Lessons from the Shark
Anybody here watch Shark Tank? I think it's interesting to see new products and the sharks always have the best insight. I found an article earlier this week from therichest.com that shared an interview with Shark, Mark Cuban. Mark is a very successful businessman who offered some great tips for businesses. Here's what he shared...
Don't Start Something You're Not Passionate About
Which makes perfect sense. Money is a great motive to start a business but if you don't love hat you're selling, you'll quickly lose that motivation.
Sales is Crucial to Business
Leads, interests, engagement, and traffic are all important metrics for any business. However they don't mean much if they don't ultimately lead to sales. Sales leads to revenue, which leads to turning your hobby or interest into a real business.
No Private Office
This was kind of surprising to read and something I would've never thought of. People always joke about making it to "the corner office" as a marker of success. However, Cuban recommends no private offices, even for executives, as this prohibits the free flow of communication.
Hire People That Are as Passionate as You
You want a team that works hard and loves your business as much as you do. With that passion they'll never get tired of working for your company. "These kinds of employees will produce great output for the company, which will greatly affect your success."
Have a Fun Working Environment
You want to take care of the great team we previously mentioned. Providing a happy, positive, rewarding atmosphere is a sure way to keep them motivated and productive.
No Talk of an Exit Strategy
There's nothing wrong with having plan A, B, and C but according to Mark, none of these should be a plan of exiting the business - only backups and slight alterations of the original. If you're looking for an exit, the business isn't something you're passionate about.
Pretty good info from one of the experts. However, there's a great group of expert businessmen and women right What would you add or change in this list? Let's chat in the comments!