In this article you will know 10 tips for start a company according to Mark Cuban.
Once they reach the top, many successful people look back, collect what they have learned, and share it with others.
A particular case is that of Mark Cuban. Mark is 62 years old and currently has a fortune of 4.4 billion dollars. (December 2021)
From an early age he showed an inclination towards entrepreneurship; going from jobs as a party entertainer and dance instructor, to having businesses such as bars and dance academies.
After graduating in business administration, he founded different companies in the technology area; which he later sold to larger companies such as CompuServe and Yahoo!
The proceeds allowed him to buy the majority of the shares of the NBA team, the Dallas Mavericks, and invest in a large number of projects.
He has always stood out for his strong character, but no one can deny that he has a big heart. He has donated several million to various causes: Iraq war veterans, education, natural disasters; among other.
He is currently the owner of Landmark Theatres, Chairman of AXS TV, co-owner of 2929 entertainment and is an investor in the famous reality show, Shark Tank.
In a chat with Tai Lopez, entrepreneur and investor, Mark Cuban reveals different secrets that allow him to be, according to Forbes magazine, the man #655 among the richest in the world.
This is what you need to create a business according to millionaire Mark Cuban.
1. Find something you love, get really good at it, and sell it.
Whatever it is, to the extent that it arouses enough interest in us, we will improve until we reach the point of being able to create a business out of it.
If you don’t know what you’re good at, click here.
2. Be curious.
To create a business according to Mark Cuban, it is very important to be curious and constantly read and investigate; Since knowing a lot about our industry and the world in general, we can achieve innovation more easily.
Similarly, all knowledge will prepare us to assimilate and be more prepared for any sudden change that may affect us and make the best of it.
3. Don’t look for answers in other people.
As an entrepreneur it is vital to have initiative and a taste for risk. In Tai’s words: If you always need other people to know what to do next, you’re already too lost.
4. You have to know more about your business than anyone else.
Knowing everything about our business will allow us to know which are the weaknesses and strengths, which are all the stakeholders and which are the most influential.
Only then can we better identify our allies and be better informed of possible threats.
5. Think that no matter how many times you fall, you only have to hit once.
Of the great minority that risks starting a business, the successful ones are distinguished from the losers. What sets them apart? The number of times they recovered from failure.
For Mark, the important thing is to hit the target once; not in how many tries he gets it.
6. Develop the ability to predict trends.
The world is constantly changing and so are market trends. Having the ability to identify where society is going is vital to keeping any business afloat.
Tai gives the example of Blockbuster, since if they had identified that business models such as Netflix were coming, they would not have gone bankrupt.
7. Mentalize that paying debts should be your highest priority.
You must eradicate debts to create a business according to Mark Cuban. And the reason is very simple.
Debts have interest, which means we pay more than something is really worth. It is essential to keep debts to a minimum or learn how to avoid them.
8. Save 6 months of salary for difficult times.
No one is shielded against difficult times, so as long as possible, save enough to be able to live in peace and take control of the bad situation.
It is vital that you know how to create an emergency fund.
9. Find ways to inspire yourself and do what it takes to stay motivated.
Identifying what makes us work better is essential to continue in the race. The alternatives are almost endless: idol interviews, motivational movies, photos, outdoor activities, you name it!
You can follow us on Instagram and Pinterest to find motivation and also learn about the 100 motivational phrases for every entrepreneur or the 135 success phrases for millionaire entrepreneurs.
10. Never forget that users follow other users and that people want to be where others are.
For Mark and Tai, word of mouth continues to be a very powerful tool; so we must take advantage of it. How? Giving our users a reason to talk about our product or service.
So you can make that extra money that was intended to pay for more advertising, can go to something else. This is essential to create a company according to Mark Cuban.
Conclusion.
The tips for creating a company according to Mark Cuban are totally applicable. However, you should keep in mind that they differ from the advice of other millionaires.
Not all strategies are right for everyone, so take what you think works for you and take a chance. If you don’t start, you will never see results 🙂
And remember, if you are really interested in creating your own business, you can read our book “How to create a company while working: Discover how to manage your time, manage your money and motivate yourself while creating a company and working for another” , where you will find all the information you need to found your own company, without having to leave your job.
