Mark Cuban is a popular figure these days. He is one of the dynamic co-stars of the popular “Shark Tank” show, he owns the Dallas Mavericks NBA Basketball team, and he once started what is considered the very first internet radio station!
Now he runs his businesses and has a net worth of around 4.1 billion dollars! Wouldn’t it be nice to have that much money?
Before you count your dollars though, you need some advice from the guru himself.
No matter what field you choose to go into, Mark had seven great tips to offer young entrepreneurs that you may want to consider before launching your dream and planning your journey.
1. Being an Entrepreneur is All About You. He says not to make excuses as to why it won’t work. Just find a way to make it work. Remember also that the goal is to make people happy with your products or services and you will reap the rewards. The decisions you make will pay off big if you focus on what works.
2. Effort Makes the Best Entrepreneurs. In the interview, Cuban also referred to as “effort” as being the most important trait in successful entrepreneurs. He referred to “passion” as what may fuel your desire to put forth the effort, but the effort and hard work open doors nothing else will.
3. It Doesn’t Matter How Many Times You Fail. Young entrepreneurs are often scared to try because of the fear of failure. But know that it doesn’t matter how many times you fail, as long as you find something that works. Cuban had many business failures before he discovered what he loved in technology and he was fired many times before that. Now he drives a car that cost 6 figures. Never give up.
4. Know the right time to start a business. Any time is right as long as you are ready to put forth the effort to make it work. Plan the work then work the plan.
5. Find out if your ideas have been done before. Find what others have done in your field that has already been done, then create something different than they did. Also, study why their idea worked or didn’t work before you proceed. Do the research.
6. Learn that small businesses fail because of lack of effort, not lack of capital. In other words, it’s time, not money, that is on your side. You have to use your time wisely and be focused to try to be the best because you will be competing with others who are also in your industry and also have good ideas. Make yours more unique than anyone else’s and be the best.
7. Don’t give up equity for money. He said, “No one is going to give you money out of charity. You have to show you are worth it.” Don’t rely on investors or business loans to get ahead. You may get knocked down along the way, but it’s the tough that survives and you may end up rich! You need quality time, not free money, to focus on your idea.
I once chatted with Cuban on his blog about digital media. He’s opinionated but he really knows his stuff and he shared this information from years of experience on YouTube. If you would like to see the entire video on his tips for young entrepreneurs, visit this link to “7 Tips for Entrepreneurs from Mark Cuban” to see the video.
And make sure and watch him on ABC’s “Shark Tank” every Sunday night!