I finally got around to reading Mark Cuban’s blog today at the behest of Trent. ‚ Cuban has recently reposted his advice on Success & Motivation (great reads). ‚ I strongly suggest you go check them out. ‚ Here are some of my favorite excerpts:
-Win the battles you are in before taking on new battles
-know what the core competencies of your business are and don’t necessarily change your business without thought.
-the best equity is sweat equity
-you dont need venture capital or any capital beyond your own or your customers
-The edge is knowing is knowing that when the 4 girlfriends you have had in the last couple years asked you which was more important, them or your business, you gave the right answer.
Mark cuban on the edge:
That¢â‚¬â„¢s what success is all about. I¢â‚¬â„¢ts about the edge.
It¢â‚¬â„¢s not who you know. It¢â‚¬â„¢s not how much money you have. It¢â‚¬â„¢s very simple. It¢â‚¬â„¢s whether or not you have the edge and have the guts to use it.
The edge is getting so jazzed about what you do, you just spent 24 hours straight working on a project and you thought it was a couple hours.
The edge is knowing that you have to be the smartest guy in the room when you have your meeting and you are going to put in the effort to learn whatever you need to learn to get there.
The edge is knowing is knowing that when the 4 girlfriends you have had in the last couple years asked you which was more important, them or your business, you gave the right answer.
The edge is knowing that you can fail and learn from it, and just get back up and in the game.
The edge is knowing that people think your crazy, and they are right, but you don¢â‚¬â„¢t care what they think.
The edge is knowing how to blow off steam a couple times a week, just so you can refocus on business
The edge is knowing that you are getting to your goals and treating people right along the way because as good as you can be, you are so focused that you need regular people around you to balance you and help you.
The edge is being able to call out someone on a business issue because you know you have done your homework.
The edge is recognizing when you are wrong, and working harder to make sure it doesn¢â‚¬â„¢t happen again.
The edge is being able to drill down and identify issues and problems and solve them before anyone knows they are there.
The edge is knowing that while everyone else is talking about nonsense like the will to win, and how they know they can be successful, you are preparing yourself to compete so that you will be successful.
That¢â‚¬â„¢s what makes business such an amazing sport. Everyone plays it. Everyone talks about how good they are or will be at it. Just a small percentage are.
Every single day someone has an idea. Every day someone talks about some business they want to start. Every day someone is out there starting a business whose entire goal is to beat the hell out of yours. How cool is that.
Every day some stranger from any where in the world that you have never met is trying to come up with a way to put you out of business. To take everything you have worked your ass off for, and take it all away. If you are in a growing industry, there could be hundreds or thousands of strangers trying to figure out ways to put you out of business. How cool is that.
The ultimate competition. Would you like to play a game called Eat Your Lunch. We are going to face off. My ability to execute on an idea vs yours. My ability to subvert your businessvs your ability to keep it going. My ability to create ways to remove any reason for your business to exist vs your ability to do the same to me. My ability to know what you are going to do, before you do it. Who gets there first? Best of all, this game doesn¢â‚¬â„¢t have a time limit. It¢â‚¬â„¢s forever. It never ends. It¢â‚¬â„¢s the ultimate competition.
It¢â‚¬â„¢s the sport of business. It¢â‚¬â„¢s not for everyone, butI love it.
Finally, here are Mark Cuban’s solutions to preventing another financial crisis like the one we went through recently and went through in 1989:
“I would change to zero the taxes on any gains from the sale of stock or bonds purchased during an IPO and held for 5 or more‚ years. All dividends/interest paid by that stock/bond would be tax free. If you sell it prior to the 5 years, you are taxed at your personal regular income tax rate.
In addition, I would not allow the stock to be borrowed against in any way. If it was, it would be considered an effective sale. Which means you couldnt borrow on it tax free until you have held it 5 years.‚ Bottom line, if you hold the stock/bond , like a real investor would, you are rewarded for it.
For purchases‚ post IPO, in the open market,‚ the same rules apply, except I would tax a personal income rates the dividends/interest‚ for the first 5 years of ownership.
For all other transactions, whether they are options, derivatives, stocks, bonds, whatever, all gains and losses would be taxed at personal income rates.”