Mark Cuban: 3 Things You Need to Know Before Starting a Business

When it comes to business, being opinionated and outspoken are two qualities that will make you stand out, and Mark Cuban is notorious for being both.

Cuban believes that being completely prepared to take a product or service to market is more important than having a great concept.

In a 2012 Reddit Ask Me Anything (AMA) session, Cuban said, "It's not about the idea, it's about how prepared you are. Everyone has ideas; most don't do the work required to get the job done."

He went on to say that the second thing small business owners should know is that sales are the most crucial aspect of running a small business. "Without sales, there is no company," he added.

In this post, our team of Florida SEO service experts will share with you three of Mark Cuban’s tips for starting a business. We’ll also provide a bit of background on the man, so you understand why his advice is so valuable.

Who Is Mark Cuban?

Mark Cuban is a serial entrepreneur, who’s most well-known for being an investor on ABC’s Shark Tank, as well as owning the Dallas Mavericks.

He got his start co-founding MicroSolutions, a renowned national systems integrator that was ultimately sold to CompuServe. Cuban also co-founded Broadcast.com, the Internet's top supplier of multi-media and streaming. In July 1999, Yahoo! Inc. purchased Broadcast.com. 

Along with partner Todd Wagner, Cuban also co-owns the Landmark Theater chain, Magnolia Pictures, and Magnolia Home Video. Cuban established the "Ultra VOD" platform, allowing movies to be seen on video-on-demand on cable and satellite up to four weeks before being released in cinemas.

3 Things You Need to Know Before Starting a Business

1. Find Your Motivation as an Entrepreneur

Do you remember the very first day you started your own business? You'd worked on your idea for months or years. You may have given up a steady career to take control of your professional future. Having entrepreneurial motivation was simple, natural, and refreshing at first.

Why, then, can it be hard to find motivation when you need it most?

Mark Cuban says he got his motivation from daydreaming. "I didn't lie to myself about my passions and how if I was passionate enough about something, I could succeed at it," he said.

Pro Tip: The mere danger of stagnation could be enough to reactivate your entrepreneurial inspiration mojo. If that isn't enough, here are three methods to stay motivated as you expand your business:

• Recognize that business motivation does not last forever: You can’t always rely on motivation. Sometimes, you need to rely instead on determination and concerted effort. When you’re uninspired, roll up your sleeves, pick a task, and get back to work on your business.
• Focus on your goals: The act of making goals is refreshing, so embrace it when you're feeling down. Set reasonable goals that are neither too lofty nor too low. Once the key ones are in place, set up milestones to ensure your company is on the right track.
• Spend a bit of time away: A few days of rest and relaxation may be all you need to come back to work revitalized. If your vacation includes travel, exposure to other locations and cultures may generate new lines of thought. You will be inspired to continue where you left off and build your business.

Don't give up if your entrepreneurial motivation starts to wane. Whether your enthusiasm comes from a personal connection, a new objective, or a quick break, there are several methods to get back on track with your business.

2. You Don't Need an MBA in Business Administration to Be Successful

MBAs may be out of reach or unappealing to some entrepreneurs. Fortunately, several instances demonstrate that you can excel in a company without one.

"I'm not a fan of getting MBAs at all. I'm a fan of going to college but not a fan of getting an MBA," Cuban remarked at a High School Leadership Summit Turning Point USA event in Washington, D.C.

Cuban told CNBC’s Make It that he attended Indiana University for his undergrad and MBA programs. In fact, he had completed more than half of his MBA before his junior year of college, even though he neglected to finish it.

Many folks in business can name many well-known, highly successful dropouts, like Richard Branson, Bill Gates, and Steve Jobs.

That said, while these are all great figures to look up to, they don’t diminish the value of business education. According to one study, 84% of businesses founded by MBA graduates are still in operation after three years.

To put it simply? This isn’t a one-size-fits-all decision, and you’ll have to decide whether an MBA is right for you.

Pro Tip: While a master's or doctoral degree is advantageous, it is not required for success. Prior professional experience and credentials are also viable alternatives to an MBA. Regularly educating oneself on new trends and customer demands might be the difference between struggling to stay afloat and long-term success.

Many practical skills taught in an MBA program — such as leadership, communication, critical thinking, and analytical skills — may be learned via higher education programs and practical learning experiences. You don't have to have an MBA or a university degree to be a successful company owner, but you can always go back to school at any time in your career to acquire a degree if you want to.

3. Customers Want to See That You Have Other Customers

Uncertainty frightens people, so it makes sense that no one wants to be the first person to buy something.

According to Mark Cuban, "Customers want to see that you and your business have other customers.”

The larger your customer base, the more trust people have in your brand. The more your blog is shared on social media, the more credible it seems to be.

The more comments and replies you have on your blog entries, the more likely readers will leave their own. It's called the snowball effect. All you have to do is get the ball rolling downhill, and the rest will take care of itself as you continue to work.

Until you have a large following, you must have a strategy in place to get the initial few post shares, comments, social interactions, testimonials, clients, and so on.

How would you feel if a firm had a fantastic product you wanted, but it didn't have any other customers? You'd probably have second thoughts about your purchase, right? Many buyers look for social proof.

Pro Tip: Here are a few things you can do to increase your brand's engagement, subscribers, and consumers by using social proof:

• Give out free trials for your products and services: Customers will be able to leave reviews on your online store or website as a result of this. Nobody will buy your products or services if you don't have any reviews, and no one will leave new ones if you don't have any. ‍
• Share or retweet your articles across social media platforms: This strategy will help you gain initial shares after publishing an article. Social sharing will increase your social media traffic and your website traffic. This will encourage more genuine followers to share your content. ‍
• Offer free shipping promos and discounts: If you need more customers, this strategy works well because it will give you free testimonials and other social proof to share. This should not be an issue if the product is of excellent quality.

There is strength in numbers.

This mentality extends not just to consumers but also to reviews, social shares, comments, and subscribers. Social proof may be one of your most effective marketing tools if you understand it and know how to apply it.

Are You Ready to Be the Next Mark Cuban?

Like any successful entrepreneur, Mark Cuban has faced numerous challenges while building his company from the ground up. As a result, it is not surprising that many aspiring entrepreneurs look up to him.

If you want to put these tips to the test, then work with us at Digital Resource. Our Florida SEO services team will gladly assist you and answer all your digital marketing questions.

Contact us today to learn how we've helped businesses achieve success and how we can do the same for you.