Mark Cuban is a well-known American businessman and investor. He owns the NBA’s Dallas Mavericks and is a “shark” on the uber-successful television series, Shark Tank.
Mark Cuban is one of the most recognized entrepreneurs today. In his book, How to Win at the Sport of Business, he shares his unconventional yet highly effective tips and strategies.
The Edge: Power of Information
- Most people don’t take time to know the information needed or read it
- “The Edge” you get from information is knowing that you have to be the smartest person in the room and you are going to put in the effort to learn whatever you need to learn to get there
- Confidence comes from having the information
Be Honest with Yourself
- How could another firm preempt your services?
- Anticipate where the problems will come in, and plan accordingly
- Is it price?
- Is it service?
- Is it ease of use?
- Staffing?
Strategy of Success
- Hire people you can build trust in, then let them take the ball and run with it
- Doing everything yourself – you’ll lose the war (point 1)
- Don’t DROWN in opportunity – don’t fall prey to temptation and move away from your core competency when you face challenges in your business. Stay Focused on what you do best
- WHINING - productive whining is a recipe for success because it’s the FIRST STEP TOWARD CHANGE. Don’t worry about what others think about it
- Sales is the most important job in every company
- Solutions bases sales
- Taking No for an answer is good, then move on
- Don’t waste your/their time
- Missing opportunities elsewhere (a YES is waiting)
- Sales is the most important job in every company
The Path of Least Resistance
- Make your service easier to buy than your competition, or you will find your customers buying from them
- Amazon.com, Apple, NetFlix, Google (ease of use is what made these companies successful)
Future Road Map for Your Business
- “The best way to predict the future is to INVENT IT”
- Don’t listen to your customers (they don’t necessarily know what they need or want)
- It’s not your customers’ job to know what they don’t
- Pay up for the people in your core competencies – get the best
- PIGS GET FAT – HOGS GET SLAUGHTERED - don’t be greedy; don’t try to squeeze the last penny from existing clients or in a sales deal. Even if you “win” that’s starting a relationship off on a bad foot
Really KNOW your core competencies and be great at them!