How to Win at the Sport of Business by Mark Cuban

Here are my complete notes on the book, mostly direct quotations from the book.

Notitzbuch für
How to Win at the Sport of Business: If I Can Do It, You Can Do It
Cuban, Mark
Citation (APA): Cuban, M. (2013). How to Win at the Sport of Business: If I Can Do It, You Can Do It [Kindle Android version]. Retrieved from Amazon.com

PART ONE: The Dream
It is time to get paid to learn.
Find a Job where you can learn something
I was getting paid to learn about how computers work, how big companies work and how middle managers work—that was a whole lot better than paying tuition to get a business education.
I was 23. I had no money.
trusted me, not because I was the most knowledgeable about computers, but because they knew I would do whatever it took to get the job done.
Most people won’t put in the time to get a knowledge advantage.
Even know most information is free most people pass on it. They dont put in the time. That is my chance!
read more than three hours almost every day, but it gives me a level of comfort and confidence in my businesses.
PART TWO: Lessons Learned: My First Business Rules
Lesson #1: Always ask yourself how someone could preempt your products or service. How can they put you out of business? Is it price? Is it service? Is it ease of use? No product is perfect and if there are good competitors in your market, they will figure out how to abuse you . It’s always better if you are honest with yourself and anticipate where the problems will come from. Lesson #2: Always run your business like you are going to be competing with biggest technology companies in your industry—
Ask how I would compete with the bog dogs if they would enter my market
If you are ready to compete with the big guys, you are ready to compete with anyone else.
The Sport of Business
One Book can spark a billion dollar idea
book
That’s what success is all about. It’s about the edge.
The edge is being able to confidently call out someone on a business issue because you have done your homework. The edge is recognizing when you are wrong and working harder to make sure it doesn’t happen again.
sport of business.
The Sport of Business is forever
The One Thing in Life You Can Control: Effort
a lot once I bought the Mavs. In sports, the only thing a player can truly control is effort. The same applies to business.
It meant making sure that every hour of the
day that I could contact a customer was selling time, and when customers were sleeping, I was doing things that prepared me to make more sales and to make my company better.
Effort is measured by setting goals and getting results.
Scatterbrained and in College – Being Focused at 21 is Overrated
Being focused at 21 is way overrated . Now is the time to screw up, to try as many different things as you can and just maybe figure things out. The thing you do need to do is learn. Learn accounting. Learn finance. Learn statistics. Learn as much as you can about business. Read biographies about businesspeople. You don’t have to focus on one thing, but you
have to create a base of knowledge so you are ready when it’s time.
What Are You Destined to Be?
I’m a big believer that getting married is about finding yourself first, which makes it a lot easier to find the right person.
financial debt is the ultimate dream killer.
Never settle. There is no reason to rush.
You Only Have to Be Right Once!
In business, to be a success, you only have to be right once.
it doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and from those around you because … All that matters in business is that you get it right once. Then everyone can tell you how lucky you are.
What I Learned From Bobby Knight
“Everyone has got the will to win; it’s only those with the will to prepare that do win.”
Drowning in Opportunity / Winning the Battles You Are In
1. Everyone is a genius in a bull market
2. Win the battles you are in before you take on new battles
I’ve learned to hire people in whom I can build trust, and let them take the ball and run with it.
Win the battles you are in first, then worry about expansion internationally or into new businesses.
winning your core business will pay off far more.
3. You can drown in opportunity
As an entrepreneur you have to know what the core competencies of your business are and make sure that your company focuses on being the absolute best it can be at executing them. Bottom line is this: If you are adding new things when your core businesses are struggling rather than facing the challenge, you are either running away or giving up.
Don’t Lie to Yourself
“The worst evaluator of talent is a player trying to evaluate himself.”
lying to myself and pretending that I could turn on a switch and become a details person, or accepting the fact that I’m not, and partnering with someone who is.
Find someone who can make my ideas work
The Best Equity Is Sweat Equity
Rule #1: Sweat equity is the best startup capital The best businesses in recent entrepreneurial history
are those that began with little or no money.
In all of my businesses, I started by putting together spreadsheets of my expenses, which allowed me to calculate how much revenue I needed to break even and keep the lights on in my office and my apartment . I wrote overviews of what I was selling, why I thought the business made sense, an overview of my competition, why my product and/ or service would be important to my customers and why they should buy or use
Cuban Business Plan:
Once I could put the idea on paper, I gave the company a name. From there, I took the most important step: I tried to find people to shoot holes in the name.
Notiz – Seite 43
Let people critic the idea
Markierung (Blau) – Seite 44
Far more often than not, raising cash is the biggest mistake you can make.
Markierung (Blau) – Seite 45
There are only two reasonable sources of capital for startup entrepreneurs: your own pocket and your customers’ pockets.
What Will You Remember When You Are 90?
Markierung (Gelb) – Seite 47
When I (hopefully) turn 90 and look back at my life, would I regret having done it, or not having done it?
Connecting to Your Customers
Markierung (Gelb) – Seite 48
“Treat your customers like they own you. Because they do.”“You have to re-earn your customers business every day.”
Markierung (Gelb) – Seite 48
“You Always Have Other Options.”
Notiz – Seite 48
The Customer
Markierung (Gelb) – Seite 48
only way you can connect to your customers is to put yourself in their shoes.
It’s OK to Be a Whiner
Markierung (Gelb) – Seite 51
Whining is the first step toward change . It’s the moment when you realize something is very wrong and that you have to take the initiative to do something about it.
Notiz – Seite 51
Winning can produce business ideas. Listen to the whiners of other products.
The Path of Least Resistance
Markierung (Gelb) – Seite 54
In business, one of the challenges is making sure that your product is the easiest to experience and to sell.
Notiz – Seite 54
Customers want it simple. Let people go the way of least resistance. Amazon = Buy-One-Click
Markierung (Gelb) – Seite 54
Moral of the story: Make your product easier to buy than your competition, or you will find your customers buying from them, not you.
Markierung (Blau) – Seite 55
Everyone follows the path of least resistance.
Notiz – Seite 55
Help the customer in his indecisions by suggestion
Need a Job?
Markierung (Gelb) – Seite 56
Finance, accounting, sales,
Notiz – Seite 56
Big three to know
Markierung (Gelb) – Seite 57
2. If you can sell, you can get a job— anywhere, anytime
Markierung (Blau) – Seite 57
selling was a job for a lifetime, but they were right.
Markierung (Gelb) – Seite 57
The best salespeople are the ones who put themselves in their customer’s shoes and
Markierung (Gelb) – Seite 57
provide a solution that makes the customer happy. The best salesperson is the one the customer trusts and never has to question. The best salesperson is the one who knows that with every cold call made, he is closer to helping someone. The best salesperson is the one who takes immense satisfaction from the satisfaction her customer gets. The best salesperson is the one who wakes up early every morning excited to come to the office, get on the phone and let people know exactly why he loves his product, job and clients.
Taking No for an Answer and Other Business Mistakes
Markierung (Blau) – Seite 59
“Thank you for taking the time to listen/ read. Would you mind sharing with me what you didn’t like about the product or why you like the product you chose?”
Notiz – Seite 59
Ask that when objections come … Make it a automatic process when someone says “No”
Markierung (Blau) – Seite 60
The more you push someone who has said no, the more likely you are to appear desperate, and that desperation impacts your brand
Living in a Tense Economy, aka Sometimes You Have to Say “WTF!”
Markierung (Gelb) – Seite 61
you set your monthly income requirements too high, you eliminate a significant number of opportunities. The cheaper you can live, the greater your options. Remember that.
Markierung (Gelb) – Seite 62
WTF-time means fighting through your fears to take a job in a new industry. It means trying different things to find out what it is you love to do. There will be no such thing as too many jobs.
Markierung (Blau) – Seite 62
Go where people are not. Just like you never thought you would fall in love again after your first heartbreak, you will find another industry or job that you love as much. Move down your list to other things. Then get ready to work. Hard.
Markierung (Blau) – Seite 63
If it matters how much you get paid, you are not in a job you really love.
Markierung (Gelb) – Seite 63
Once you have found out what you love to do, there is only one goal: to be the best in the world at it.
Markierung (Gelb) – Seite 63
The very worst judge of your abilities is you. Self-evaluation is never successful.
Markierung (Pink) – Seite 63
You are going to screw up. We all do. I can’t tell you how many times I did and continue to. It happens too often. But no matter what happens, every morning, the minute after you wipe away the crust from your eyes, remind yourself that you are going to enjoy every minute of the day.
Why You Should NEVER Listen to Your Customers
Markierung (Gelb) – Seite 65
“The best way to predict the future is to invent it.”
Markierung (Gelb) – Seite 65
Entrepreneurs always need to be reminded that it’s not the job of their customers to know what they don’t.
Twelve Cuban Rules for Startups
Lesezeichen – Seite 67
Markierung (Gelb) – Seite 67
1. Don’t start a company unless it’s an obsession and something you love. 2. If you have an exit strategy, it’s not an obsession.
Markierung (Gelb) – Seite 67
3. Hire people who you think will love working there. 4. Sales Cure All. Know how your company will make money and how you will actually make sales. 5. Know your core competencies and focus on being great at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but are cheap. 6. An espresso machine? Are you kidding me? Shoot yourself before you spend money on an espresso machine. Coffee is for closers. Sodas are free. Lunch is a chance to get out of the office and talk. There are 24 hours in
Markierung (Gelb) – Seite 67
a day, and if people like their jobs, they will find ways to use as much of it as possible to do their jobs. 7. No offices. Open offices keep everyone in tune with what is going on and keep the energy up. If an employee is about privacy, show them how to use the lock on the john. There is nothing private in a startup. This is also a good way to keep from hiring execs who cannot operate successfully in a startup . My biggest fear was always hiring someone who wanted to build an empire. If the person demands to fly first class or to bring over a personal secretary , run away. If an exec won’t go on sales calls, run away. They are empire builders and will
Markierung (Gelb) – Seite 68
pollute your company. 8. As far as technology, go with what you know. That is always the cheapest way. If you know Apple, use it. If you know Vista … ask yourself why, then use it. It’s a startup, there are just a few employees. Let people use what they know. 9. Keep the organization flat. If you have managers reporting to managers in a startup, you will fail. Once you get beyond startup, if you have managers reporting to managers, you will create politics. 10. NEVER EVER EVER buy swag. A sure sign of failure for a startup is when someone sends me logo-embroidered
Markierung (Gelb) – Seite 68
polo shirts. If your people are at shows and in public, it’s okay to buy for your own folks, but if you really think someone is going to wear your YoBaby.com polo when they’re out and about, you are mistaken and have no idea how to spend your money. 11. NEVER EVER EVER hire a PR firm. A PR firm will call or email people in the publications you already read, on the shows you already watch and at the websites you already surf. Those people publish their emails. Whenever you consume any information related to your field, get the email of the person publishing it and send them a message introducing yourself and the company.
Markierung (Gelb) – Seite 68
Their job is to find new stuff. They will welcome hearing from the founder instead of some PR flack. Once you establish communication with that person, make yourself available to answer their questions about the industry and be a source for them. If you are smart, they will use you. 12. Make the job fun for employees. Keep a pulse on the stress levels and accomplishments of your people and reward them.
Twelve Cuban Mantras for Success
Markierung (Gelb) – Seite 70
1. Time is more valuable than money
Markierung (Gelb) – Seite 70
2. Commit random acts of kindness
Markierung (Gelb) – Seite 70
3. No balls, no babies This is something a blackjack dealer once told me when I asked him if I should hit or stick. It is also my favorite line and probably the thing I tell myself the most. Once you are prepared and you think you have every angle of preparation covered, you have to go for it. No balls, no babies. 4. Work hard, play hard I went seven years without a vacation, but I sure managed to have fun. You have to find ways to blow off steam so you don’t blow a gasket. 5. Don’t let fear be a roadblock
Markierung (Gelb) – Seite 71
6. Expect the unexpected, and always be ready
Markierung (Gelb) – Seite 71
7. It’s okay to yell and be yelled at
Markierung (Gelb) – Seite 72
8. Everyone gets down; the key is how soon you get back up
Markierung (Gelb) – Seite 72
10. It’s not in the dreaming, it’s in the doing
Markierung (Gelb) – Seite 73
Business happens over years and years. Value is measured in the total upside of a business relationship, not by how much you squeezed out in any one deal. 12. You only have to be right once
Markierung (Gelb) – Seite 73
The beauty of success, whether it’s finding the girl of your dreams, the right job or financial success, is that it doesn’t matter how many times you have failed, you only have to be right once. No one keeps score. There are so many ways that each of us can find happiness and success in our endeavors, that it never really matters how many times you fail. You only have to be right once.

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