Mark Cuban's First Two Rules Of Startups
You can argue with me all you want about business and you just may walk away feeling better about what you know. But you argue with Mark Cuban’s experience and wisdom, and you look like a fool.
An Exit Strategy Is NOT In The List Of Startup Rules
You hear a lot of wantrepreneurs and people in the startup community talk about their “exit strategy” this, and “exit strategy” that. So many are obsessed about their dreams of selling out, IPOs, recognition, Bugattis, and caviar, they overlook fundamentals like profitability, scalability. Shit, a lot don’t even think about feasibility.
That is because the focus on the exit strategy can betray the things a young company really needs to think about, like:
- Is this a good business?
- Is there, or can we make, a market for what we offer?
- How can we make it profitable? (If you say “monetize” one more time, I swear…)
- How can we manage growth?
If you find the answers to these, it’s very likely you’ll build a business that is attractive to buyers, investors, partnerships, etc.
Building A Good Business
I’m not saying don’t think about, and prepare for, exit scenarios. All I’m saying is: Focus on building a good business.
Focus on building a good business.”
Here are all 12 original rules, as excerpted from this article at Mark Cuban at Entrepreneur Magazine. Read the articles for the details that make these rules great.
- Don’t start a company unless it’s an obsession and something you love.
- If you have an exit strategy, it’s not an obsession.
- Hire people who you think will love working there.
- Sales Cure All.
- Know your core competencies and focus on being great at them.
- An espresso machine? Are you kidding me?
- No closed offices
- As far as technology, go with what you know.
- Keep the organization flat.
- Never buy swag.
- Never hire a PR firm.
- Make the job fun for employees.
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