By Noah Garrett, special to Local Tech Wire
DURHAM, N.C. – “Sales cures all,” the billionaire owner of the Dallas Mavericks said on Thursday.
Mark Cuban, the outspoken NBA owner and owner of HDNet, laid out his rules for business and offered unique advice to Triangle entrepreneurs and investors during his presentation at LTW’s Executive Exchange event at the American Tobacco Campus in Durham.
First of all, boring is not the word for this discussion.
After a slight delay in the morning, Cuban arrived in full force to talk with folks and share his life and business experiences with a crowd of 250-plus. Grasping a Diet Coke in one hand and talking with the other, Cuban sat in on a panel discussion earlier in the day and then provided a keynote address after a brief lunch break.
In bullet-point fashion, he offered a no-holds-barred approach to laying out his work ethics and business approach.
He offered eight rules that he runs his various businesses with accompanying comments:
1. 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.
2. 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.
3. 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.
4. 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.
5. Kick your own a__! Somebody’s always trying to do what you do, better.
6. You don’t own your business. Your customers do.
7. Deal with setbacks. Every person and every business has them. Don’t get down about it. Work harder.
8. Culture is important. Make sure you love what you do and find people who fit the culture of your business.
“It’s the best time ever to start a business. It doesn’t take much money to start a business today,” Cuban said. “The best way to predict the future is to invent it.”
Get the latest news alerts: at Twitter.