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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.

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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.

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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.

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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.”

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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

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Last Updated on November 19, 2019

Work Smarter, Not Harder: 12 Ways to Work Smart

Work Smarter, Not Harder: 12 Ways to Work Smart

I imagine that like me, you say that you never have enough time and that you just cannot cope with 60 dozen things all at once.

How on earth do you get out of that spiral?

Many people never sit down and look at how to work smarter, rather than harder and even longer hours. But not you, you’re smart enough to try to learn effective ways to work.

So how to work smarter not harder? Here are 12 smart ways you should be following:

1. Improve Your Time Management Skills

Easier said than done? Well, no actually, because there are a few simple rules that can really help you to manage time better.

For example, when setting up a top priority task, you need to switch off the phone and ignore your email first. Then you need to abandon any ideas of multitasking as that will slow you down and ruin your focus.

Finally, set a reasonable deadline and do everything in your power to meet it.

“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” — Sir Ray Avery

2. Speed up Your Typing and Use Shortcuts

These days we’re all keyboard slaves. So why not speed up your typing and try to get rid of the two finger syndrome. In fact, when you save 21 days per year just by typing fast!

This is exactly what I am doing now, so I cannot honestly say I am practicing what I preach!

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But help is at hand. Try some of these apps and games to help you type fast: 8 Most Effective Games and Apps to Learn to Type Fast

Using shortcuts on the keyboard is another time saver and can speed up your work.

For example, press F2 to rename a selected file, while CTRL + I will put selected text in italics.

There are so many of these. If you make the effort to learn them, they really can be helpful.

3. Learn How to Use Productivity Tools

It is well worth downloading all the useful tools and apps that can highly boost your productivity. Take a look at these 18 Best Time Management Apps and Tools and install whatever fits your needs.

Now that is really a great way of working smarter, not harder.

4. Use Your Phone Wisely

Instead of writing emails, sometimes it’s better to pick up the phone and talk to the person responsible. It saves time, especially for important or urgent discussions.

If that colleague works in the same office, it is even better to go and talk to him or her. It gives you a break, you get some exercise and you actually make human contact which is becoming quite rare in this electronic world.

5. Keep a Tab on Your Tabs

If you are like me, you might well find that you have a ton of tabs open at the top of your browser.

In order to find the one you want, you have to search for them as they are off screen. Having all these tabs open slows down your browser too.

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One solution is to use OneTab which can keep a neat list on the screen of all these tabs when you want to quickly get to one of them or you want to remind yourself which ones you have open.

6. Use a “To Don’t” List

We all know about to do lists and I find that they are generally great. They give me a great sense of achievement as I cross off the tasks done.

But often, I find that we are doing non-essential tasks or ones that can easily be postponed. That is why many people recommend the to don’t list.[1]

Some people prefer to savagely prune the to do list while others prefer to have two separate lists, to do and to don’t. You just have to work out what works best for you when you are trying to save precious time to become more productive.

7. Expect Failure and Fight Paranoia

When failure rears its ugly head, some people get a bit paranoid and fear that this may become a trend.

Projects will go wrong and failure should be expected rather than feared. Learning lessons from failure and analyzing what went wrong is the best way forward.

“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson

And here you can find 10 Great Lessons Highly Successful People Have Learned From Failure.

8. Be Concise

Rambling on at meetings, in emails and even when introducing yourself to new clients can waste a lot of people’s time.

One way is to practice and sharpen your “elevator speech,”[2] which tells people in 30 seconds or less why they need your skills and how they can benefit from doing business with you.

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Just think of the many situations where this could be useful:

  • Making new contacts
  • Talking about yourself at a job interview
  • Meeting people at conferences or parties
  • Phone calls to new clients

9. Ask the Right Questions

“You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” — Naguib Mahfouz

How do you get feedback? The secret is to ask the right questions at the right time.

When you do this, you are gathering the information you need to help in decision making. This will save you time and you will be able to cut meetings to a minimum.

Forbes magazine reports on research that they carried out on asking the right questions.[3] When that happens, the positive effects are increased by 400%. There are also other benefits in staff motivation and a positive impact on the company’s bottom line.

Lifehack’s CEO Leon has shared about how to ask for feedback to learn faster: How to Learn Quickly And Master Any Skill You Want

10. Learn as Much as You Can

You should always be on a steep learning curve. Look at your skills profile and determine where you need to fill a gap. Talk to important connections and network in your niche.

Keep up to date on trends and developments. It is a fact-changing world. When an opportunity arises, you will be the best equipped to seize it because you have never stopped learning. Just another way of working smarter.

“Live as if you were to die tomorrow. Learn as if you were to live forever.” — Mahatma Gandhi

11. Look After Your Greatest Resource

No, your greatest resource is not time. It is YOU.

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If you do not get enough sleep, exercise and relaxation, you find that you become less and less productive. You begin to work longer and longer hours, which is the exact opposite of what you want.

What you should be doing is making sure you are in the best shape. It is useful to remember that you need a break of 15 minutes after every one and a half hours of work.[4]

Taking breaks and getting fresh air and exercise is one of the best ways of working smarter, not harder.

12. Don’t Fall into the Trap of Working Smarter and Harder

As a society, we are obsessed with doing everything smarter so we are more efficient and we save time all around.[5]

But the most important thing to remember is to accept when we are ready to switch off that computer and not fill up the time with even more work!

The Bottom Line

The key to greater productivity is to work smarter, not harder. Working smarter saves precious time and energy for the things that really matter — your life goals, your personal growth, your health and your relationships.

Stop working for more hours and start working smarter!

More About Working Smart

Featured photo credit: Unsplash via unsplash.com

Reference

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