Monday, January 12, 2015

Mark Cuban's 12 Rules for Startups

 I recently found an awesome infographic with Mark Cuban's 12 Rules for Startups. I loved it enough to share it again. My analysis of the first 5 can be found below:
a list of mark cuban's 12 rules for startups. what a genius!

 1. Don't start a startup unless it's an obsession and something you love.

I think this holds true for every business and industry you dabble in. Company percentage failures are high, so founders need to be hold true to their vision and the love for the grind will help them pivot and change course when times get hard (which they will).

2. If you have an exit strategy, it's not an obsession.

This bounces off of rule #1. If you always have a plan B then you will never do everything in your power to make sure plan A is a success. Exit strategy = acceptance of failure.

3. Hire people who you think will love working there.

Statistic after statistic show the differences in employees who love their jobs compared to the ones that dread coming to work. Working in a startup is difficult and unsettling, however, a solid team is crucial to success. A solid team will support the overall infrastructure and push your projects forward.

4. Sales cure all.

You may have a great idea or product, but until you have a paying customer, YOU HAVE NO BUSINESS. Handling the difficulties that come along with running a startup is easier to handle when you have inflows that can support your projects and ideas.

5. Know your core competencies and focus on being great at them.

I think businesses often fail because they try to do too much with their limited resources. It's better to be amazing at 1 single thing than mediocre at various things. Focus on what matters, your skills and environment and you will find success. 


No comments:

Post a Comment