Many have seen by now the hit TV show “Shark Tank”, where entrepreneurs pitch to established successful business owners and investors their ventures in exchange of an investment. The show has grown in popularity over the years, including the hosts such as Mark Cuban who is a self-made billionaire and business owner. Many entrepreneurs have succeeded with their business start-up, due to the exposure of the show and the investments of one of the hosts (Sharks).
Mark Cuban offers a lot of great business advise. He is frequently quoted and interviewed for business. To assist business start-ups and entrepreneurs, here are 7 wise business tips from Shark Tank host Mark Cuban and his book “How to Win at the Sport of Business”.
7 Wise Business Tips From Shark Tank Host Mark Cuban
1. It does not matter how many times you have failed.
Mark Cuban states this most important success tip with this simple statement, “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.”
2. Become an expert and put in the time.
In business, entrepreneurs must put in the time and become experts at their field. Mark states, “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”.
3. Start companies without investors.
Many great and well-known companies have been started without investors and investment money. Mark has cited Apple, Dell, and Microsoft as a few examples. His advice is to avoid taking money from venture capitalists if possible.
4. Start and learn how to sell.
Everyone is selling in business. Regardless of the role, business people are always selling to someone – prospects, employees, investors, vendors, and so on. Mark’s advise learn how to sell, but don’t sell the product. Rather solve the customer’s problems.
5. Focus on what gets done in business.
Mark advises to not get caught up in how many hours worked, but more what got done. Mr. Cuban’s advise is simple, focus on what needs to get done in business. Judge business successes based on having achieved objectives, goals, and measuring the results.
6. Business takes time and happens over years.
A key thing to remember, Mark talks about is that business happens over years and it takes time. The value of a business is measured more on the total of business relationships and assets vs. what a company can get out of a single deal.
7. Customers attract other customers.
For a business to succeed, it must have customers. In the early stages of a business, it is key to acquire customers to attract more customers. At times, a business has to get creative to get the first customers. Even if this means at no profit, Mark states as he did with one of his start-ups MicroSolutions. He did work for the first customer free.