I’ve long been a fan of Mark Cuban, despite disagreeing with some of his politics. I admire his fearless attitude and limitless energy when it comes to business and risk taking. His willingness to talk straight and bluntly explain why he feels the way he does about controversial subjects is refreshing. In this interview with Bloomberg, Cuban gives solid advice for anyone looking to start a small business but wrestles with the common new entrepreneur fears of not having enough capital or connections to succeed.
Cuban explains that to be a successful entrepreneur you must leave the excuses behind and enter an industry that you are insanely passionate about.
Some key excerpts from the interview are below – bookmark this page for those mornings when you need a kick in the ass…
How does one determine what type of business to start?
“If you find something you love to do, be great at it and see if you can turn it into a business. Worst case you’ll do something you love to do and best case you’ll start a business.”
How do you get the capital to start a business in this tough economy?
“First of all, if you’re starting a business and you take out a loan, you’re a moron. There are so many uncertainties involved with starting a business, yet the one certainty that you’ll have is paying back your loan…the bank doesn’t care about your business. It’s just a complete conflict.”
“99% of small businesses you can start with next to no capital. It’s more about effort. Small businesses don’t fail for a lack of capital. They fail for a lack of brains. They fail for a lack of effort. Most people just aren’t willing to put in the time to work smart… they don’t recognize how much work is involved.”
How do you succeed in business?
“If you start a business, you better know your industry and company better than anyone in the whole wide world.”
“To think that whoever it is you’re competing with is just going to let you come in and take their business…obviously that’s naive.”
“If you’re going to compete with me in one of my businesses you better realize that I’m working 24 hours a day to kick your ass.”