Inspirational Biz Tips from Mark Cuban

A series of Business Tips from Mark CubanInspirational Biz Tips from Mark Cuban

Mark Cuban is an American entrepreneur and investor. He is the owner of the National Basketball Association’s Dallas Mavericks, Landmark Theatres, and Magnolia Pictures, and is the chairman of the HDTV cable network AXS TV. He is also one of the main “shark” investors on the ABC reality television series, Shark Tank. In 2011, Cuban wrote an e-book, How to Win at the Sport of Business, in which he chronicles his life experiences in business and sports. (Wikipedia)

Wherever I see people doing something the way it’s always been done, the way it’s ‘supposed’ to be done, following the same old trends, well, that’s just a big red flag to me to go look somewhere else.
~ Mark Cuban

How easy it is to fall in the same old trap of doing things the same as they have always been done.  Of course, sometimes this approach is necessary, when it come to certain tasks and systems.

The greatest innovations made by ordinary folks happen because they decided NOT to do things the way they have been done before.  Innovators and true entrepreneurs go against the ‘norm’ and try new things.

When a new line of products are developed, the producer looks for ways to either improve on a current product or create something entirely new.

Do you continue to do things the same old ways as before?  Or do you look for ways to think outside the box?  Your next great idea is probably different from anything you have ever done or seen before!  Go for it!!

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What I’ve learned is that if you really want to be successful at something, you’ll find that you put the time in. You won’t just ask somebody if it’s a good idea, you’ll go figure out if it’s a good idea.
~ Mark Cuban

So how do you figure out if you have a good idea?

With a product based business, market research is the best way I can think of to see if you have a good idea.

Start by exploring what is already selling in the marketplace:  Does your product add to what is already there?  Is your design better, cheaper, or more user friendly.  Is your price in line with similar products?  Is your product already selling for you?

Describing market research and how to do it can fill a book!  But with a little research and footwork, you can determine whether your idea will sell or not.

If you are looking for more information on market research, you might want to read my article:   Introducing a New Product.

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It is so much easier to be nice, to be respectful, to put yourself in your customers’ shoes and try to understand how you might help them before they ask for help, than it is to try to mend a broken customer relationship.
~ Mark Cuban

We have all been victims of customer service horror stories!!  But do we remember this feeling of being victimized by an uncaring company when we deal with our own customers?

I heard it said that when a customer has a good experience with your company, they will probably tell a few people.  One the other hand, if they have a bad experience, they will tell at least ten or more people.  And with the spread of information on Facebook and other internet venues, this can quickly multiply 100 times over.

Be smart by being compassionate to the plight of your customers.  If possible, try to put yourself in their shoes, like Mark suggests, and correct potential problems before they get out of hand.

Once you lose a customer due to bad service, you will probably lose them and everyone they know for the life.  Pretty ominous when the problem could be mended with a quick reply, refund, or second product shipment — even when the problem was not your fault!!

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