12 principles starting from "Shark" Mark Cuban

Billionaire Mark Cuban, one of the investors of the American Shark Tank program.

Mark Cuban, owner of the Dallas Maverick basketball team, is one of the most famous businessmen in the US with a total net worth of $ 3.8 billion (as of January 2018). He is also known as one of the main investors in the popular Shark Tank program. Coming from the working class, he experienced enough bitterness in starting a business before successfully building up a current media and entertainment "empire". Here are 12 principles in entrepreneurship that he draws from his experience.

PRINCIPLE 1

Don't start a business if it's not something you crave and love.

PRINCIPLE 2

If you already have an escape plan in place, start a business is not your passion.

PRINCIPLE 3

Hire employees who you think love the environment and the style of work.

PRINCIPLE 4

Sales solve all problems. You must know how your company will make money and how it will sell.

PRINCIPLE 5

Understand your core competencies and focus on promoting them thoroughly. Don't be afraid to pay high salaries for those who make up your core competencies. Do with the best. If not the core competencies, find people who fit the company's culture but the salary is not too high.

PRINCIPLE 6

Lunch is an opportunity to exit the office and talk. There are 24 hours a day, and if a person really loves their job, they will have a way to work as much as they can.

PRINCIPLE 7

There is no private room. In a startup, there is no secret. My biggest fear is hiring people who want to build the whole empire. If someone asks to fly business class, or brings a personal secretary, escape immediately.

PRINCIPLE 8

As for technology, use something you are familiar with. That will always be the cheapest option. If you know how to use Apple, use it. If you know Vista, ask yourself, then use it. In a startup, there won't be too many people. Let your employees use something they are familiar with.

PRINCIPLE 9

Keep it organized. If you have administrators who report back to other managers, you will fail.

PRINCIPLE 10

Never spend money on superficial things. If a startup sends me their logo-embroidered polo t-shirts, I know they will fail. If you're hosting events and need to appear in public, you can buy them for your employees, but if you think other people will be wearing your logo shirt out, you're wrong and don't know how to use money.

PRINCIPLE 11

Never hire a PR company. These companies will call or email people in the newspapers you've read, the shows you've seen, the websites you've visited. These people all make their contact information public. Every time you read something related to your industry, write down the email of the person who posted it and send an email introducing yourself and the business. Their job is to find new things. They would be more willing to listen to a founder's words than to watch a revealing PR article. Once you have communicated with the person, be willing to answer the person's questions about your industry. If you're smart, they'll use you.

PRINCIPLE 12

Always create a happy working atmosphere for your employees. In my first company, MicroSolutions, when we had a record month of sales, or when someone did something special, I walked around the company and gave each salesman a $ 100 bill. At Broadcast.com and MicroSolutions, we have a special beverage for the company - Kamikaze. Sometimes I would take the whole company to the bar and buy one - or 10 each.