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

5 Fixes For Common Sleep Issues All Couples Deal With 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

Trending in Entrepreneur

1 How to Write a Mission Statement That Empowers Your Employees 2 How to Succeed in Business: 10 Skills Every Entrepreneur Needs 3 How to Start an Online Business That Will Grow and Succeed 4 9 Essential Tips for Starting Your Own Business 5 How to Start a Small Business From the Ground Up That Thrives

Read Next

Advertising
Advertising
Advertising

Published on November 12, 2020

5 Signs You Work in a Toxic Environment (And What To Do)

5 Signs You Work in a Toxic Environment (And What To Do)

What’s the most draining, miserable job you’ve ever had? Maybe you had a supervisor with unrealistic demands about your work output and schedule. Or perhaps, you worked under a bullying boss who frequently lost his temper with you and your colleagues, creating a toxic work environment.

Chances are, though, your terrible job experience was more all-encompassing than a negative experience with just one person. That’s because, in general, toxicity at work breeds an entire culture. Research shows abusive behavior by leaders can and often quickly spread through an entire organization.[1]

Unfortunately, working in a toxic environment doesn’t just make it miserable to show up to the office (or a Zoom meeting). This type of culture can have lasting negative effects, taking a toll on mental and physical health and even affecting workers’ personal lives and relationships.[2]

While it’s often all-encompassing, toxic culture isn’t always as blatant or clear-cut as abuse. Some of the evidence is more subtle—but it still warrants concern and action.

Have a feeling that your workplace is a toxic environment? Here are 5 surefire signs to look for.

1. People Often Say (or Imply) “That’s Not My Job”

When I first launched my company, I had a very small team. And back then, we all wore a lot of hats, simply because we had to. My colleagues and I worked tirelessly together to build, troubleshoot, and market our product, and nobody complained (at least most of the time).

Advertising

Because we were all in it together, with the same shared vision in mind, cooperation mattered so much more than job titles. Unfortunately, it’s not always that way.

In some workplaces, people adhere to their job descriptions to a fault:

  • Need help with an accounting problem? Sorry, that’s not my job.
  • Oh, you spilled your coffee in the break room? Too bad, I’m working.
  • Can’t figure out the new software? Ask IT.

While everyone has their own skillset—and time is often at a premium—cooperation is important in any workplace. An “it’s not my job” attitude is a sign of a toxic environment because it’s inherently selfish. It implies “I only care about me and what I have to get done” and that people aren’t concerned about the collective good or overall vision.[3] That type of perspective is not only bound to drain individual relationships; it also drains overall morale and productivity.

2. There’s a Lack of Diversity

Diversity is a vital part of a healthy work environment. We need the opinions and ideas of people who don’t see the world like us to move ahead. So, when leaders don’t prioritize diversity—or worse, they actively avoid it—I’m always suspicious about their character and values.

Limiting your workforce to one type of person is bound to prevent organizations from growing healthily. But even if your work environment is diverse in general, the management might prevent diverse individuals from rising to leadership positions, which only misses the point of having a diverse work environment in the first place.

Look around you. Who’s in leadership at your company? Who gets promotions and rewards most often? If the same type of people gets ahead while other individuals consistently get left behind, you might be working in a toxic environment.

Advertising

However it manifests in your workplace, keep in mind that a lack of diversity is a tell-tale sign that “bias is rampant and the wrong things are valued.”[4]

3. Feedback Isn’t Allowed

Just as individual growth hinges on being open to criticism, an organization’s well-being depends on workers’ ability to air their concerns and ideas. If management actively stifles feedback from employees, you’re probably working in a toxic environment.

But that definitely doesn’t mean nobody will air their feelings. One of the telltale signs of toxic leadership is when employees vent on the sidelines, out of management’s earshot. When I worked in a toxic environment, coworkers would often complain about higher-ups and company policies during work in private chats or after work hours.

It’s normal to get frustrated at work. That’s just a part of having a job. What isn’t normal is when dissent isn’t a part of or discouraged in the workplace. A workplace culture that suppresses constructive feedback will not be successful in the long run. It’s a sign that leadership isn’t open to new ideas, and that they’re more concerned about their own well-being than the health of the organization as a whole.

4. Quantifiable Measures Take Priority

Sales numbers, timelines, bottom lines—these metrics are, of course, important signs of how things are going in any business. But great leaders know that true success isn’t always measurable or quantifiable. More meaningful factors like workplace satisfaction, teamwork, and personal growth all contribute to and sustain these metrics.

Numbers don’t always tell the whole story, and they shouldn’t be the only concern. Measure-taking should always take a backseat to meaning-making—working together to contribute to a vision that improves people’s lives. If your workplace zones in on quantifiable measures of success, it’s probably not prioritizing what truly matters. And it’s probably also instilling a fear of failure among employees, which paralyzes employees instead of motivating them.

Advertising

5. The Policies and Rules Are Inconsistent

Every organization has its own set of unique policies and procedures. But often, unhealthy workplaces have inconsistent, unspoken “rules” that apply differently to different people. When one person gets in trouble for the same type of behavior that promotes another person, workers will feel like management plays favorites—which isn’t just unethical but also a quick way to drain morale and fuel tension in the office.[5] It only shows how incompetent the leadership is and indicates a toxic workplace.

For example, maybe there’s no “set” rule about work hours, but your manager expects certain people or departments to show up at 8 am while other individuals tend to roll in at 9 or 10 am with no real consequences. If that’s the case, then it’s likely that your organization’s leadership is more concerned with controlling people and exerting power rather than the overall good of their employees.

How to Deal With a Toxic Work Environment

The first thing to know if you’re stuck in a toxic work environment is that you’re not stuck. While it’s ultimately the company’s responsibility to make positive changes that prevent harmful actions to employees, you also have an opportunity to speak up about your concerns—or, if necessary, depart the role altogether.

If you suspect that you’re working in a toxic environment, think about how you can advocate for yourself. Start by raising your grievances about the culture in an appropriate setting, like a scheduled, one-on-one meeting with your supervisor.

Can’t imagine sitting down with your supervisor to air those problems on your own? Form some solidarity with like-minded colleagues. Approaching management might feel less overwhelming when you have a “team” who shares your views.

It doesn’t have to be an overtly confrontational discussion. Do your best to frame your concerns in a positive way by sharing with your supervisor that you want to be more productive at work, but certain problems sometimes get in the way.

Advertising

Final Thoughts

If your supervisor truly cares about the well-being of the organization, they will take your concerns seriously and actively take part in changing the toxic work environment into something more conducive to productivity.

If not, then it might be time to consider the cost of the job on your well-being and personal life. Is it worth staying just for your resume’s sake? Or could you consider a “bridge” job that allows you to exhale for a bit, even if it doesn’t “move you ahead” the way you planned?

It might not be the ideal situation, but your mental health and well-being are too important to ignore. And when you have the opportunity to refuel, you’ll be a far more valuable asset at whatever amazing job you land next.

More Tips on Dealing With a Toxic Work Environment

Featured photo credit: Campaign Creators via unsplash.com

Reference

Read Next