How to Win at the Sport of Business Summary

"Work like there’s someone working 24 hours a day to take it away from you." This is the competitive philosophy that led Mark Cuban from sleeping on floors to becoming a billionaire entrepreneur and NBA team owner.

1. Start Small, Stay Hungry

Mark Cuban's journey began with humble beginnings, sleeping on a friend's floor in Dallas with just a few suits and a broken-down car. Instead of holding out for the perfect job, he took multiple roles that taught him various skills vital for his career growth.

Cuban's willingness to take risks and try new experiences helped him identify his strengths and weaknesses. While working at Mellon Bank, his proactive attempts to improve the system led to his termination. However, instead of being disheartened, he embraced these lessons to refine his approach.

Eventually, Cuban's drive to act on his ideas turned into MicroSolutions, his own company for selling PC software and configuring computers. Facing trials like a secretary stealing company funds, Cuban continually adapted and grew the business, eventually generating $30 million in revenue.

Examples

• Cuban learned programming on a $99 computer to enhance his skills.
• Proactive actions at Mellon Bank, though unapproved, showcased his entrepreneurial spirit.
• Building MicroSolutions turned failures into steppingstones for success.

2. Grow with Your Passion

After selling MicroSolutions for $6 million, Cuban transitioned into a field he loved: sports. This move showcased the value of reinvesting earnings into areas you truly enjoy.

Broadcast.com, Cuban’s second business, allowed sports enthusiasts to stream NBA and NFL games online, a novel concept at the time. Selling this venture to Yahoo for $5.9 billion gave Cuban the resources to pursue his ultimate dream: owning an NBA team.

As the owner of the Dallas Mavericks, Cuban transformed game nights by sitting among fans and slashing ticket prices. This customer-focused approach redefined the Mavericks' connection with their community and contributed to the team's resurgence.

Examples

• Broadcast.com fulfilled Cuban's passion for sports and technology.
• Ownership of the Mavericks realized his goal of creating engaging sports experiences.
• Joyful fan engagement became a unique aspect of the Mavericks’ brand under his leadership.

3. Never Stop Learning

Cuban credits much of his success to his endless curiosity and hunger for knowledge. He suggests dedicating time to study, whether it’s books, manuals, or resources relevant to your field.

While others watched TV, Cuban read programming books and software guides. He also studied entrepreneurs to learn from their successes and setbacks. Constantly feeding this curiosity gave him a competitive edge in the business world.

He emphasizes that business is a constant competition, and being better prepared than others can make all the difference. Discovering potential weaknesses in your own business before competitors do is a vital strategy to stay ahead.

Examples

• Cuban read software manuals while building MicroSolutions to exceed client expectations.
• He studied stories of successful entrepreneurs to develop effective business tactics.
• Constant learning became his tool for refining products and improving services.

4. Work Harder Than Everyone Else

Cuban believes that effort is a factor completely within your control. When building MicroSolutions, he worked tirelessly, dividing his time between customer visits during the day and business planning at night.

Other variables like market trends can be unpredictable, but your commitment to hard work isn't. Cuban likens this to sports training, where continuous practice and late hours eventually yield results.

This work ethic remained consistent through his ventures. Even after achieving success, Cuban continues to maintain long hours with the Mavericks, reinforcing the importance of sustained effort.

Examples

• Cuban burned the midnight oil, learning and planning to grow his first business.
• Early mornings and late nights became the norm during MicroSolutions’ growth.
• His dedication carried over to revitalizing the Mavericks and creating better fan experiences.

5. Stay Focused on Your Goals

Cuban warns that endless opportunities can become distractions. Instead of chasing every new idea, concentrate on advancing toward your primary objectives.

When the NBA discussed international expansion, Cuban prioritized the Dallas Mavericks' core improvement instead of spreading his focus too thin. Saying no allowed him to uphold the team’s immediate success rather than gamble on uncertain ventures.

This disciplined approach is key for entrepreneurs. Spreading resources and attention too thin compromises quality and jeopardizes progress.

Examples

• Cuban avoided international NBA expansion to focus on the Mavericks’ growth.
• Broadcast.com prioritized delivering clear sports streams rather than expanding features too hastily.
• Staying focused helped MicroSolutions launch realistic, manageable projects early on.

6. Customers Always Come First

Your customers determine the success or failure of your business. Cuban reminds entrepreneurs to prioritize customer satisfaction above all else.

At MicroSolutions, Cuban personally responded to customer complaints, eager to maintain loyalty and build trust. With the Mavericks, he brought the same philosophy, staying accessible to fans and fostering their enthusiasm.

Understanding and addressing customer needs ensures long-term success. Cuban's empathy for the consumer's perspective underpinned all his business ventures, regardless of scale.

Examples

• Cuban answered customer complaints personally at MicroSolutions.
• He opted for $2 ticket sales for Mavericks games to make them accessible for all.
• His emphasis on fans’ experiences grew the Mavericks’ following and reputation.

7. Whining as Motivation

Cuban argues that whining isn’t inherently bad. It highlights what’s wrong, allowing you to focus on solutions.

While attending Mavericks games before becoming owner, Cuban complained about the lifeless atmosphere. Instead of accepting the problem, he took action by purchasing the team and creating a thrilling game-day experience.

Whining ignited his drive to fix problems he couldn’t ignore, turning complaints into actionable goals for improvement.

Examples

• Complaining about Mavericks games inspired Cuban to transform the team.
• Dissatisfaction with poor customer service pushed him to respond to complaints directly.
• Observing workplace inefficiencies led Cuban to create better solutions at MicroSolutions.

8. Build a Passionate Team

Cuban invites only the most motivated and passionate people into his ventures. Passion propels individuals to thrive despite challenges and inspires consistent effort.

Scott, who partnered with Cuban in MicroSolutions, demonstrated his dedication by resigning from his old job and investing days to learn about hardware and software. Cuban values such commitment, as it aligns with his work style and company ethos.

By surrounding himself with driven people, Cuban ensures that his teams share his entrepreneurial intensity and vision for success.

Examples

• Cuban hired Scott for MicroSolutions due to his shared passion for growth.
• Broadcast.com grew as a passionate team executed Cuban’s vision for streaming.
• Mavericks staff continually innovate under Cuban’s inspired leadership.

9. Selling Is a Vital Skill

Whether pitching an idea or selling a product, Cuban believes sales skills are essential for business success. Throughout his ventures, Cuban’s ability to connect with people and showcase value set him apart.

Cuban honed his salesmanship in his early jobs. Selling drove MicroSolutions’ growth as he convinced customers of his company’s superior services. Even when selling Broadcast.com to Yahoo, Cuban demonstrated why it was worth billions, cementing his reputation as a visionary entrepreneur.

Sales aren’t just for products but for any idea or solution in the world of business.

Examples

• Early exposure to sales at MicroSolutions fueled its rapid expansion.
• He sold Broadcast.com’s unique potential, prompting Yahoo’s $5.9 billion acquisition.
• Cuban advocates mastering persuasion to succeed in business.

Takeaways

1. Dedicate time daily to learning something new in your field. The knowledge will give you an edge over competitors.
2. Focus on your main objectives instead of chasing every opportunity—discipline leads to progress.
3. Cultivate meaningful connections with customers by addressing their complaints personally whenever possible.