Latest / Motivation Mindset Podcast / The Billionaire Mindset: Mark Cuban’s Secrets to Success and Wealth

Transcript

The Billionaire Mindset: Mark Cuban’s Secrets to Success and Wealth · Motivation Mindset Podcast

• 0:00
  Speaker 1: You know, I just care about winning, and I'll put
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  Speaker 1: winning above ego anytime, whatever industry you pick. If you
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  Speaker 1: outwork everybody, if you try to be a little smarter
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  Speaker 1: than everybody, if you try to be a better salesperson
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  Speaker 1: than everybody, if you try to be better prepared than everybody,
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  Speaker 1: you've got your best chance. Because if you don't do
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  Speaker 1: it and somebody else does, you know, I have the
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  Speaker 1: same work, like someone's trying to take it all away
• 0:24
  Speaker 1: from you. And that's kind of the way I look
• 0:26
  Speaker 1: at it. The greatest source of your paranoia should be knowledge.
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  Speaker 1: If someone else knows more than you do, and if
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  Speaker 1: you're not learning, if you don't know how to learn,
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  Speaker 1: if you don't have a thirst for learning and acquiring
• 0:38
  Speaker 1: information your sol what would you say is the number
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  Speaker 1: one reason why people fail. Lack of brains, lack of effort,
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  Speaker 1: They don't do the work, they don't learn. You know,
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  Speaker 1: when you start a business and you start to talk
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  Speaker 1: about somebody, you're never in a vacuum with no competition,
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  Speaker 1: you know, unless you're just extremely lucky. And if there's
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  Speaker 1: going to be competition, that means somebody else knows your
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  Speaker 1: business as well as you do. When you get started,
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  Speaker 1: and if you walk into a competitive environment and they
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  Speaker 1: still know more about the business than you do and
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  Speaker 1: more about your customers, you're gonna lose. But most people
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  Speaker 1: don't consider that. They don't do the work, they don't
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  Speaker 1: learn more about their industry, they don't know even about
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  Speaker 1: their business, I mean. And so you've got to put
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  Speaker 1: in the effort to know more about your industry than
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  Speaker 1: anybody else. And that's the brain's part, and that's the
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  Speaker 1: effort part as well, because look, if you're competing with me,
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  Speaker 1: you better know what you're doing. Otherwise I'm gonna kick
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  Speaker 1: your act, you know, and you're not gonna outwork. And so,
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  Speaker 1: you know, the combination is usually what kills businesses early
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  Speaker 1: on more than anything. Whatever business you have, there's somebody
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  Speaker 1: trying to put you out of business. There's somebody trying
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  Speaker 1: to take a bite out of your business, and it's
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  Speaker 1: better for you to figure out how they're going to
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  Speaker 1: do it rather than they do it. And so yeah,
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  Speaker 1: that's being paranoid. And so you have to be paranoid.
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  Speaker 1: You have to anticipate other people's next move and moves,
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  Speaker 1: and you can't ever, you know, downplay the competition. You
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  Speaker 1: know they're out there trying to take you down, and
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  Speaker 1: they're not just going to sit still. And if you're good,
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  Speaker 1: really really good, you're going to inspire them to work
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  Speaker 1: even harder, faster, better. And so you have to be,
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  Speaker 1: you know, very self aware of what you're good at
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  Speaker 1: and what other people are good at, and I mean
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  Speaker 1: is very helpful.
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  Speaker 2: You've got a lot of people that say, forget about school.
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  Speaker 2: You know, they're out out of school there, so.
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  Speaker 1: You think they're id. Tell me why if you're going
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  Speaker 1: to have and run a business, if you don't understand accounting,
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  Speaker 1: you're already behind the eight ball. There's people that don't
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  Speaker 1: understand the concept of you know, the difference between profits
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  Speaker 1: and cash. Look, if you're so self motivated that you
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  Speaker 1: can take an online course in accounting and teach yourself everything,
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  Speaker 1: you're way ahead of the game anyways. But most people aren't.
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  Speaker 1: And I'm not saying you have to go to Indiana.
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  Speaker 1: I'm not saying going to an expensive school. I don't
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  Speaker 1: care if you go to a community college and take
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  Speaker 1: accounting and spend ninety nine bucks for the class accounting finance,
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  Speaker 1: lesser extent marketing sales at the school offers that these
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  Speaker 1: are all the that's the language of business. And so
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  Speaker 1: while it's possible to teach yourself these things, and while
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  Speaker 1: it's possible to hire them when you're starting your own company,
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  Speaker 1: you don't want to have to spend money hiring an accountant, Right,
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  Speaker 1: you're already probably going to have to hire a lawyer
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  Speaker 1: to set up your your Well, let me take you back.
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  Speaker 1: If you've gone through all these classes, if I don't
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  Speaker 1: have to hire a lawyer to incorporate, right, you probably
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  Speaker 1: figure out yourself and so your cost of opening up
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  Speaker 1: a business drops. But even more important than all that,
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  Speaker 1: that's the blocking and tackling. That's the language of business.
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  Speaker 1: You know. The thing I learned at Indiana that was
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  Speaker 1: more important than anything else. I learned how to learn,
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  Speaker 1: and learning became far more important to me because the
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  Speaker 1: one certainty in business is that it's always going to
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  Speaker 1: be changing. If you're not always learning to this minute,
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  Speaker 1: if I'm not continuously learning, if I'm not just absorbing
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  Speaker 1: as much as I can absorb, someone else is going
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  Speaker 1: to kick my I knew I was wired to be
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  Speaker 1: excited about business. There's certain guys that have the genetics
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  Speaker 1: to about of the gym right, certain guys you know
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  Speaker 1: that you know when they golf, they have the muscle
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  Speaker 1: memory and the discipline. You know, Dirt the Bisky may
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  Speaker 1: not be the most talented guy in the NBA, but
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  Speaker 1: his discipline and his focus to do what's necessary to
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  Speaker 1: be successful he's willing to do. And combine it with
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  Speaker 1: being seven feet tall and being skilled, you know, it
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  Speaker 1: makes him an amazing basketball player. So it's understanding what
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  Speaker 1: your skill set is, finding the right place to use
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  Speaker 1: those skills and then going for it. You know, will
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  Speaker 1: that make you two hundred and fifty grand? It depends
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  Speaker 1: if you pick the right industry.
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  Speaker 2: You could, within a five to ten minute minute interview
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  Speaker 2: say this dude's not going to make it as an entrepreneur.
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  Speaker 1: Yeah, I mean I I can typically tell, right. I
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  Speaker 1: can tell by their passion. I can tell by their focus.
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  Speaker 1: I can tell by their preparation. You know, there's a
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  Speaker 1: whole realm of things in any business. Here. You know,
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  Speaker 1: here's here's the business you're in, and here's a thousand
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  Speaker 1: things that influence whether or not you're going to be successful.
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  Speaker 1: And really to me by you know, through my experience
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  Speaker 1: in businesses, I can put myself in his position and say, Okay,
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  Speaker 1: here are nine hundred of the thousand things he has
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  Speaker 1: to be aware of, and then go through and ask
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  Speaker 1: and by how many of those or her issues they've
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  Speaker 1: been able to address already. That kind of gives me
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  Speaker 1: a sense of how hard they're willing to work, you know,
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  Speaker 1: And I can tell by the questions they ask me.
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  Speaker 1: So all I have to do is say, okay, what
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  Speaker 1: do you want to know? And you know when they
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  Speaker 1: start saying what should I do? And I want them
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  Speaker 1: to ask questions, but you know, people like to say,
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  Speaker 1: you know, the only stupid questions are the one you
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  Speaker 1: don't ones you don't ask, And that's not right, right,
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  Speaker 1: because the questions you ask tell me tell whoever more
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  Speaker 1: about you than anything else you do, because in particular,
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  Speaker 1: it tells me about your preparation. If you ask me
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  Speaker 1: questions about just basic things that you should have known
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  Speaker 1: and you should have down to a science, that's going
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  Speaker 1: to disqualify he almost more than anything.
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  Speaker 2: How does one entrepreneur increase the speed and areas that
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  Speaker 2: they can increase. There's certain things you can't speed up
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  Speaker 2: growing your business, all right, Yeah, I mean it just depends.
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  Speaker 2: You've got to know your own skill.
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  Speaker 1: Set, right, and you've got to know how that fits
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  Speaker 1: within your company's life cycle. You know, some companies are slow,
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  Speaker 1: slow grinding, and you just have to understand that, and
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  Speaker 1: you've just got to bide your time until it starts
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  Speaker 1: to click and then grow with it quickly. You know,
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  Speaker 1: if you're trying to release a product that needs to
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  Speaker 1: be ubiquitous, you've got to go as fast as you can.
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  Speaker 1: And then you know, there's a lot of people that
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  Speaker 1: will say, you know, perfection is the enemy of profitability, right,
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  Speaker 1: And that doesn't mean you have to wait to it's
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  Speaker 1: a perfect product. It really just depends on what the
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  Speaker 1: product is that you know, a barber shop, right, isn't
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  Speaker 1: an app? Is it a service? Is it a product?
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  Speaker 1: But you know, the key is looking for the low
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  Speaker 1: hanging fruit. What customers are willing to write you a
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  Speaker 1: check or commit to it, you know, so that they're
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  Speaker 1: willing to integrate it into their daily lives or integrated
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  Speaker 1: into their daily business. And so getting a commitment either
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  Speaker 1: through time or revenue is typically what I look for.
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  Speaker 1: And so if I can get a commitment, then I'm
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  Speaker 1: going to be able to learn. I'm going to see
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  Speaker 1: how they use it, do they sustain usage? And then
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  Speaker 1: once I get the next one, you know, hopefully it
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  Speaker 1: came a little bit faster than the first one. Then
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  Speaker 1: I can ask for referrals, and then the next one,
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  Speaker 1: then the next one, and I just try to ramp
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  Speaker 1: it up. You know, when I bought the MAVs, we
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  Speaker 1: had no season ticket holder base, and so literally it
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  Speaker 1: was a matter of just putting a list of former
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  Speaker 1: season ticket holders in a white pages back then, you know,
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  Speaker 1: on my desk next to my phone and making phone calls.
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  Speaker 1: You yeah, yeah, because if I'm not going to do it,
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  Speaker 1: I can I expect someone else to do it, right,
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  Speaker 1: So just get on the phone. Hey, this Mark you.
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  Speaker 1: I'm the new owner of the Dallas Mavericks. You know,
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  Speaker 1: I like to invite you back for again. It's not though,
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  Speaker 1: this is my business, you know, and that's finding good right,
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  Speaker 1: because everybody's got their own goals, right. But still, I
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  Speaker 1: don't want anybody at the MAVs to be able to say, well,
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  Speaker 1: he's not willing to do the work, right. There's you know,
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  Speaker 1: if I walk around I'm picking up all the papers,
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  Speaker 1: I'm not saying go get that picked up. I'm like, Okay,
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  Speaker 1: that's trash. I'm picking it up. So, but in terms
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  Speaker 1: of speed of growth, it's really you got to get
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  Speaker 1: that first customer first, and then when you get that
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  Speaker 1: first what did you learn? Reiterate, get that next customer,
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  Speaker 1: and then hopefully as you learn more and more through
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  Speaker 1: the process than the next one, the next one, the
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  Speaker 1: next one becomes.
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  Speaker 2: If you and I were buddies in high school, so
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  Speaker 2: we were fourteen years old, fifteen years old, and we
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  Speaker 2: know each other, would I bet on you being who
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  Speaker 2: you are today?
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  Speaker 1: Chance really tell me why. I mean, I had my
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  Speaker 1: I had my good friends, and you know, we hung out,
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  Speaker 1: and I was a hustler. There's there's no question. I
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  Speaker 1: was a hustler even in high school. Oh yeah, and
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  Speaker 1: into business in a big way. But I don't I
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  Speaker 1: don't think people saw to me. It wasn't like people
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  Speaker 1: looked at me, Oh, he's he's destined to succeed. I
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  Speaker 1: was into sports, not I wasn't great at it. I
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  Speaker 1: was just decent. Wasn't the technology guy. I mean, I
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  Speaker 1: was into learning. I was. I was. I was a
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  Speaker 1: business guy. I was I was the guy reading about
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  Speaker 1: business all the time, reading business books all the time.
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  Speaker 1: You know, I started my first business when I was twelve.
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  Speaker 1: I was buying, selling baseball cards, buying and selling stamps,
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  Speaker 1: anything I could do to make money. I was hustling
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  Speaker 1: and trying to do so. I was into business, but
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  Speaker 1: I not so much where it was. All my friends
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  Speaker 1: were into it with me, so they wouldn't know, go up,
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  Speaker 1: buy a bunch of baseball cards that I collected, and
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  Speaker 1: I would charge three times as much. And I'd set
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  Speaker 1: up on this park bench down in the park down
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  Speaker 1: in Scott Township where I grew up, and I'd have
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  Speaker 1: these little sales and it was great. I made money,
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  Speaker 1: and I mean it was you know, and I learned
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  Speaker 1: as much about business when I was nine, ten and
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  Speaker 1: twelve as I learned any other time. I looked at
• 9:34
  Speaker 1: it just, hey, this is the home affinity. It wasn't like, okay,
• 9:37
  Speaker 1: these were going to be valuable at some point, so yeah,
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  Speaker 1: but it was just, you know, it was just a
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  Speaker 1: means