“What I’ve learned in these 11 years is you just got to stay focused and believe in yourself and trust your own ability and judgment.” – Mark Cuban
Mark Cuban is a billionaire entrepreneur, owner of the NBA Dallas mavericks basketball team, and an active investor.
I never knew about Mark Cuban until 2014, as a result of YouTube. Ya know, when you watch a certain type of video and related videos pop up?
That related video was Shark Tank. Not to sound corny but I’ve been a “fan” of him ever since.
I’ve learnt a whole lot just by reading up on his background, upbringing, successes, failure’s, etc.
So lets get straight to it.
The Best Business Lessons From Mark Cuban:
1. It’s a long term commitment
Mark Cuban was hustling his way to the top for years, and he didn’t become truly successful until his 30’s.
His first business idea to sell powdered milk didn’t work out, but he didn’t let that stop him in the long run.
The majority of us aren’t willing to make such a commitment to success, because we’d rather be successful earlier than our 30’s.
Which isn’t a problem of course. But as I’ve learnt from Cuban, If you’re committed enough you’ll succeed anyway.
You’ve got to be committed, and you must stick to it no matter how hard it seems.
2. Treat it like a game
“I love to compete. To me, business is the ultimate sport. It’s always on. There is always someone trying to beat me.” – Mark Cuban
As with anything in life, If you take it too seriously you’ll frustrate and wear yourself down.
If you treat business like a game you’ll enjoy the journey a lot more, and you won’t stress yourself out too much either.
Play to win, and make the challenge of winning the game of success more fun.
No different to the feeling you get when you dominate your opponent in a video game (like Call Of Duty or Mario Kart).
3. Failure is your greatest ally
“It doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you because… All that matters in business is that you get it right once. Then everyone can tell you how lucky you are.” – Mark Cuban
In the early days Mark Cuban failed tons of times in business.
Before his 30’s, every single business he got into failed without a doubt. Not to mention going broke multiple times over and over.
Yet after so many disappointments, setbacks, failed businesses and struggle, he became a billionaire in his 40’s.
If it wasn’t for him learning from each and every failure, he wouldn’t of became the success he is today.
So no matter how many times you’ve failed in your life, keep going and keep pushing. Every step brings you closer to success.
If you learn from it.
4. Don’t bother trying to cut corners
“There are no shortcuts. You have to work hard, and try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it. I would also say it’s hard not to fool yourself. Everyone tells you how they are going to be “special,” but few do the work to get there. Do the work.” – Mark Cuban
If you believe you can just catch a flight straight to the island of success, you’re stupid.
There’s no helicopter that will take you there either, or no vehicle for that matter. Cuban had to work his ass off to get the results he wanted, similar to many other entrepreneurs.
He had to “sacrifice” hobbies, holidays and more to get what he wanted. And of course, it was all worth it in the end.
The same thing goes for each and everyone of us on the journey to success.
If you’re not willing to work harder than you’ve ever worked, you may as well quit today. Because making a half-hearted effort, and taking action when you “feel” like it isn’t going to cut it.
You’ve got to be serious about it.
5. Knowledge is power
“Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.” – Mark Cuban
You’ve got to know more than everyone else, and you’ve got to learn as much as you can in your industry.
And not just in your industry, but in general too.
Just like the quote from T Harv Eker’s book, secrets of the millionaire mind:
“Harv, If you’re not successful yet, that means there’s something you don’t know.”
Knowledge is the difference between earning £10K a month or £150K a year, having a certain level of success, and achieving a certain level of results.
Just knowing something you already don’t can make all the difference. Be curious, and learn like an 8 year old.
6. Resilience is a must
Mark Cuban has failed in lots of businesses, and had to deal with rejection many times over.
In reality, most people aren’t willing to keep going after 1 business becomes a failure.
Over 4 failed businesses? That’s a lot. And If you’re not resilient enough you’ll get burnt into the dust. Resilient people are strong people. Resilient people are achievers.
Or as the Oxford Dictionary puts it:
“The capacity to recover quickly from difficulties; toughness.”