Why Mark Cuban Is One Of The Greatest Entrepreneurs
Entrepreneur has become a word that is pretty popular in today’s society. A quick Google search will produce results that range from pop stars to CEOs. So, with so many jumping on the bandwagon to be self-made and classifying themselves as an entrepreneur, who is really the greatest of them all?
While narrowing the list down to just one name is nearly impossible, one man comes to mind that would be a major competitor for the top spot…Mark Cuban. This tech billionaire, angel investor, and all around good guy from Pittsburgh not only embodies all that an entrepreneur stands for, but he works hard to make sure that others have the same success. His story is inspiring, his work ethic amazing, and his humility and passion are hard to match. To me, that makes him one of the greatest entrepreneurs.
While many may be most familiar with Mark Cuban from his appearances on Shark Tank or his name in the headlines, this American businessman seems to dabble in a lot more than media. His first company, MicroSolutions, was a system integrator and software reseller that put him on the map in the tech world. After selling it in 1990 for approximately $6 million, he switched gears a bit to focus on webcasting. Out of this came Broadcast.com, which he built up and traded to Yahoo for about $5.9 billion in stock. Over the next decade, Cuban would add owning a theatre chain, co-founding the first HD satellite television network, reality television production, book author, owner of the Dallas Mavericks and a dozen or so other titles to his growing resume.
So what makes Mark Cuban such a fantastic example of an entrepreneur? Basically, he pushes the limits on everything he does and he isn’t afraid to put himself out there. When he began his first startup, he relentlessly learned new tech as it came out. He would place himself close to those in the industry in order to learn and grow. Despite fears, failures, and setbacks, he kept going. Even as successful as he is today, he still gives credit to things and people in his past for bringing him into the future. He said, “With every effort, I learned a lot. With every mistake and failure, not only mine, but of those around me, I learned what not to do. I also got to study the success of those I did business with as well. I had more than a healthy dose of fear, and an unlimited amount of hope, and more importantly, no limit on time and effort.”
When asked in an interview by Entrepreneur.com what the secret to his success was, Cuban talked about the importance of hard work. He said “It’s not about money or connections — it’s the willingness to outwork and out-learn everyone when it comes to your business.” In another interview, he gives advice to those that are planning to start a business. While he included multiple points, here are the ones that I liked best.
1. Don’t start a company unless it’s an obsession and something you love. If you have an exit strategy, it’s not an obsession.
2. Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best.
3. Keep the organization flat. If you have managers reporting to managers in a startup, you will fail.
4. Make the job fun for employees. Keep a pulse on the stress levels and accomplishments of your people and reward them.
As an entrepreneur, we can learn a lot from Mark Cuban. From his startup know-how to his savvy investment advice, there is a wealth of knowledge to be sure.
I want more stuff like this!