect it,” Cuban says. Make sure you’re communicating the most authentic, genuine portrayal of your company. Hiding facts or acting “shady” will not lead you anywhere.
Be Hardworking
This might seem like a given, but Cuban can’t stress the importance of hard work enough. “An idea by itself is not enough,” he says. An entrepreneur can be audacious and genuine, but if he’s not hardworking, the business won’t move past the concept phase. Do your research: know the industry, know the ins and outs of your company better than anyone else. Take risks knowing the facts and figures to back it up. Cuban says that “when you’ve done your homework, it becomes a question of showing, not convincing.”
Be a Seller
“Learn to sell,” Cuban admits frankly. A big part of running a company is being able to sell – to your prospects, investors, employees, consumers. Cuban advises entrepreneurs to put themselves in the shoes of the person they want to sell to, but don’t call it “selling,” – call it problem-solving. Let your customers tell you what’s broken, and then try to fix it. That’s how to you keep a loyal customer base, instead of hitting a one-time sales peak and then fizzling out. “Value is measured in the total upside of a business relationship, not by how much you squeezed out in any one deal,” Cuban observes.
