Advertising
Advertising

5 Important Business Lessons For Entrepreneurs From Mark Cuban

5 Important Business Lessons For Entrepreneurs From Mark Cuban

Mark Cuban has a net worth of $3 billion. Most of his wealth has come from two major transactions, but the businessman has continued to enjoy success, whether with the Dallas Mavericks or Shark Tank. Cuban has transitioned from a boy who sold garbage bags to one of the most famous businessmen in the entire world.

Some pooh-pooh Cuban’s success as mere dumb luck in cashing out of the Y2K market early, but luck is when success meets opportunity. There is a lot that any entrepreneur could learn from Cuban’s success, and here are five business tricks which any entrepreneur can use to grasp just a small part of all he has accomplished.

1. Don’t persuade

For many, selling is persuasion. Do a Google search and you’ll find a whole bunch of articles that claim that with a little persuasion trick, a salesman can convince all the people in the world.

Advertising

But Cuban knows that selling and persuasion are not the same thing, as he observed that “selling is never about convincing. It is always about helping.” You don’t want to persuade someone your product is awesome. You want to show that the product will fundamentally help them in some way.

If there is any one neat persuasion trick, it is this: put yourself in the shoes of others. That is the basis of any relationship, and that is the basis of salesmanship.

2. Work hard, but smart

Cuban will be the first to tell you that hard work is the key to success. One of his first business moves as a young man was to take advantage of a local newspaper strike. Cuban and his friends drove several hours to Cleveland, bought tons of newspapers, and sold them back in his hometown of Pittsburgh for a good profit.

Advertising

But Cuban will tell you that hard work is not about putting a lot of hours in at an office. It is about getting things done. If you sit at a desk for ten hours but accomplish nothing, you might as well have stayed home. In order to work smart, you need to be organized, come to work every day with a plan, and know what needs to be accomplished.

3. Save money

If there is any one single rule which Cuban emphasizes, it is this one. Cuban may be worth a lot of money today, and he grew up in a decently well-off family, but he has known privation. He famously recounts living off ketchup and mustard sandwiches as he worked to reach his current heights.

Cuban was willing to accept this privation because he wanted to get rich, and lot of entrepreneurs will have to endure similar conditions if they wish to get anywhere in life. Get rid of the credit card, don’t eat out, and slash personal expenses as much as possible. Living cheaply isn’t a weekly or monthly thing, but something which can last years until an opportunity finally arrives.

Advertising

As Cuban observed, there is no such thing as “getting rich quick.” There is only getting rich, and that takes time and a willingness to sacrifice.

4. Never go into debt

This is similar to the above point, but Cuban believes in this so fervently that it needs to be covered twice. While there is the personal aspect of saving money by staying home, not going out to eat, and investing money where you can, there is also the business end of the deal.

As Cuban told one interviewer, “if you’re starting a business and you take out a loan, you’re a moron.”

Advertising

Most businesses can start with very little capital if you put enough effort into it. Think about Apple’s humble beginnings, or how Facebook was set up in a college dorm. If you can put in the effort and have a great idea which will appeal to consumers, then you will be able to get the capital without essentially becoming a puppet of the bank.

5. Listen to your customers’ feedback

People like to talk. And customers like to talk about the products they purchase — especially what went wrong with them. Cuban points out that the fundamental goal of any business is to satisfy their customers, because that is what will lead to growth and then to profits.

Now, there are limits to this. As Henry Ford observed, “If I asked people what they wanted, they would have said faster horses.” Innovation is supposed to be, well, innovative. An innovative businessman should push on ahead with a new product as long as they can show how it will make the customer’s life better in unexpected ways.

But customer feedback is more important than all of the marketing research in the world. If you can ensure that the customer feels respected, then they will respect you. That will open up new opportunities and lead to good things for your business.

Featured photo credit: Danny Bollinger via flickr.com

More by this author

8 Signs You Have A Strong Personality That Might Scare Some People How to Achieve Quick Success at Work Even If You’re Lacking in Clear Direction You’ll No Longer Be Fooled by Skillful Liars If You Know This Concept How I Kill Boredom at Work to Regain My Productivity This Is Why Classical Music Lovers Are Smarter

Trending in Entrepreneur

1 How to Be a Successful Entrepreneur (15 Powerful Actions to Take Today) 2 8 Life-Changing Skills You Can Learn in Less Than 6 Months 3 10 Websites To Learn Something New In 30 Minutes A Day 4 How To Make Money With CPA: Content Locking 5 Revealed: Successful Young Entrepreneurs’ Secrets to Making Their Dreams Come True

Read Next

Advertising
Advertising

Last Updated on September 20, 2018

How to Be Happy at Work and Find Fulfillment in Your Career

How to Be Happy at Work and Find Fulfillment in Your Career

If you’re going to spend 1/3 of our life at work, you should enjoy it, right?

Trust me, I know that’s easier said than done. Difficult coworkers, less-than-desirable tasks, or even just being in the wrong position can all lead to a lack of enjoyment and fulfillment in your work.

But what if I told you it doesn’t have to be this way? Or better yet, if you struggle with all of the above (and then some), what if I told you that enjoying your work and finding fulfillment regardless of those obstacles is possible?

Don’t believe me? I don’t blame you because I was there too. Before implementing the tips below, I struggled to get through each day, much less find real fulfillment, in the office. Now, even after the toughest days on the job, I still come away with feelings of pride, accomplishment, and fulfillment. The best news is, so can you.

If you’re ready to make those hours count and find happiness and fulfillment in the office, then read on to find out how to be happy at work and find fulfillment in your career:

1. Discover the root(s) of the problem

For this first step, we’ll need to think back to 8th-grade physics (humor me). We all know Newton’s 3rd law, “for every action, there is an equal and opposite reaction.” When you think about it, the same can be said outside of physics, and we see this law play out in our daily lives, day after day.

Simply put, all the issues we deal with in the office (and life in general) affect us in a noticeable way.

If you’re appreciated at work, like the work you do and receive frequent praise, promotions, or raises, then this will probably have an altogether positive effect on your life in the office.

But what if we reverse this? What if you feel under appreciated, get passed up for promotions, or get denied raises? This is sure to affect the way you feel at work on a negative level.

Advertising

So, before you can implement the steps of feeling happy and fulfilled at work, we first have to discover the reasons why you don’t feel that way already.

Think about it, write a list, or make a mental note. Run through all the reasons you’re dissatisfied in the office, and don’t hold back. Knowing the exact obstacles you’re facing will make overcoming them that much easier.

In fact, as a side-challenge to this article, I recommend picking the top three reasons contributing to your dissatisfaction at work and using the following tips to tackle them.

2. Practice gratitude for an instant uplift

Did you know the simple act of feeling grateful can increase your happiness and make you more fulfilled at work?[1]

Well, it’s true, and it’s scientifically proven.

Dr. Lisa Firestone notes that practicing gratitude “reminds us of what we lacked in the past.” Meaning, it serves as both a boost to happiness and a bit of a wake-up call that things have been or could be, much worse.

Trying to conjure up feelings of gratitude can seem almost impossible when your work situation seems bleak, but hear me out: There are incredibly easy ways to get started and it doesn’t involve trying to “force” yourself to feel grateful about things that stress you out.

For an instant pick-me-up, try this:

Find a loose piece of paper, a blank sticky note, or anything you can write on, be it physical or digital. List just three things that you are absolutely without-a-doubt thankful for in your life.

Now here’s the trick: Don’t just list what you’re grateful for, you have to list why you’re grateful for them, too.

Advertising

For example, simply saying “I’m grateful for my kids” will probably make you feel good, sure, but what if we could amplify the warm, fuzzy feeling into real, lasting motivation?

Instead, write the reason you’re so thankful for your children. Is it because they make you laugh and forget about other stressors? Or maybe they help to remind you of why you go to work every day in the first place?

Whatever your reasons may be, jot them down and keep your list somewhere you can see it while you work. A quick glance at your gratitude list throughout the day can provide powerful, positive motivation to keep going.

Bonus:

If you can find just three things to be thankful for that specifically relate to your job, and list why those things make you grateful, your list can also help you find fulfillment in your work itself which can give you an even bigger boost of positivity throughout the day.

3. Take meaningful time for yourself

We all know creating a strong work-life balance can be crucial to feeling satisfied in our jobs, but rarely do we ever address how we’re spending our time outside of work.

Many of us survive a 9-hour work day and commute home only to find ourselves busy with our personal to-do lists, running a household, and taking care of a child (or 2 or 3, and so on).

If you spend all your time working, whether in the office or within your household, you’re going to feel drained at some point. This is why setting meaningful time for yourself every day is highly important.

Look, I get it: I don’t know anyone in the working world who can shun all responsibility for a 3-movie marathon or happy hour with friends whenever they feel like it. But finding time for yourself, be it just 30 minutes to an hour, can really make a difference in how you feel at work.

This works because you’ll have time to actually relax and let the day’s stress melt away while you enjoy something just for you. The to-do lists and stressors will still be there after you’re refreshed and ready to tackle them.

Advertising

No time for me-time? Try this:

If you have a busy household, you’ll need to capitalize on a block of time you know will be completely uninterrupted. The easiest way to do this: try waking up 30 minutes to an hour earlier than usual (or push bedtime back an hour if you’re a night owl, like me) and take time to do something you enjoy.

This could be reading with a cup of tea, catching up on Facebook, spending time on a passion project—anything! As long as it’s meaningful to you, it works!

Bonus:

Starting your day with meaningful time for yourself can set you up to have a positive mood that lasts well into office hours, and having your me-time in the evening can give you something positive to look forward to during the day.

4. Get productive and feel accomplished

Don’t you just love the feeling of checking the last item off of a hefty to-do list? That’s because self-motivation can be a huge driver of positivity and success.

When we accomplish something, no matter how small, it makes us feel good, plain and simple. Applying this tactic to your daily work can be the motivator you need to find fulfillment during the daily office grind.

While there are tons of steps to get more done at work, I’ll share my personal favorite: Prioritizing.

Now, many people handle prioritizing differently. Some like to tackle the little tasks first so they can spend focused time on the big to-dos. Others like to knock out the big items first and get to the smaller ones when they can.

No matter which camp you’re in, you may be missing one crucial step: Time management.

So how’s this work? When you factor in the amount of time your priorities will take, it can transform your productivity ten-fold.

Advertising

Say you have three top priorities for the day. You might jump into the smaller ones or the bigger ones depending on your preferred method, and then find yourself out of time and bringing work home with you at the end of the day.

This is prevented when you factor in time. Knowing how long each item will take, or deliberately setting specific blocks of time for your priorities can help you accomplish more in the same 8-9 (or 12) hours that you typically spend at work.

Try this:

Take a look at your priorities and consider how long they should take. Pop into your Google calendar (or Filofax, whatever works for you) and schedule time to work on your priority items around any important meetings or events of the day.

The most important thing to remember is to stick to your dedicated time.

Often, when we know exactly how long we have to work on something (and honor this time limit), we’re motivated to get more done on time to avoid taking work home at the end of the day.

The bottom line

There’s no need to waste 1/3 of our lives feeling unsatisfied at work. Luckily, you now have the tools to get started, take back your time, and become happy and fulfilled at work again.

The only question is — which tip will you try first?

Featured photo credit: Ellyot via unsplash.com

Reference

[1]Psychology Today: The Healing Power of Gratitude

Read Next