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Why Business Fail According to Mark Cuban

This is a throwback video from Mark Cuban but the advice still rings true. Small Businesses don’t fail from lack of capital. They fail from lack of brains or lack of effort.

He also says 99% of small businesses can be start with next to no capital.

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You Have a Good Idea…Go For It, GRIND

 

Recently on Shark Tank, Mark Cuban said this…watch it on repeat:

“You have a good idea. Go for it! GRIND

Every minute you spend bartending is a minute you’re not selling..you’re not doing a consultation…you’re not getting a client.

If I were you I would grind…I would live like a student….I would make sure I don’t have any debt whatsoever…”

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If you’re starting a business on a loan…

If you’re starting a business on a loan, you’re a moron…99% of small business you can start with next to no capital. It’s more about effort. Small business don’t fail for lack of capital. It’s from lack of brains. Lack of effort. – Mark Cuban

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Business is 24x7x365

The Rabbit took a drink of Red Bull and found himself back on the computer coding away. At night he spent his time coding while during the day he pitched his new concept to venture capitalist across Silicon Valley. Even after he received Venture Capital for his business, he worked even harder understanding that when he wasn’t working, there was someone else working getting an edge on his business. With his red eyes, Rabbit knew that business was a competition and if he didn’t treat it like that he wouldn’t have a business.

Lesson: This lesson is inspired from Mark Cuban on his Blog Maverick site. As Cuban said, “I love the sport of business. I love the competition. I love the fire of it. It’s the feeling of the clock winding down, the ball is in your hands, and if you hit the shot you win…all day, every day. Relaxing is for the other guy. I may be sitting in front of the TV, but I’m not watching it unless I think there is something I can learn from it. I’m thinking about things I can use in my business and the TV is just there. I could take the time to read a fiction book, but I don’t. I would rather read websites, newspapers, magazines, looking for ideas and concepts that I can use. I spend time in bookstores because 1 idea from a book or magazine can make me money. I’m not going to go to dinner with you just to chat. I’m not going to give you a call to see how you are. Unless you want to talk business. Other guys play fantasy sports. I fire the synapses to get an edge. That’s what success is all about. It’s about the edge…. Every day some stranger from any where in the world that you have never met is trying to come up with a way to put you out of business. To take everything you have worked your ass off for, and take it all away. If you are in a growing industry, there could be hundreds or thousands of strangers trying to figure out ways to put you out of business. How cool is that. The ultimate competition. Would you like to play a game called Eat Your Lunch. We are going to face off. My ability to execute on an idea vs yours. My ability to subvert your business vs your ability to keep it going. My ability to create ways to remove any reason for your business to exist vs your ability to do the same to me. My ability to know what you are going to do, before you do it. Who gets there first? Best of all, this game doesn’t have a time limit. It’s forever. It never ends. It’s the ultimate competition. It’s the sport of business. It’s not for everyone, but I love it.”

Image courtesy of piyato / FreeDigitalPhotos.net