Mark Cuban’s 12 Rules to a Startup
Mark Cuban currently holds a $3.7 billion net worth, according to Forbes.
He earned his money through appearing as a “shark” on the popular ABC show “Shark Tank,” selling Yahoo for $5.7 billion in 1999, and owning the NBA’s Dallas Mavericks.
This might be the technical way he earned his fortune. However, he had to do so much more than just “earn” the fortune.
He had to make sacrifices, trial-and-errors, fail, and work hard.
In his book, How to Win at the Sport of Business, he outlines the 12 steps necessary to succeed with a business.
1. Don’t start a business unless you have love or passion for it.
If you don’t love what you’re doing, chances are you’re going to give up on it.
2. Don’t think about the exit plan.
If you have a plan B, you aren’t passionate enough about your startup.
3. Hire people who would love the job.
It’s better to have a passionate, determined, and fitting worker than a person who has knowledge and experience.
It’s important to find workers whose dreams and culture fit into your company’s.
4. Sales cure all.
Know how your company will make money and sales.
5. Know your core competencies and focus on being great at them.
Pay up for people in your core competencies. Get the best.
6. Lunch is an opportunity to get out of the office and talk.
7. Don’t use offices, they promote privacy.
Having open office spaces allows everyone to stay in touch with the business and pace.
8. Only use technology that you know.
Don’t try to push for new technology if it’s completely new or too hard for you. Try to use what you’re most efficient at.
9. Keep the organization flat.
Don’t have too many positions.
10. Never buy swag.
Spend your money on making money. Stop worrying about the uniform that your workers are using.
11. Never hire a PR firm.
Always communicate as the founder. Networking works better when the founder is speaking rather than a PR.
12. Create a fun environment for the employees.
Make sure everyone is healthy and control the stress levels. In Mark’s first company, MicroSolutions, he would hand out $100 to salespeople when they broke a record.
Always make an effort to reward hard work.