Yor Ryeter

[1: 179 of 10,000] I Want To Be A Billionaire So Freaking Bad

In Article on April 17, 2011 at 9:22 AM

Mark Cuban, billionaire, smart businessman who knows what he needs in life and seizes opportunities at the right time.

This man’s insights and stories blew me away. Alesya shared his blog’s link and I liked it so much I would like to re-share the best ideas that inspired me. I highly recommend that you read the original article and come back here for my favorites. Let me warn you that his Success & Motivation posts were quite long but fun and worthy to read especially if we share the same interests like reading a man’s real life experience that emerged winner, got pinch of humor, and juicy lessons for dashing entrepreneurs.

1. A dream and hunger to be successful. 

I did it too. I drove by big houses and would wonder who lived there. What did they do for a living? How did they make their money? Someday, I would tell myself, I would live in a house like that. Every weekend I would do it.

He now owned a 2,200-square-meter mansion in the Preston Hollow area of Dallas.

2. I do what I love. 

I was motivated to do something I loved. I just wasn’t sure what it was. I made a list of all the different jobs I would love to do. (I still have it.) The problem was that I wasn’t qualified for any of them. But I needed to pay the bills.

There never is one area that has a door open to everyone. Try to find an area with something you love to do and do it. It’s a lot easier to work hard and prepare when you love what you are doing.

3. Voracious reading and smart use of knowledge paid off. 

I would continuously search for new ideas. I read books about successful people. In fact, I read every book or magazine I could get my hands on. Heck, 3 bucks for a magazine, 20 bucks for a book…

One good idea that leads to a customer or solution and it paid for itself many times over. Some of the ideas I read were good, some not. In doing all the reading I learned a valuable lesson.

One good idea could make the difference between me making it or not.

4. Key to recognizing a profitable business opportunity. 

Knowing the industry very well. Most people think it’s all about the idea. It’s not. EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.

5. Fear of failing. 

It’s good [for entrepreneur hopefuls to be afraid to fail]. I’m always afraid of failing. It’s great motivation to work harder.

6. The Competitor. 

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. Someone who knows more and works harder will kick your ass.

[Find the market leader in your line of business like what Mark described below in case you’re in the Technology Business:]

The 2nd lesson is to always run your business like you are going to be competing with Microsoft. They may not be your direct competitor. They may be a vendor. They may be a direct competitor and a vendor. Whatever they may be to your business, you have to anticipate that you will in some way have to compete with Microsoft at some point. I ask myself every week what I would do if they entered any of my businesses. If you are ready to compete with Microsoft, you are ready to compete with anyone else.

7. Does he consider himself an innovator? 

No. I don’t really have new ideas, but I manage to combine information in ways most people hadn’t considered. They aren’t new ideas, it’s just that most people don’t do their homework about their businesses and industry, so there is usually a place to sneak in and do something a little different. You just have to make sure what you want to do can sustain a business and make it profitable rather than be a niche that can be crushed [by the competition].

8. Do the business right once. 

Do your homework and know your business better than anyone. There are no shortcuts. You have to work hard.

You never quite know in business if what you are doing is the right or wrong thing. Unfortunately, by the time you know the answer, someone has beaten you to it and you are out of business. I used to tell myself that it was ok to make little mistakes, just don’t make the big ones.

Try to put yourself in a position where if luck strikes, you can see the opportunity and take advantage of it.

I would also say it’s hard not to fool yourself. Everyone tells you how they are going to be “special,” but few do the work to get there. Do the work.

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 either should you. All you have to do is learn from them and 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.

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  1. Nice Summary. Came to your site from Cuban’s

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