MARK CUBAN'S STRATEGIES FOR STARTING A BUSINESS
- •Do your researchBefore starting a business, Cuban does extensive research on an industry to see whether the opportunity is compelling and potentially profitable. "You need to turn over every rock and open every door to learn your industry. This process never ends," he said.
- •Make your business plan flexibleIf you think your business plan is set in stone, think again. Cuban stressed the importance of leaving business plans "open for change."
- •Rethink your funding strategyGetting cash for your business is essential, but there's a right way to do it. "You should do everything possible to not raise funds. Sweat equity is the best equity. I would turn to crowdfunding like Kickstarter before I would look for investors."
- •Be better than the competition"You execute better than they can," he wrote. "Do a better job and have a compelling differentiation that you always build on."
- •Stay away from over-crowded sectorsEntrepreneurs shouldn't start a business if an industry is already crowded, Cuban said.
- •Sales cures allSales cures all. There's never been a business that's succeeded without sales.
- •Don't ask for helpJust do it. Everybody now wants a mentor. They're always asking for help. Get out there - ready, aim, fire. Help yourself.
- •Be preparedWhen you walk into a room if you don't know more about your business, your industry, your company, your customer than every body else in the world - you're lying to yourself - you don't know s*&t.