Mark Cuban | Super U Podcast
Our new episode of the Super U Podcast is live! The Super U Podcast delivers curated tips from top performers and thought leaders to help unlock and unleash your inner superpower. This week’s episode features tips from Mark Cuban, Billionaire, Shark investor on Shark Tank, and owner of the Dallas Mavericks. Click here to subscribe to the Super U Podcast. Need a sneak peek? Below are the main takeaways from Mark Cuban | Super U Podcast:
[0:06] Intro- Welcoming Mark Cuban
In his own words, he describes what success means to him. He says, “a lot of people talk about passion and determination when to me it’s more about effort. What are you good at and what are you not good at? And then putting in the effort to figure out how to make it all work together to create a company.”
[2:16] History Repeats Itself- Learn From It
One of the things that companies and startups do is come up with an idea, Google it, and if they don’t see it in the first two pages, they think it’s original. But you’ve got to go back. Because over the past 15 years, there are so many different businesses that have tried and failed. You have to go back and find those and learn from those. The best advice is that you’ve got to find out the history of people who have tried your idea because there is a 99.9999999% chance that your idea has been tried before. That’s not a good reason not to start a business because you might be able to outperform them, but you better learn from the history of your idea.
[4:40] Business is the Ultimate Competition
The ultimate sport is business because you have to compete with everybody and you have to do it 24/7, 365 days a year, forever. And there’s always somebody out there trying to kick your butt. There’s always somebody who looks at your business and says, “I can do that better. I have a better idea,” and you have to compete with that person. And all the while you have to make your customers happy and your employees happy. It’s really about understanding that sometimes the competition is you and yes we should strive to win and sometimes winning is just doing your best, giving it your all.
[7:25] Excuses are Unacceptable
You know, a lot of people like to make excuses. “I don’t have connections, I don’t have money, I don’t have this.” But, if you find something that you like to do or love to do, be great at it and see if you can turn it into a business; worst case, you’re going to have fun doing what you love to do. And best case, you can turn it into a business. Excuses simply put, are for losers.
[8:24] Be Unique
You’ve got to be differentiated and unique. You’ve got to know what your core competency is and be great at it. What people fail to realize is that there’s got to be a defining feature of your company and you’ve got to be the best in the world in the industry you’re in. If you don’t know more about your business than anybody else, they are going to kick your ass.
[11:34] Risk, Reward
Sometimes being young and trying things is fantastic. You’re so naive and you don’t know any better, all you do is learn. And if you fail it doesn’t matter. So whether you are 9 or 21, the failures are irrelevant. You have nothing to lose, so why not go for it. It’s not “reward, reward”, it’s “risk, reward.”
[11:53] Strengths and Weaknesses
Most important is knowing your strengths and weaknesses and knowing what you enjoy doing.
If you look at it as a job, you’ve already lost it. It’s not going to be your passion and you’re going to count the hours. But if you look at it as something you love to do, and you know what your strengths are, then you can leverage those strengths in your business and in helping others. And once you recognize your weaknesses, then you can work with people that compliment you.
[13:53] Put in the Effort
Everybody has it in them to be great at something. A lot of people talk about passion and determination when it’s really more about effort. You know what you are good at, what are you not good at, and then it’s about putting in the effort to figure out how to make it all work together to create a company. And so once you have that figured out, then you just have to go forward and if you’re willing to put in the time, you know you can make it work.
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The Super U podcast is hosted by #1 bestselling author and Motivational Speaker Erik Qualman.