Top 12 Success Factors Of Mark Cuban
Mark Cuban is well known entrepreneur and business mogul not only in the United States, but also in many other countries in the world. He is one of the guys many young people want to be like, having accumulated a net worth of around $2.5 billion (2013) and being the manager and the founder of a bunch of successful businesses. Currently, he is best known as the owner of the National Basketball Association’s team Dallas Mavericks (The Mavs), he also stays behind Landmark Theatres, and Magnolia Pictures, and is the chairman of the well known HDTV cable network – AXS TV. More interesting things about this famous entrepreneur, you can read on: The Story of Mark Cuban.
His experience in business is enormous and here he summarizes some of it, regarding starting a new business. These below are Mark Cuban’s 12 rules for building a successful and profitable start up. This articles was originally published on Entrepreneur.com here: http://www.entrepreneur.com/article/222524, so they deserve the credit for it.
The 12 Rules For A Successful Start Up From Mark Cuban
Anyone who has started a business has his or her own rules and guidelines, so I thought I would add to the memo with my own. My “rules” below aren’t just for those founding the companies, but for those who are considering going to work for them, as well. Mark Cuban
1. Don’t start a company unless it’s an obsession and something you love.
2. If you have an exit strategy, it’s not an obsession.
3. Hire people who you think will love working there.
4. Sales Cure All. Know how your company will make money and how you will actually make sales.
5. Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but aren’t as expensive to pay.
6. An espresso machine? Are you kidding me? Coffee is for closers. Sodas are free. Lunch is a chance to get out of the office and talk. There are 24 hours in a day, and if people like their jobs, they will find ways to use as much of it as possible to do their jobs.
7. No offices. Open offices keep everyone in tune with what is going on and keep the energy up. If an employee is about privacy, show him or her how to use the lock on the bathroom. There is nothing private in a startup. This is also a good way to keep from hiring executives who cannot operate successfully in a startup. My biggest fear was always hiring someone who wanted to build an empire. If the person demands to fly first class or to bring over a personal secretary, run away. If an exec won’t go on sales calls, run away. They are empire builders and will pollute your company.