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Mark Cuban is an American Billionaire Entrepreneur, media proprietor, and TV personality whose net worth is estimated to be $4.5 Billion. He is currently the owner of the Dallas Mavericks basketball team on the National Basketball Association; he also co-owns the '2929 Entertainment' and is the chairman of 'AXS TV'. He is also the founder of the video portal 'Broadcast.com' and then sold it to Yahoo! in 1999 for $5.7 Billion, just four years after he founded the website together with Todd Wagner in the year 1995.
With these successful ventures, Cuban has started, it is inevitable that he has a great success. Startups can be rough, and not everyone who starts their own ventures succeed, especially if you do not have a good plan. Listed below is the wisdom Mark Cuban has shared to help others succeed in their ventures.
Do Not Start Something You Are Not Passionate About
Mark has explained that people should never start their own business unless it is something they love doing. A lot of people just start a business with money as their only motivation. Although some people get lucky and succeed without passion in their industry, most people just don't. The success rate for these is very low and has a very small chance to make it. If you do not do something you love, eventually you will get tired of it, and you will be less productive while running the business, which can eventually lead to the failure of the business.
Stick To What The Devices You Normally Use
Of course, the business will need computers, software, and systems for the business logistics to be smooth sailing. Cuban advises business owners to not get carried away with all the high technology gadgets and just stick to what they are used to. Do not avail fancy technology when you are not even used to it; stick to what you normally use. The business owners might get hyped up about the new business and buy all the expensive gadgets for the business, which might be a complicated endeavor when you're not used to it.
Sales Is Crucial To The Business
Sales are the key point in turning your hobby into a real business. The key point is revenue because you cannot turn your hobby into a successful, profitable venture without it. Figures such as leads, interests, engagement, and traffic may be enticing and fascinating; however, you should not focus much of your energy on monitoring these metrics. You should make sure that these leads convert into sales. These metrics are useful and informative data so you can see what kind of marketing the target market responds to; however, you must make sure to convert them into a sale.
Private Offices Are A No-no
With a lot of private offices within the company, the communication might be hampered, and clear communication will be a challenge. With open spaces, everyone will be comfortable and be able to communicate better with each other. Better communication can result in better and increased morale within the people of the company. It will also help you observe the people you employ and have a good overview of how they interact with each other.
Hire People Who Are As Passionate As You
When you hire people who have the same passion as you are, they will never get tired of working for your company. Having employees who love your business as much as you do will help your business succeed even more. These kinds of employees will produce great output for the company, which will greatly affect your success.
Make Sure To Have A Fun Working Environment
Make sure to reward employees when they continue to work hard for your business. Sometimes employees' stress levels will hinder the quality of the output they produce; it is great to motivate the employees and reward those who deserve it.
Just One Level Organization is Enough
It will be unproductive if the employee reports to different bosses. Make sure to keep it all grounded, and this will make sure that everything will be reported back to you with just one person to ask everything about. This will help the employees have a clear vision of what they are supposed to do and their role. Instead of having a person to manage everything about your business, you can easily supervise everyone because their role is clear and concise.
You Should Not Be Having An Exit Strategy
If you had an exit strategy when things went south, then the business is not something you are obsessed about. A plan in case things go wrong means you are not 100% committed to the business. You have to make sure that you will do everything to make your business succeed. You should tell yourself that a failure is never an option.
Sources: Forbes, CNBC, Wealthy Gorilla