Shark Tank is hands down the most popular TV show amongst young entrepreneurs. It is safe to say that Mark Cuban has made a significant impact on the entrepreneurial community since joining the reality show in 2011 as an investor, or what they call a “shark.”
Here are 5 key takeaways from Mark Cuban:
“Creating opportunities means looking where others are not.”
Cuban explained that businesses thrive on opportunities. For you to succeed in business, you have to find opportunities where others have failed to. That way, you’ll be innovative and strategically placed for success.
“Work like there is someone working 24 hours a day to take it all away from you.”
Mark Cuban also emphasizes that entrepreneurs have to be on their toes at all times. While you are on vacation or taking time off, there is always going to be someone trying to compete with you. It’s an excellent saying to keep in the back of your mind to keep you motivated and eager to improve.
“Know your core competencies and focus on being great at them.”
Knowing where to focus in life is key to success. Cuban has always stressed that entrepreneurs need to find their strengths and capitalize on them. Many businesses have failed to survive because their owners focused on the wrong competencies. If you’re knowledgeable in a particular field, own it and make that your weapon for survival.
“It’s not about money or connections. It’s the willingness to outwork and outlearn everyone. And if it fails, you learn from what happened and do a better job next time.”
In outworking and outlearning your competitors in various ways, it’s important to understand that everything won’t always go as planned. Mark Cuban constantly emphasizes that it’s normal to fail, as long as you learn and implement change to prevent your mistakes from reoccuring.
“One of the most underrated skills in business right now is being nice.”
Being nice goes a long way in cementing relationships even beyond the business world. The odds are that the nicer you are to a person, the more likely you are to succeed in a business sense, but also just at life in general.
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