Mark Cuban’s 12 Rules for Startups
Mark Cuban: $3B, Shark Tank, Dallas Maverick owner, Serial Entrepreneur and/or Investor in > 50 companies
from Entrepreneur.com 09 Jan 12 enhanced by Peter.CXO Wiz4biz
Mark’s Rules. Anyone who has started a business has his or her own ideas of how to run it, so I thought I would add to the memo with my own. My “rules” below aren’t just for those founding the companies, but for those who are considering going to work for them, as well.
1. Don’t start a Company, unless it’s an “passion” and something you love to do, because you’re going to spend most of your time doing it. You cant afford to burn out – after you’ve put a lot of $$ & time in it
2. If you have an Exit Strategy, it’s not an passion. Your primary objective is to make $$ and not provide a beneficial product or service.
3. Hire People who you think will love working there. Attitude & enthusiasm is more important than experience. Are they “teach-able”? Are they a Team Player?
4. Good Sales cures virually everything. Know how your company will make money and how you will actually make Sales. What are your distribution channels? Can you add new ones. Can you produce an “enhanced” product – to get a new wave of buyer?
5. Know your Core Competencies & Focus on being “great” at them. Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your personalty and can get along with them. And maybe it’ll even be “fun” for everyone.
6. An Espresso Machine? Are you kidding me? Coffee is for closers. Sodas are free. Lunch is a chance to get out of the office & talk about what’s happening. There are 24 hours in a day, and if people like their jobs, they will find ways to use as much of it as possible to do their jobs.
7. Avoid Privacy. Open offices keep everyone in tune with what is going on and keeps the energy up. If an employee is about privacy, show him or her how to use the lock on the bathroom. There is nothing private in a startup. This is also a good way to keep from hiring executives who cannot operate successfully in a startup. My biggest fear was always hiring someone who wanted to build an empire. If the person demands to fly first class or to bring over a personal secretary, put them in their place. If an exec won’t go on sales calls, they don’t want to be in touch with what the Customers want. They are empire builders and will pollute your company. Have them play your game or hit the road.
[ 8. Hi Tech, 9. Keep the Organization “flat”, 10. No Swagards, 11. no PR firm, 12. Make the Job “fun” for everyone, in Premium Content ]