Friday, December 22, 2006

Three More of Mark Cuban's Invaluable Business Rules

Mark Cuban's Blog Mavrick is always one of the first blogs I click to in my news reader. That's because he's always sharing such useful advice and wisdom that as an entrepreneur I find invaluable.

Like these 3 Lessons he details in his recent post about Success and Motivation:

1. Everyone is a genius in a bull market

2. Win the Battles you are in before you take on new battles.
Its a huge lesson for entrepreneurs. Win the battles you are in first, then worry about expansion internationally or into new businesses. You do not have unlimited time and/or attention. You may work 24 hours a day, but those 24 hours spent winning your core business will pay offer far more. It might cost you some longer term upside, but it will allow you to be the best business you can be. To use a sports metaphor, get the fundamentals right and then add to your fundamental skills before you try to take on the trick shots.

3. Few businesses only have one opportunity.
Every entrepreneur's mind goes crazy with the new and exciting things they can do beyond the new and exciting things they are already doing. The risk is that you can drown in all these opportunities. Far too often when an entrepreneur hits a rough patch or competitive challenge, the temptation is too "turn on the thinking cap" and find something new for the company to do. Don't fall to the temptation. As an entrepreneur you have to know what the core competencies of your business are and make sure that your company focuses on being the absolutely best it can be at executing them. Bottom line is this. If you are adding new things when your core businesses are struggling rather than facing the challenge, you are either running away or giving up. Rarely is either good for a business. In fact, by chasing these opportunities, you may be assuring that you drown in them.

These rules may seem like common sense to many business pros, but the reality is, it's useful to rethink/relearn/remember great lessons like this as frequently as possible and to ask yourself frequently: am I following these rules?

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