“How to Start”, Mark Cuban

from Entrepreneur.com 18 Aug 14 enhanced by Peter/CXO Wiz4biz

“There are no shortcuts in business. In order to be successful there are some things that you must know. These are not all of them by a long shot, but in my humble opinion, they are the most important” Mark Cuban, Shark Tank

1. Know Technology in your Field. The good thing about technology is, that it changes all the time. Look at any tech you can see today, have read about or have ever seen. It was invented by someone. They know the product/ service better than everyone. On the day that it is released, you are the most knowledge-able person in the world about this technology. But you cant coast. You have to make a contual effort to keep learning and making your product better. If you are one of the few people that understand most of the new technologies, you are in a unique position to put yourself in the shoes of your customer(s) and determine if the new technology can be of benefit. New technologies enable change, and where there is change, there is opportunity. Its up to you to figure out what that opportunity is and bring it to market.

2. Listen to your Customer. If you know how to help the person you are dealing to succeed, you can be successful alse. In order to do this, you must be able to quickly understand the needs & demands of that person + those of the company(s) they work for or with. Every person & industry is different. This is something that comes spending time to understand different industries, businesses, & roles, + what has made them work & not work. It is a never-ending process of learning about what companies need.

3. What is the Need that’s not being fulfilled? >90% of the things we do in business are being done the way they have always been done. No one has re-imagined how things should be done. That is what successful Entrepreneurs do. Every situation they are in, they take their knowledge of technology, business or situation they are observiing, trying to solve a problem and think about how to create a way to make it better. Then they decide how to make it so people will understand it.

4. Make it Easy. Lots of people come up with ways of doing things that they think are great/ amazing. What they fail to do is, ask whether it will make anyone else’s life better or easier. The simple test of any creation process or situation is simple. Is this the best way to a better way for the user? Yes, go for it; or No, re-think it.

5. Know how to Sell your Product. Selling generally has a bad reputation. But you must be able to convey why your Product/ Service will make their lives better. Selling is never about pushing them to buy something. It is all about finding what they need, and then providing it.

Comments: Do have any other ideas on how to Start a company?