Getting the Edge in Business

Here is some great advice from Mark Cuban about gaining an advantage in the world of business.  In his view, it’s not who you know, how much money you have, etc that make you successful; it’s about whether you have the EDGE and the GUTS to use it.  Great motivational stuff:

• 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’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’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.

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Sources:
http://blogmaverick.com/2009/05/13/success-motivation/

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SEC charges Mark Cuban with insider trading

In this Nov. 9, 2008 file photo, Dallas Mavericks owner Mark Cuban yells at referees during the second half of their NBA basketball game against the Los Angeles Clippers, in Los Angeles. Federal regulators have charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses Monday, Nov. 17, 2008. (AP Photo/Mark J. Terrill, File)

Wow, this could suck for Mark, the man worth $2.3 billion…

WASHINGTON (AP) — Federal regulators on Monday charged Dallas Mavericks owner Mark Cuban with insider trading for allegedly using confidential information on a stock sale to avoid more than $750,000 in losses.

Cuban disputed the allegations by the Securities and Exchange Commission and said he would contest them.

The SEC filed a civil lawsuit against Cuban in federal court in Dallas. The agency alleged that in June 2004, Cuban was invited to get in on the coming stock offering by Mamma.com Inc. after he agreed to keep the information private.

Cuban owned 6.3 percent of Mamma.com’s stock at that time and was the largest known shareholder in the search engine company, according to the SEC. The agency said Cuban knew the shares would be sold below the current market price, and a few hours after receiving the information, he told his broker to sell all 600,000 shares before the public announcement of the offering.

By selling when he did, Cuban avoided losses exceeding $750,000, the SEC said in its lawsuit. Montreal-based Mamma.com changed its name to Copernic Inc. in June 2007.

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Sources:
http://finance.yahoo.com/news/SEC-charges-Mark-Cuban-with-apf-13595492.html

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Mark Cuban – What a great example of an entrepreneur

“when I die, I want to come back as me” – Mark Cuban

Great interview with the legend.  It seems like Mark can’t go wrong in anything he does.

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Chris’s comments:

Great interview, I have an infinite amount more respect for this guy after seeing him speak and get interviewed at TC50.  Here are some notable quotes from his interview with Jason Calacanis.

On his past goals:

I “retired” when I was 30. My goal was to drink with as many people in as many countries as possible. I sold a company and all I wanted was a lifetime pass for American Airlines. They had them for $125,000 for two people. I used to go into bars and ask women if they wanted to go on trips.

On ideas:

In the past people used to tell me to shut up a bit. But what I believe is to put out your opinion and let everyone else react. If I’m wrong I’m wrong. People are afraid to put our their opinions and get push back.

On entrepreneurial advice:

Ill tell you what I learned from Bobby Knight: everybody’s got the will to win but when it comes time to doing something, it’s always about someone else. Not many people have the will to prepare. You got to be willing to know your product and environment better than anybody. No matter what you do there is someone out there trying to kick your ass. You got to be the smartest guy in the room about your product. Then you need to have a revenue source. You need a company with a revenue to make money. Concept, competition, and where the money is — plus something you love doing. I’ve never had a day of work. When I die I want to come back as me.

On educating himself:

Pre-internet: stacks of books and magazines. I have PCweek magazines going back 10 years. I would read 2-3 hours per day of regular stuff.

Now online: I need a break because I spend so much time reading. If theres something I get into, I won’t stop. I read a lot of industry trade publications for cable now.

On reaching out to him:

Send me an email and in three paragraphs or less, tell me about your business. Dont say you need an NDA or want a call. Just tell me how youre going to make money and how I’m going to add value. Give me a URL if you have a website, I’ll figure it out. 5% of the people will hear back from me.

On assembling a startup team:

I’ve always been a driver from a tech perspective so it’s been easy to find people who complement me. Finding someone who you trust and who complements you is important. It’s easier to find people you trust who are cheap and can be trained. Believing in the business is important too. The worst place to hire is the Silicon valley because everyone’s a hero in their own mind. There are great people everywhere you can find. The poeple I dont like to work with are people like me. I need people who can compliment my skill set, people who can do the nitty gritty with me. People who will be good verse look good.

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