Author: Mark Cuban
|How To Win at The Sport Of Business (2011) summary is a book that focuses on a mindset of success first and then habits that you can use to build a business from nothing. This book will help you define what your business is and provide you with some helpful tips on how to grow that idea and make it successful.|
In this book, Mark Cuban shares the traits that have helped him become a billionaire. These traits are based on a whole new mindset and attitude he developed over the years that is based on hustling, educating yourself, and rolling with the punches.
When Mark Cuban sold his second company broadcast.com to Yahoo then he thought whatever business he will do next will not be an internet-related business. Then he diversified his wealth and now he owns Dallas Mavericks and is a judge on Shark Tank.
How to win at the sport of business is a book in which he shared his story to inspire others to not get disheartened and discourage after failures. Some of the takeaways from this book are as follows:
How to Win at The Sport of Business Key Points
Focus on solving the problem that needed to be solved then come back to your passions
When Mark Cuban has been fired from his job then he started his own startup 1983 Micro solutions for the same purpose of installing software, selling them, and fixing them. At that time, everything related to computers was new and complicated. So, people needed to know and understand.
Instead of looking at his passion, he looked at the problems that needed to be solved and worked on them. After selling his company at $6 million from which $2 million was sent to Mark’s bank account after the detection of taxes. He looked into the problems of sports. He again started another company for live sports streaming. Then after 9 years, he also sold that company and bought the NBA team, which he now is running as a business.
The point is: “Don’t obsess about turning your passion into your paycheck too early. It may take years of sacrifice, hard work, and consistent effort, but you’ll get there.”
Mark could have become the NBA player or coach for the rest of his life and nothing else but instead, he looked out at the problem that others needed at that time and started working on solving them.
Organic growth is all you need, learn to be okay with slow
If you’re in the startup world, it’s pretty much accepted that you need to be growing as fast as possible. There’s so much emphasis on growth and momentum, especially within the tech industry. It’s almost as if growth within startups is directly correlated with profitability, which couldn’t be further from the truth.
This all comes down to a simple question: is growth optimal?
The simple answer? No.
Growth is not the goal, profit is. This is something that any entrepreneur or startup founder needs to take seriously. The sooner an entrepreneur or startup founder can internalize this concept, the better off he or she will be.
The truth is, when you want something really bad, you can make it happen. But it also doesn’t grow overnight. Overnight is not a business plan–it’s a myth. In today’s world, people expect overnight success because of social media and how much we hear about it. You can go from a startup to acquiring millions of users in basically no time at all these days. However, if you choose the slow and steady model, you have to be okay with that.
A lot of people have told me they think slow and steady is boring – maybe even a little lame. I completely disagree. Building a company takes time. It takes patience, determination, and perseverance – all traits that take time and evolution to cultivate, but can lead to success.
Full-blown startups shouldn’t be looking for growth as their primary function. Growth should come as a byproduct of organizing your business in such a way that your customer base can grow alongside your company and bring new customers inorganically.
Hire those who are as motivated to work in your company as you are
The challenge with hiring employees is that you can’t just hire anyone to work for your company. You have to find people who are just as motivated as you are. The problem is, you are motivated and passionate and have worked very hard to build your company and have done it yourselves. So you may have to be a little more creative in hiring.
The best people to hire are the ones willing to sacrifice the most. If you hire people who aren’t tired at the end of the day and don’t have any other jobs in mind, you’d better hire people who are just as motivated as you. The fact is that the best employees are self-motivated go-getters who will work hard for your company because they want to accomplish great things, not because you’re threatening them with a paycheck.
If you’re not a ‘people person,’ then you need to understand that your job as an entrepreneur is to sell people on your idea, sell them on why they should work for you and your startup, and sell yourself to your employees.
How to win at the sport of business quotes
“The best way to predict the future is to invent it.” Mark Cuban
“Investors don’t care about your dreams and goals. They love that you have them. They love that you are motivated by them. Investors care about how they are going to get their money back and then some. Family cares about your dreams. Investors care about money.” Mark Cuban
How to win at the sport of business reviews
“Great read from Mark Cuban!!! First, the book when you pick it up feels small and a bit flimsy, but it had a lot inside. The text is very small so it takes longer to read than you think.” Top Sella
“An often overlooked thought. So many times in business and life we focus on how many times we’ve been wrong. Being right just once can make all the difference and open up a world of opportunities.” Lee Strategies
To whom I would recommend How to win at the sport of business summary?
- Anyone wants to start his company with ( or without ) his friends.
- A fresh graduate wants to spend his salary on fun.
- Anyone wants to get successful in the business world.