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For Mark Cuban, the early stages of starting a new business are all about reducing risk and maximizing your success potential by focusing on using your strongest skills.
As he explains, āPeople are always like, āoh youāre such a risk-taker,ā and Iām like, man I hate risk. Iām terrified of it.ā Thereās much more on the role of risk mitigation and building your strengths in Cubanās hour-long interview over on 30 Days of Genius.
One of the things I admire most about Cuban, is that he never softens his message for aspiring entrepreneurs. Heāll be the first to tell you exactly how difficult it is, to become successful in the world of business.
Heās not on the bandwagon of business leaders who tell you to follow your passions. Instead, Cuban professes that true success in business is found through hard work, leveraging your skills and reducing risk at every turn.
His message for entrepreneurs who want to reduce their risk when starting a business, is through intense preparation and research. Before getting started with building your product, creating a website or investing in tools and services you think youāll need, Cuban compels entrepreneurs to do their homework first.
Cuban explains, āItās about preparation. We all go through this process where youāve got the idea, you get that feeling in your stomach and you get all excited. Then you talk to a friend, and your friend says, āoh wow thatās pretty cool, Iāve never heard of anything like that. Iād buy that.ā And then you do the Google search.ā
Itās at this point when many new entrepreneurs donāt immediately find existing products or services that they identify as competitors. In their eyes, theyāve gone through what they perceive to be the hard work of finding a business idea that nobody else has seemingly caught onto yet.
However, as Cuban says, āThe first thing Iāll tell you, is that just because you donāt see it on Google, doesnāt mean one hundred companies havenāt gone out of business doing the same thing.ā He continues, āIt hasnāt been done for a reason, because every company thatās tried it, has gone out of business.ā
This lesson, although seemingly simple, can be a very difficult one to grasp if youāre not experienced in business. Itās so easy to allow your excitement to cloud your judgement. The best way to make sure youāre really onto something, is to do your research, get ample objective feedback and prepare as much as possible before building.
For more with Mark Cuban on passion, the grind, why business is the ultimate sport and much more, watch the hour-long interview over on 30 Days of Genius on CreativeLive.
About the author
Ryan Robinson
Content marketing consultant to the world's top experts and growing startups. Online educator at ryrob.com where I share business advice and teach entrepreneurs how to start a blog and other side businesses.
Play video
For Mark Cuban, the early stages of starting a new business are all about reducing risk and maximizing your success potential by focusing on using your strongest skills.
As he explains, āPeople are always like, āoh youāre such a risk-taker,ā and Iām like, man I hate risk. Iām terrified of it.ā Thereās much more on the role of risk mitigation and building your strengths in Cubanās hour-long interview over on 30 Days of Genius.
One of the things I admire most about Cuban, is that he never softens his message for aspiring entrepreneurs. Heāll be the first to tell you exactly how difficult it is, to become successful in the world of business.
Heās not on the bandwagon of business leaders who tell you to follow your passions. Instead, Cuban professes that true success in business is found through hard work, leveraging your skills and reducing risk at every turn.
His message for entrepreneurs who want to reduce their risk when starting a business, is through intense preparation and research. Before getting started with building your product, creating a website or investing in tools and services you think youāll need, Cuban compels entrepreneurs to do their homework first.
Cuban explains, āItās about preparation. We all go through this process where youāve got the idea, you get that feeling in your stomach and you get all excited. Then you talk to a friend, and your friend says, āoh wow thatās pretty cool, Iāve never heard of anything like that. Iād buy that.ā And then you do the Google search.ā
Itās at this point when many new entrepreneurs donāt immediately find existing products or services that they identify as competitors. In their eyes, theyāve gone through what they perceive to be the hard work of finding a business idea that nobody else has seemingly caught onto yet.
However, as Cuban says, āThe first thing Iāll tell you, is that just because you donāt see it on Google, doesnāt mean one hundred companies havenāt gone out of business doing the same thing.ā He continues, āIt hasnāt been done for a reason, because every company thatās tried it, has gone out of business.ā
This lesson, although seemingly simple, can be a very difficult one to grasp if youāre not experienced in business. Itās so easy to allow your excitement to cloud your judgement. The best way to make sure youāre really onto something, is to do your research, get ample objective feedback and prepare as much as possible before building.
For more with Mark Cuban on passion, the grind, why business is the ultimate sport and much more, watch the hour-long interview over on 30 Days of Genius on CreativeLive.