Billionaire business man Mark Cuban has his own 12 rules for startups. If you were thinking about owning your own business or have already started you won’t want to miss these very important rules for success.
Don’t start a company unless it’s an obsession or something you love!
If you have an exit strategy, it’s not an obsession.
Hire people who you think will love working there.
Sales will cure all: Know how your company will make money and how you will actually make sales.
Know your core competencies and focus on being great at them. Pay up for people in your core competencies and get the best!
Coffee is for Closers: There are 24 hours in a day and if people like their jobs, they’ll find ways to use as much of it as possible to do their jobs.
No private offices: Open office spaces keep everyone in tune with what’s going on and keeps the energy up.
As far as technology, go with what you know. If you know Apple , use it. If you know Vista, ask yourself why, then use it. And let your people use what they know and are familiar with.
Keep the organization flat: If you have managers reporting to managers in a startup, YOU WILL FAIL!
Never buy Swag! A sure sign of failure for a startup is when someone sends out logo-embroidered polo shirts.
Never hire a PR firm: Whenever you see any information related to your field, get the email of the person publishing it and send them a message introducing yourself and the company. They’ll welcome hearing from the founder instead of some PR flack.
Make the Job Fun for employees: Keep a pulse on the stress levels and accomplishments of your people and reward them. In Mark’s first company, MicroSolutions, when they had a record sales month, he would walk around handing out $100 bills to sales people. That’s a motivator!