Mark Cuban is a great reminder that the rags-to-riches story can happen if you’re willing to take a few risks. Born to a working class family, Mark first worked as a bartender and then became a salesperson. He was fired in less than a year for meeting with a client in the hopes of embarking on a new business venture instead of opening the store as he was supposed to.
Backed by customers from the business he was fired from, Mark started up his first company, MicroSolutions. Eight years later, he sold it for $6 million. And that was just the beginning. He later sold Broadcast.com for $5.7 billion, and it went on from there.
As the current owner of the Dallas Mavericks, AXS TV, Landmark Theaters, Magnolia Pictures, Cyberdust, and investor in dozens of startups, he has an estimated net worth of $2.6 billion.
Here are 10 great Mark Cuban quotes from this impressive entrepreneur to get you motivated and help you make the most of your professional life!
Treat your customers like they own you. Because they do.
This is a great customer service quote! When you run a business, it is easy to forget that nobody has to patronize you. Your customers patronize you for many reasons; it may be that they think your products and services are the best, or it may be because they think you are the best. But to stay the best, you have to treat them with the utmost respect.
Your success is built on their ongoing trust and support. This quote by Mark Cuban is a reminder that without them, you are nothing. They can make or break you at any time. Businesspeople who never lose sight of that or take their success for granted are the ones who continue to build great customer relationships.
Everyone is passionate about something. Usually more than one thing. We are born with it. There are always going to be things we love to do. That we dream about doing. That we really, really want to do with our lives. Those passions aren’t worth a nickel.
It’s the painful truth that nobody wants to hear! “Do what you love and the money will follow” is a myth, if not an outright betrayal. The bigger you dream, the more likely your dreams are not going to hold water as valid career choices. The generation that has grown up in the recession knows this better than most.
Instead of aiming to do what you love for a living, aim instead to do something you can stand which will give you the resources and time to do what you love outside your job.
I’m a believer that you accomplish much, much more with direct relationships than by using an intermediary. And that cash you keep in the bank can be the difference between staying alive as a small business, or not.
This business quote was talking about PR firms, and why startups may want to forego them. It is counterintuitive advice, but this quote by Marc Cuban really makes sense. It’s all about building relationships of trust with customers and clients. A PR firm can’t create trust for you.
It doesn’t matter how many times you fail. You only have to be right once and then everyone can tell you that you are an overnight success.
This one is quite funny and plays to a common myth in society, which is that there is any such thing as an “overnight success.” The truth is that success is always built on a combination of hard work, luck and grace, and usually there is a very long journey leading up to it.
A lot of successful people choose to conceal that journey because they love the mystique that comes with being an “overnight success.” But it’s always a lie. Those failures are part of the journey, and no one makes it overnight. It’s great to see a guy who made it to the top who admits that.
If you’ve got $25,000, $50,000, $100,000, you’re better off paying off any debt you have because that’s a guaranteed return.
This is yet another radical statement in a world where almost everyone lives in perpetual debt. It’s refreshing hearing from someone who doesn’t believe in carrying around debt.
Work like there is someone working 24 hours a day to take it away from you.
This is another lesson learned well by members of generations X and Y. Those who graduated into the recession economy know that nothing is certain, and there is no such thing as “job security.” In a market with low job supply and huge job demand, there literally are people working 24 hours a day to get your job.
Never take work for granted. Be grateful for what you have and dedicated to it every minute of the day, because if you aren’t, someone can and likely will take it from you.
Being rich is a good thing. Not just in the obvious sense of benefiting you and your family, but in the broader sense. Profits are not a zero sum game. The more you make, the more of a financial impact you can have.
This is a great quote because it reminds us that when you make a lot of money, you have the power to help out other people and enact change in the world. Money can be meaningful when you use it to create value.
If you care about making the world a better place, you are in a better positioned to do so when you are empowered with riches. Of course, it is vital not to lose sight of that when you are working toward your financial goals.
I look at my annual budgets for everything and anything, and I look to see where I can save the most money on those items. Saving 30% to 50% buying in bulk – replenishable items from toothpaste to soup, or whatever I use a lot of – is the best guaranteed return on investment you can get anywhere.
While it beggars belief that Mark Cuban is still worried about saving money on soup or toothpaste, the principle still applies. Whether you are trying to get by on a shoestring or you have billions of dollars, budgeting is important.
Money you earn is taxed, but money you simply manage not to spend isn’t taxed again. It is one of the best ways to grow your wealth. As he says, it is a guaranteed return on investment.
What I do know, at least what I think I have learned from my experiences in business, is that when there is a rush for everyone to do the same thing, it becomes more difficult to do. Not easier. Harder.
Mark Cuban has made a number of statements about being willing to stand out from the crowd, but this is perhaps one of his best. Why don’t you want to do what everyone else is doing in business?
You may think you are appealing to a trend, but just think about the competition. If the market is saturated, you are going to have a pretty hard time finding demand for what you have to sell.
So be unique and stand out. Even though a lot of people may ask what you are doing, you will probably find success more easily if you forge your own path.
Don’t start a company unless it’s an obsession and something you love. If you have an exit strategy, it’s not an obsession.
It definitely feels more comfortable to hedge your bets in life, but sometimes you have to be willing to cross the Rubicon to get somewhere in life. That means burning a few bridges along the way. That’s the kind of conviction it takes to keep moving forward when retreat seems like the easier choice.
All of these are really excellent quotes, and it is easy to see why Mark Cuban has become such a popular public figure! A lot of celebrities lose perspective on how hard it is to start out in business or live on a tight budget after they make it big, but Mark remembers where he came from and tells the truth about how tough—and rewarding—his journey ultimately was.