Saturday, January 26, 2013

Mark Cuban: What Entrepreneurs Need to Know Before Starting a Business


Mark Cuban: What Entrepreneurs Need to Know Before Starting a Business

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Mark Cuban: What Entrepreneurs Need to Know Before Starting a Business
Mark Cuban is known for being outspoken and no-nonsense when it comes to business. This week, the billionaire tech entrepreneur, investor and owner of the Dallas Mavericks participated in a question and answer session on popular social news site reddit where he discussed all things business, basketball and, of course, Shark Tank.
When starting a business, Cuban said every entrepreneur needs to know that it's not so much about having a killer idea as it is about being completely prepared to take a product or service to market. "Everyone has ideas, most don't do the work required to get the job done," he wrote.
Another thing aspiring business owners need to keep in mind: Sales are the most important aspect of a small business, Cuban wrote. "No sales, no company."
Below, a sampling of Cuban's points that were related to business and entrepreneurialism.
Related: Mark Cuban: Outwork and Outlearn Your Competition

On finding motivation as an entrepreneur:

I daydreamed for motivation. I didn't lie to myself and talk about my passions and how if I was passionate enough about something I could be successful at it.

I was lucky. I grew up knowing that hard work and smart work has a greater impact on results than being passionate about something.
On needing a master's degree in business administration to be good at business:
I think an MBA is an absolute waste of money. If you have a hole in your knowledge base, there is a ton of online courses you can take. I don't give any advantage to someone in hiring because they have an MBA.

On funding tech startups:
There is a HUGE bubble in the Valley for tech startups. The valuations have gotten out of hand. When valuations go up beyond the reality point, the funding goes down.
It's almost become like the movie business was 10 years ago. There was so much dumb money coming in and so few actually making money that the suckers finally wised up.

On how many of Shark Tank deals wind up getting modified or canceled: 
We get the chance to do due diligence after the show. As a result you uncover things that were not brought up in the show, so it's not unusual for a deal to fall through in the DD phase. I have had things like people who never paid their taxes, people who lied on the show, people who didn't think that if they spent money on their personal credit cards it should be considered an expense. You name it.

There is so much pressure on the entrepreneur during the show that sometimes they say what they think we want to hear rather than the truth. The DD helps us separate the two.
On the most ridiculous thing pitched on Shark Tank:
The ion watch deal was pretty much it. You can't come on expecting to scam us. We will nail you.
On Shark Tank being scripted:
Shark Tank is not scripted at all. When the entrepreneur walks into the shark tank the ONLY thing we know is their first name. NOTHING else.

The only "scripted" part of the show is this. . . the producers tell us before every show. . . if an entrepreneur looks like they are going to cry, shut up and let them. They love tears. That's the only scripting.

Related: A Look at Shark Tank's Most Memorable Deals

Friday, January 25, 2013

The Power Couple: How to Set Goals




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The Power Couple: How to Set Goals

 Posted by admin  December 31, 2012  0 Comment  453 views
According to Nick and Ashley Sarnicola, it all starts with a journal. Once you have your journal there are two 3 step processes that can really help you as you set your goals for the upcoming year.
What Happened in 2012
-Year in Review
Go back and look at the highlights, the memories that truly meant something to you during 2012.
-Learn & Grow
Maybe some things didn’t go your way in 2012, well it’s time to learn and grow from these things.
-Completed Goal List
Go through and check off all of the accomplishments that completed during 2012.
2013 Journal
-A Goal Storm
A goal storm is similar to a brainstorm. Don’t worry if you cannot complete it in 2013, but write it down; keep the goal on top of your mind. Don’t judge yourself, write what you would like to achieve.
-Goal Categories
Go through your goal storm and categorize your goals. For example goal categories could be spirituality or even vacations. Some goals for your goal storm may not be able to be completed until 2016- that’s ok! The key is to be realistic. Once you define your categories, try and have 5-10 goals associated with those categories.
-Focus on the Top
Create a list of ‘top’ goals that has the most importance and influence on your life and narrow your focus on to these goals. You may not complete all your goals, but if you can complete most, if not all of your top goals, that is a major accomplishment. Narrowing your goals down can be difficult, don’t rush this process.
To see all of Nick and Ashley’s advice on goal setting see the below video.

Feel free to share your goals below or on Nick and Ashley’s blog. Have a great New Year’s Eve and an even better 2013!

Monday, January 14, 2013