NGC has brunch with a billionaire
I had the privilege to speak with Mark Cuban last week during a visit to Durham, N.C.
Noah Garrett (left), president of NGC Communications, talks with Dallas Mavericks owner Mark Cuban (right) in Durham. (photo J. Carpenter)
The outspoken owner of the Dallas Mavericks and HDNet, laid out his rules for business and offered unique advice to entrepreneurs and investors during his presentation at LTW’s Executive Exchange event at the American Tobacco Campus. In bullet-point fashion, he offered a no-holds-barred approach to laying out his work ethic and approach to running a succesful business.
He offered eight rules that he runs his various businesses with along with accompanying comments:
- Sales cures all. Selling should be a priority in any company. We may use different tools and ways to communicate, but it’s still all about selling.
- Best equity is sweat equity. One of the biggest mistakes people make is going out to raise money first. You need to think like a student; not how to raise money. Learn how to cut costs.
- Everybody has an idea. The idea for your business is the easy part. The hard part is the preparation and to understand what you’re willing to do and how hard you are willing to work.
- Don’t lie to yourself. Every entrepreneur has one, two, or three things they are good at; but sometimes we lie to ourselves. Basically, know what you suck at.
- Kick your own ass! Somebody’s always trying to do what you do, better.
- You don’t own your business. Your customers do.
- Deal with setbacks. Every person and every business has them. Don’t get down about it. Work harder.
- Culture is important. Make sure you love what you do and find people who fit the culture of your business.
Overall, I must say Mr. Cuban was a breath of fresh air and inspiring for small business owners like myself. I like dudes who just keep it real. Many times I attend events and functions where I hear the same `ol mumbo jumbo. This, my friends, was not boring and was not the same `ol mumbo jumbo.
Here are two links to stories that I wrote on Local Tech Wire that you might find of interest:
• Exploring a Maverick’s rules for business:
http://localtechwire.com/business/local_tech_wire/news/blogpost/8128727/
• Executive Exchange: It’s a great time to be an entrepreneur:
http://localtechwire.com/business/local_tech_wire/news/blogpost/8127722/
All the way home from my day trip the Triangle (yes, I got up at 3:30 a.m. from Charleston and drove up and back for the day for this) I thought about the similarities we have regarding work ethic and how we operate our businesses.
Although a big difference in bank accounts (lol) we are not that much different. I also believe “Sales Cures All” and that every entrepreneur should be good at three things and not lie to yourself about what you aren’t good at.
Thank you, Mr. Cuban for sharing your time.
If you’re ever looking for some good web content, check out his blog Blog Maverick. Definitely worth a read.
Ng