Top 10 Mark Cuban’s Business Lessons

Top 10 Mark Cuban’s Business Lessons

. 8 min read

If you’re a fan of Dallas Maverick’s, you probably know who this person is. Mark Cuban doesn’t only have that NBA team but he also own the largest movie theatre in America – which is the Landmark Theatres – as well as the film distributor, Magnolia Pictures. Aside from that, Mark Cuban is the chairman of the cable network AXS TV and referred as the shark investor on the TV series called Shark Tank.

Born on July 31, 1958, Cuban had a typical middle-class life like the others. It seems like Mark had his grandfather’s trait who – during the old days – would fed his family through trading and merchandising.

Even at a young age, Mark was already a hardworking person, feeling responsible to survive with his family. At the age of 12, he would buy a pair of shoes that he liked in selling garbage bags. Upon reaching high school, Mark would do some sideline of being a stamp and coin salesman. In college, he would give dance lessons to earn extra money – this led him to become a host of some lavish parties at Bloomington National Guard armory

At first, Cuban worked for a bank. But because he doesn’t want to stay in his home place, he moved to Dallas and started selling software. It wasn’t too long until he had created MicroSolutions as his own business. This was actually the start of his success.

Mark Cuban has been so successful and became a famous one in the business industry. Here are some of business lessons that he gave to the aspiring businessmen/women out there.

 10)     I would learn later in life, money makes you extremely handsome.”

10-Mark Cuban

Doesn’t it? You may not buy the exact happiness that everyone’s talking about, but you may buy something that would make you happy. It doesn’t make that much different, anyway. Some people would rely on money to pay for some surgery in improving the way they look. However, there are some who would literally look good depending the brand they wear, eat or ride. It has also been a conception now that when someone’s rich. He/She can easily get a partner no matter how unstable the life is. As long there’s money to spend to, that person can already be a gu/chick magnet, as what they would call.

 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.”

9-Mark_Cuban

Don’t worry about the D or the number of times you failed in a class. Maybe you just have to be wise and have all the wits to be successful. Through this way, people will become blinded by your accomplishment and failure wouldn’t really matter anymore. As long as you’re having a mistake, people won’t stop lurking around you, watching every moves and step you take. They know when you are wrong, and they will criticize you about it. Actually, it isn’t that hard to avoid this. All you have to do is simply have the best and right choice once, they’ll leave you forever. Unless you end up failing again.

 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.

8-Mark_cuban

Well, having an investor means having a boss. They are the ones who usually have the demands that you need to imply, and they are also your target to please. Beside, these investors would make you own only half of your company, for you signed up for their partnership. Once you get the investment, the entire company is not that really yours anymore. Also, every investors are different. Just because that company has a very generous stockholders doesn’t mean that you will have one, too. Always remember that there might be a very critical businessmen out there, too.

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.

7-Mark_Cuban

It’s not always about the cash or spending the last money for a certain deal. This idea may not that really good in the eyes of your possible business partner. Like the other common profession, you always have to maintain that value. Etiquette is always important for this will lead you to many opportunities, helping you bridge more bridges for a possible tomorrow. Always remember that being greedy is not the best trait in this world. This is the reason why a certain person won’t do any business again with that kind of partner. Like what Marc Cuban also said, “every good deal has a win-win solution”.

 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?

6-Mark-Cuban

Always aim for the best. You’re done with right now, what’s next? Always have the next plan. You wouldn’t have to wait and rest for too long in business. Every second counts. There’s so much to lose. Aim for the best. Is what you have enough for your customers’ needs? Is it what he/she realy wanted? Because if not, then the game is over, and all you have to do is start again. Diligence and dedication are the best things you need. But these are not enough. Have some time to criticize your own work. This is one of the ways to improve or you srely knows best than the others.

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.

5-mak-cuban

Everyone loves an effort. But only few knows how to exert it. That’s actually one of the problems of people who can’t move from where they are currently standing on. Always remember that the only way to achieve you goal is by working on it all by yourself. Connection may be a great help. But it will be nothing with you not doing anything about it. In business, you have to exert more effort and never stop doing it. Applying it is the “secret” to top any one. Everyone knows it. But it is still a question why most of would still choose to simply sit and do normal things.

 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.”

4-mark-cuban

Learning the customers’ needs is a fundamental ‘must’ in business. They are the consumers. Without them, you will be nothing. Always focus on their demands. However, it is your job to know what to improve on your service for the future developments. Listening to them will make you do what you’re doing, but updating it and its progress actually depend in your hands. That’s for your own creativity and concept. It is how you will get your name a spotlight to stand among others. Listen to the clients and make them your reference and setting goals. Treat everything like a puzzle piece, connect them all, and you will surely have something new that may be perfect for your future road.

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.

3-mark-cuban

This is like exerting effort, like what we had stated on number 5. No matter how good your dreams and achievements are, it won’t do anything if you only sit and watch what’s happening. Always remember that this is your game and you are in it. You are the controller of everything around you so you have to learn how to embrace and manipulate it. Learn some strategies, study what are needed and never ever stop doing something for it. Like what was stated above, only those with the will to prepare that do win.

 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.’”

2-mark-cuban

Most of the time, customers would depend your credibility on the number of other clients you have. The more clienteles you have, the more you are reliable with the job. Well, how would you get that huge amount of works if there aren’t that much of people trusting you, right? Some clients would use and see your previous job for their references. How did you do it, what did you do it for and probably how awesome you had done are possibly few of the questions they have in their mind. That’s why you always have to exert your best effort in everything. Who knows, your next client might be reviewing your previous project right now.

 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.

1-mark-cuban

One of the common misconception in business is the way they sell their product. They have their own selfishness in their minds, earning them few clients. In order to be successful, think like you are the customer of your own services. What do I need? How often do I need? How long do I need it? These may be few of the basic questions you have in your mind. As stated above, always think about yur clients for they are the reason why you’re here. Without them, you will surely lose in this game. Always remember that you are selling what the customers’ demands. Not what YOU request.



Laura

Part of the womstreet editing team, Laura is from the UK and has keen interests in Business, entertainment, home, design and culture.