What We Learn From Mark Cuban

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Mark Cuban is iconic in the world of business. He has successfully built and sold multiple businesses since his early 20s and is estimated to be worth $3 billion dollars to this day. Now as much as we can relish about his accomplishments with various projects such as “broadcast.com,” the Dallas Mavericks, Landmark Theaters, and even Shark Tank, what we love about him is his philosophy of being a well-minded entrepreneur. Many Americans try to live the dream of creating, operating, and managing their own business. But what they run into is the lack of drive and willingness-to-sacrifice everything to achieve their goal. For Mark Cuban, he believes in sacrifice, education, and long-term planning. It is these three simple concepts that have allowed him to become the self-made billionaire that he is today.

“Work like there is someone working twenty four hours a day to take it all away from you.”

The one thing you can see from Mark Cuban is his control and focus with his work ethics. Mark Cuban has said countless times that, “you don’t start a company unless it is an obsession and something you love. If you have an exit strategy, it is not an obsession.” This sacrifice of obsessing over your business is what he embodies every single day. He believes in this idea whole-heartedly and knows what it takes to eat, sleep, and work for success. In his early 90s, Mark moved back to Pittsburg and took a job with Mellon Bank. Having seen the growth that technology had over the past few years, Mark immersed himself in computers and networking. After leaving Pittsburg and moving to Dallas, Texas, Mark decided to form his own consulting business, MicrosScolutions, which eventually lead to the start of success within the tech industry.

Now the moral of the story is not simply to the idea of leaving a job, packing up to Dallas, and hoping for the best. Rather, it is about investing every ounce of your energy into something that you believe in. Just like Mark Cuban, successful entrepreneurs do not simply go into their business half-minded with an exit strategy already lined up. Instead, they invest as much as possible. Whether it is their time, money, or life to the business, Mark Cuban would simply see this as the real commitment to your work.

In addition to commitment, education played a large role for Mark’s success. For Mark, it wasn’t simply the concept of being paid for doing a good job, but learning and gaining the necessary knowledge from every job that he worked at. Many people find themselves in positions that they see as stepping-stones for the future. For Mark, every moment was an opportunity to learn and grow professionally. His interest of computers developed way before the $6 billion buy out with Yahoo. It began in Dallas when he was selling software. Deciding that it was time to move, Mark took those necessary sales tactics and knowledge of computers to invest him in the field. It eventually led to not just a success in the early 90s, but also a path to the tech world. Learning from every job is key to ones success. As much as risk and luck plays a role in finding the winning jackpot, the drive to learn, create, and grow will allow you to shape your business in the most positive way.

Now the last thing we learn from Mark in the entrepreneur world is to simply have a long-term plan. Yes, the idea of creating an online sports platform in the early days of the Internet would of course be a hit, but it wouldn’t have happened if Mark and his partners didn’t foresee the potential their idea had for their future. Having an initial end-goal to your business will be key to any success. It will spark the drive when times are tough. It will inspire the masses to hold everyone grounded. Last but not least, it will wake you up and push you to the best version of yourself.

How to Start Your Business: Six Steps for Success

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Some people call it a calling. Others call it the only option. Regardless of how you put it, there are thousands of people all across the nation taking a leap of faith and starting their own business. This is a very difficult and arduous task that requires hard work, determination, and perseverance. But for those who survive beyond the bleak months or year of pain and failure, they will find themselves at the end of the tunnel reaping the rewards on their road for success.

Starting a business and becoming an entrepreneur is not easy. It takes a special kind of person to overcome the obstacles of failures and go surpass the ideas of settling when looking for success. If you are still interested in starting a business, here is a guide that will aid you throughout the process. These six steps will help pinpoint the dos and don’ts during the beginning stages of your journey.

1. Planning and Developing Winning Ideas:

The next big idea is what drives a business in the first place. Every business begins with an idea. The idea can be a variety of things. They can be something you are passionate about or they can be something that can change the course of everyday life. No matter where the interest lies, there is a way to create it into something great. Remember, Google and Apple didn’t just come out of nowhere. They came from products, or even problems, that have were the markers for their great creation. Once you have picked and assessed your idea, it is important to see the strengths and flaws of pre-existing companies within the chosen field. Understand their take on your concept. Figure out what they were missing or what you can do better, faster, and cheaper. Reflecting on those concepts will allow you to eventually market this concept into a full blown business.

2. Creating a Business Plan

Every great business has planned out the logistics and objective of their overall company. Remember, your company is a novice in comparison to both relevant organizations and competitors. At this stage, it is important you iron out some important questions that will later need answers when you full establish your business. Take into consideration these questions:

  •  What are your company’s objectives?
  •  What are you trying to do?
  •  Who are you trying to sell to?
  •  What are your goals?
  •  How much money will you need to start up? How much money will you need for the campaign?
  •  How many employees will you need to get this off the ground?
  •  What are you planning for advertising?
  •  What are your projections for month three, six, and twelve?

All of these questions can be answered in a well-written business plan. This plan does not have to be terribly long. Rather, the plan itself needs to help you figure out the path for your company and any obstacles you will need to face during the beginning stages once it launches. It will give you an outline of specific things that need to be done so that you are on the right direction for success.

3. Assessing your Finances: Determine how much you need to start

Like the famous saying goes, everything comes at a price. Besides your time and effort, there are costly expenses when building up a startup. Assess your business plan and identify how much you are going to need to cover these immediate expenses will play a large role in how your business is running by month three. Regardless of how much you have, you want to optimize your funds in the most efficient way. The idea of ‘stretching out your dollar’ will be the best mentality to embrace when launching your business. In the past, there have been many businesses that have invested much of their funds on unnecessary or frivolous expenses. By having a well thought-out business plan and a deeper understanding of your finances, you can leverage these expenses. If the expenses are more than you anticipated, take a look at commercial loans or investors. Make sure at this point that your business model is already developed and know what you will use that money prior to any investor meetings.

4. Registering your Business

When registering your business, make sure you have decided on what kind of entity and field your business is in. There are certain legal and structural logistics you need to file, especially in your taxes. Once you have determined the type of business you have, register on the SBA website.

5. Building Your Team

Now that you have established your idea, created a business plan, planned out your expenses, and registered your business, it is now time for you to think about the managerial aspect of your business. Here, think about the type of people you want and the skills they need to have to help thrive your business. If your business is for a tech company, you should be thinking about web developers and IT workers. If you business is for sales, you should be thinking of strong communicators and business minded individuals. Having a grasp of the people you want will ultimately put you at pace if growing your business.

6. Grow your Vision

Here is the stage where you have now established the team, finance, and idea for your startup. What you need to do at this stage is be a leader. Allow your team and company to run on a long-term vision and goal. Make sure you have internalized this goal so that no matter whom you talk to, everyone is on the same page for success.