Mark Cuban On The #1 Reason Entrepreneurs Fail
“It’s so painful, I don’t ever want to experience it again. I take the lesson of what I did wrong but more than that I take the fact that I hated it so much as motivation to do the work. That fear of failure motivates me more than anything.” —Mark Cuban on failure
A few nuggets from an interview with Mark Cuban, billionaire entrepreneur and investor, who owns the Dallas Mavericks NBA team, Magnolia Pictures, Landmark Theatres, and is a lead investor on the hit TV show Shark Tank.
Mark believes that the top reason people fail is not only a “lack of brains” but “a lack of effort.”
The top 3 things he looks for when he invests in an entrepreneur and company:
- I look for someone who understands their industry. A lot of people come in and tell you about their companies, but they don’t understand the risks and challenges associated in the space. Know your industry and own it.
- Someone who is differentiated and has a product or service that is so different from what everyone else is doing. The best product he looks for is something that "I don’t know what that is, it’s a head scratcher and it causes me to think it through."
- Finally, Cuban looks for someone who is willing to do the work.
Even the top investors in the world are hungry and actively seeking entrepreneurs who are willing to get serious work done. It doesn’t matter where you are, if you’re willing to get work done, you’re an asset to any team.
What's the number 1 reason entrepreneurs fail? They're not willing to do the work.
(photo via k.seng)
Posted on May 1, 2014
by Tim & Tommy filed under