How to Win at the Sport of Business by Mark Cuban

Main Idea:

Embrace slow, organic growth, as it’s much more stable and profitable in the long term. Fall in love with sales and make sure your product has a simple & effortless user experience (the path of least resistance).

Lessons & Notes:

Be content with slow organic growth.

“Business happens over years and years. Value is measured in the total upside of a business relationship, not by how much you squeezed out in any one deal.”

Don’t settle for ordinary employees.

Hire people who are passionate and inspired to move the company forward, not just get paid, do average work, and go home.

If your team doesn’t love what your company does, they will struggle to do all the hard work that is upon them.

Don’t concern yourself about cashing out on your passion too early.

“The sport of business is the ultimate competition. It’s 7 × 24 × 365 × forever.”

Follow the opportunities

Solve problems first, you can revisit your passions later.

Don’t take on new battles until you win the battles you are in right now.

Focus on ONE thing only. Don’t drown in opportunity.

“You only have to be right once.”

The worst day of your life is the day you decide to borrow money.

Great companies such as Apple, Microsoft, and dell started without investors.

Venture investors aka vulture investors – when you sell a portion of your business to them, they gain control of it, thus taking control of you.

Investors could care less about your goals. They love that you have ambitions and are motivated by them. But the reality is, Investors only care about how they are going to get a return on their investment.

Investors care about making money but your family cares about your dreams.

“It would have been easy to judge effort by how many hours a day passed while I was at work. That’s the worst way to measure effort. Effort is measured by setting goals and getting results.”

Your customers own your business – without them, your business wouldn’t exist.

Even when he was already a billionaire, Mark Cuban still kept responding to customer feedback and complaints personally,

You foresee your future by inventing it.

Your customers are a great resource for feedback. Listen to them, they have the answers.

“Your biggest enemies are your bills, the more you owe the more you stress”

Convenience is what pays the bills. Create a product or service is simple and easily accessible. Customers want the path of least resistance.

Don’t sell your service or product. Educate instead and solve their problems.

Majority of people won’t put in the effort or time to acquire a knowledge advantage.

“Relaxing is for the other guy. I may be sitting in front of the TV, but I’m not watching it unless I think there is something I can learn from it. I’m thinking about things I can use in my business and the TV is just there.”

If you want to get your first customer, deliver your product or service for free at first – mark calls this the “no money down approach” to starting a business.

Master the art of selling. In business and life, you’re always selling – to your prospects, employees, investors, friends, & associates.

Put yourself in your customer’s shoes.

Customers want to see that you have other customers.

“As I would learn later in life, money makes you extremely handsome.”

Invest in yourself. Become an expert in whatever you’re doing. It will give you a major advantage because most people neglect this.

Don’t get caught up in how many hours you work. The only thing that matters is your results. You could “work” but not have anything to show for it.

Like this book — How to Win at the Sport of Business?

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https://mobrains.com/how-to-win-at-the-sport-of-business/

My notes are informal and often contain quotes, key nuggets, and personalized thoughts from the book. When I come across an interesting idea or concept while reading, I save it in my notes for future reference and reflection. If you find a book’s notes appealing, I highly recommend reading the whole book to get much more context and insight. My notes are not meant to substitute the book. 

Fixed mindset: I can’t do it.

Growth mindset: I can’t do it… yet.

Parents should teach their children to embrace challenges, make mistakes, and enjoy learning.

A sociologist named Benjamin Barber said “I don’t divide the world into the weak and the strong, or the successes and the failures…. I divide the world into the learners and non-learners.”

More and more research is showing that much of personality is bendable, dynamic, and evolves over the lifespan and is molded by the experience.

“Why waste time proving over and over how great you are, when you could be getting better? Why hide deficiencies instead of overcoming them? Why look for friends or partners who will just shore up your self-esteem instead of ones who will also challenge you to grow? And why seek out the tried and true, instead of experiences that will stretch you? The passion for stretching yourself and sticking to it, even (or especially) when it’s not going well, is the hallmark of the growth mindset. This is the mindset that

Teaching is an incredible way to learn.

Seeking challenges & trials is a part of the growth mindset.

When you have a fixed mindset, you’re concerned about how you’ll be judged.

An individual with a fixed mindset believes common characteristics such as personality, talent, creativity, and intellect, are qualities that are carved in stone, they can’t be developed.

Fixed mindset: Who you are is who you are.

Fixed mindset: Only smart or talented people prosper.

Growth mindset: I can become smarter. I can stretch myself to learn something new.

When you have a growth mindset, the only thing you’re worried about is improving.

“Becoming is better than being”

With the fixed mindset, everything is about the outcome; If you fail, it’s means you wasted your time.

“Picture your brain forming new connections as you meet the challenge and learn. Keep on going.” –

At the University of Hong Kong, where courses are taught in English, some students were asked if they would be interested in taking a free course to improve their English skills if the school provided one. Those with a fixed mindset weren’t interested, but those with a growth mindset were totally interested.

If you or your company cannot self-correct, you cannot succeed.

Does your mindset have any effect on significant life decisions? Ex. marriage, health, career, education

People with the growth mindset know that they need to play the long game; it takes time for potential to blossom.

In one of Carol’s studies, they offered four-year-old kids a choice: They could reassemble an easy jigsaw puzzle they’ve already assembled once or they could try a harder one. Kids with the fixed mindset chose the safe route and wanted to redo the puzzle.
The kids with the growth mindset welcomed the harder puzzle; they found the safer puzzle to be boring. The fixed-mindset kids believed those who are born smart “don’t make mistakes.”

How you view yourself is how you lead your life.

The growth mindset allows people to relish what they’re doing —regardless of difficulties and setbacks.

“The whole point of marriage is to encourage your partner’s development and have them encourage yours.”

“Choosing a partner is choosing a set of problems. There are no problem-free candidates.”

Praise kids for their effort. Don’t praise them for their intelligence. It damages their motivation and makes them question themselves. They begin to fear difficulty because they begin associating failure with stupidity.

“In a growth mindset, challenges are exciting rather than threatening. So rather than thinking, oh, I’m going to reveal my weaknesses, you say, wow, here’s a chance to grow.” – Carol S. Dweck

Don’t seek out the tried and true, instead seek out the uncomfortable and the unfamiliar.

Test scores don’t tell you where a student will end up… They only indicate what a student’s current aptitudes and skills are

Test Scores don’t tell the whole story, they can’t test for resilience, experience, character, effort, and emotional intelligence

“For twenty years, my research has shown that the view you adopt for yourself profoundly affects the way you lead your life. It can determine whether you become the person you want to be and whether you accomplish the things you value.” – Carol S. Dweck

Putting in the effort at the end of the day is what matters. It means you care about improving. As long as you’re willing to work for it, you have a growth mindset.

Everyone can mature and develop their talents, interests, & aptitudes by learning and applying that knowledge.

You control your mind. You can manifest your destiny by using your brain in the right way.

“Did I win? Did I lose? Those are the wrong questions. The correct question is: Did I make my best effort?” If so, he says, “You may be outscored but you will never lose.” – Carol S. Dweck

With the growth mindset, you value process and effort, regardless of the outcome.

Buy the Book: Mindset by Carol Dweck

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Relentless by Tim Grover

My notes are informal and often contain quotes, key nuggets, and personalized thoughts from the book. When I come across an interesting idea or concept while reading, I save it in my notes for future reference and reflection. If you find a book’s notes appealing, I highly recommend reading the whole book to get much more context and insight. My notes are not meant to substitute the book.

Tim Grover, the author of Relentless, trained Michael Jordan, Kobe Bryant, Dwyane Wade to get to the top of their game – and most importantly, stay at the top.

Three types of competitors—Coolers, Closers, and Cleaners

The cooler = Good

The closer = Great

The cleaner = Unstoppable

Coolers let others dictate whether they’ve done well; they do the job and await your approval.

Closers feel successful and celebrate when they get the job done.

Cleaners don’t celebrate their achievements and never feel as if they’ve attained success because they know there’s always more to learn and do.

When a Cooler makes a mistake, he’ll make a list of excuses.

When a Closer makes a mistake, he finds ways to blame other people.

When a Cleaner makes a mistake, he has no problem admitting he screwed up and will look you directly in the eye and say, ‘I fucked up.’”

While the other guy is sleeping, the cleaner is working.

While the other guy is eating, the cleaner is working.

While the other guy is taking a break, the cleaner is working.

While the other guy is working, the cleaner is working.

There’s no such thing as competition. You only compete with yourself.

Find your opponent’s weaknesses and attack.

There’s no such thing as failure; you learned what not to do because you know there’s more than one way to get what you want.

The relentless feel no pressure when they screw up and have no problem admitting when they’re wrong.

Society has molded us and trained us to act like a bunch of 5-year-olds.

The relentless make decisions, not suggestions; while everyone is still asking questions, you already know the answer.

Know exactly who you are.

Demand more of yourself than anyone else could ever demand of you

The relentless are not intimidated by pressure, they thrive on it.

Know that every time you stop, you can still do more.

“After every game, I used to ask Michael one question: Five, six, or seven? As in, what time are we hitting the gym tomorrow morning?”

We’ve become soft as a society. Anything that demands a bit of work and discipline is too hard for most these days.

“The minute your mind thinks, “Done,” your instincts say, “Next.”

Self-awareness is the single most important skill to possess.

There’s no such thing as “offseason.”

“Believe me, if you really want to know what someone is made of, watch them go through sugar detox. This isn’t a ‘low carb’ diet or Atkins knockoff; we’re talking zero sugars. And since most people have no idea how much sugar is hiding in most foods, I give them a written guideline of what they can and can’t eat, with a warning that says, You’ll know the program is working when you get a headache right behind one eye and you want to throw up.’ Within the first two days, they twitch, get hot and cold sweats, terrible gas, crazy thirst, and then they get shakes that only heroin and cocaine addicts can understand. I’m taking every ounce of sugar out of your body for ten days. After two horrible days, it starts getting better. And if you cheat, I’ll know.”

You don’t have to love you do. You just need to have faith that everything will pan out in the end.

Showing up is half the battle.

Push yourself harder when everyone else has had enough.

Fuck “try.”

Most of the people who ask for advice are not really looking for the truth. They’re looking for the easy answer – not the blunt advice that goes against what they want.

“Think, don’t overthink. Prepare, don’t over-analyze. Trust your intuition, Instinctive, not impulsive. Quick, not hurried.”

Everyone has the ability to be unstoppable.

You can’t be concerned about what others think of you if you want to be the best.

Failure is never an option even if it takes forever to reach your ultimate goal.

“In order to have what you really want, you must first be who you really are.”

Clutch (Closer) is about the last minute.

Relentless (Cleaner) is about every minute.

“Anyone can start something; very few people can finish.”

There are no shortcuts. No tricks. No hacks. No secrets.

“Do. The. Work. Every day, you have to do something you don’t want to do. Every day. Challenge yourself to be uncomfortable, push past the apathy and laziness and fear. Otherwise, the next day you’re going to have two things you don’t want to do, then three and four and five, and pretty soon, you can’t even get back to the first thing. And then all you can do is beat yourself up for the mess you’ve created, and now you’ve got a mental barrier to go along with the physical barriers.”

Every time you believe you can’t, you now must.

Without intense laser-like focus, you’ll fail every time.

You don’t have to love the work, but you do it anyway because you’re addicted to the results.

Wanting it is not enough.

Tell me your limit and I will show you how much more you can do!!

No test too great, too nerve-wracking, too risky, because you don’t fear failure.

No days off.

“When you’re great you trust your instincts. When you are unstoppable, your instincts trust you.”

Filling the gap between near-perfect and perfect is the difference between great and unstoppable.

Unsuccessful people always blame others, make excuses, and never get past limitations.

When you’re relentless you’re never on the defensive, you’re always looking to thrive, attack, and conquer.

Every minute is a high-pressure situation so always be alert and on your toes, as everything is always on the line.

Stop overthinking.

Anyone can start something. Only a few can finish.

“Get comfortable being uncomfortable.”

Don’t just “wing it” through life.

It’s better to be feared than liked.

Being buried under great pressure and stress is a good thing. Not everyone gets the opportunity to achieve extraordinary things.

Seek ways to compensate for your weaknesses.

From a coaching perspective – If I allow you to go at your own pace, you are never to going to get there.

Buy the Book: Relentless by Tim Grover

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The 4-Hour Workweek by Tim Ferriss

My notes are informal and often contain quotes, key nuggets, and personalized thoughts from the book. When I come across an interesting idea or concept while reading, I save it in my notes for future reference and reflection. If you find a book’s notes appealing, I highly recommend reading the whole book to get much more context and insight. My notes are not meant to substitute the book. 

“Timing is never right: Conditions are never perfect, someday is a disease that will take your dreams to the grave with you. “

“If it is important to you and you want to do it eventually just do it and correct course along the way.”

“The opposite of happiness is boredom.”

Ask for forgiveness, not permission.

What would you do if there was no way you could fail?

Realistic goals are lifeless.

Doing the unrealistic is easier than doing the realistic.

It’s lonely at the top.

99% of people in this the world are convinced they are incapable of achieving the impossible, so they aim for mediocre.

So, competition is fiercest for “realistic” goals.

Easier to raise $10M than $1M and easier to pick up the one “perfect 10” at the bar, than the 5 “8”s.

“There’s no difference between a pessimist who says — Oh it’s hopeless don’t bother doing anything — and an optimist who says — Everything’s fine – don’t bother doing anything. Either way, nothing happens.”

Don’t lose sight of your goals and fall into work for work’s sake.

“Fun things happen when you earn dollars, live on pesos, and compensate in rupees”

Speak slowly, makes you look dependable

Never check email first thing in the morning.

There are tons of things of which a man might wish to be ignorant.

“Am I inventing things to do, to avoid the important?”

Practice saying no to interruptions that don’t further your cause. Do not lie or make up excuses. Say, “I can’t, sorry, I have too much on my plate right now.”

Define a to-do list and a not-to-do list. Ask two major questions related to the 80/20 rule: What 20% of sources are triggering 80% of my problems? What 20% of sources are eliciting 80% of my happiness?

Compose your to-do list for the day the night before.

“If you wait until the last minute, it only takes a minute to do.”

“A man is rich in proportion to the number of things he can afford to let alone.”

Learning to ignore things is the key to inner harmony.

“Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking.”

“Wealth of information creates a poverty of attention.”

“Perfection is not when there is no more to add, but no more to take away.”

“People will choose unhappiness over uncertainty.”

Focus on results, not dedication.

“One does not accumulate but eliminate. It is not daily increase, but daily decrease. The height of cultivation always runs to simplicity.” – Bruce Lee

What 3 activities do you use to occupy time and create the feeling as though you have been productive?

Efficient – performing task, whether important or unimportant in the most thrifty way possible.

Effective – doing the things that matter and get you closer to your goals

Never automate something that can be eliminated and never delegate something that can be automated.

The 4-Hour Workweek — elimination first, automation second, delegation third.

Remote management and communication are the most critical skills.

If someone else can do it 80% as well as you, outsource it.

You can always do something cheaper yourself – that doesn’t mean you want to spend your time doing it.

“I am not a tollbooth through which anything needs to pass. I am more like a police officer on the side of the road, who can step in if need be, and I use detailed reports from outsourcers to ensure the cogs are moving as intended. I check bank accounts online twice a month to look for odd deductions.”

Tell your virtual employees: “Keep the customer happy. If it’s a problem that takes less than $100 to fix, use your judgment and fix it yourself. Fix these problems without contacting me. I am no longer your customer; my customers are your customer. Don’t ask me for permission. Do what you think is right, and we’ll make adjustments as we go along.”

“Things to outsource: cooking, cleaning, sending flowers or cards to wife, web research, all business time consuming tasks, travel & hotel options & cheap flights, weather forecast and analysis, stock market research, bookkeeping, accounting, website maintenance, updating database, analytics, seo, recruiting, invoices, payments, niche and industry analysis, new trends, news, online purchases, ordering groceries, monitoring or editing or publishing comments, scheduling, proofreading, editing, social media management, (design, content writing are few things that might be hard for a VA)”

“People can’t believe that most of the ultra-successful companies in the world do not manufacture their own products, answer their own phones, ship their own products, or service their own customers.”

Break the rules but don’t break the law.

When you completely define your fears, you’ll frequently find that they’re not nearly as bad as you thought. Rather, the likely “bad” outcomes would have a small effect on your life, but the “good” outcomes could massively benefit you (see Antifragile).

“The rest of the world is just as insecure as you are.”

People don’t buy what you do, they buy why you do it.

Being busy is a form of laziness. Busyness does not equal Business.

“Being overwhelmed is as unproductive as doing nothing, and far more unpleasant.”

Don’t work where you live, relax, or sleep. Separate your environments.

If you can’t govern, then confuse.

Create your ventures alone if you must, but don’t live your life alone. We are social creatures.

Surround yourself with positive people who have nothing to do with your work.

Many problems eventually disappear when ignored.

To make your life easier, charge a premium. You’ll end up attracting hassle-free clients.

Always validate your business ideas. Presell using A/B testing.

Buy the Book: The 4-Hour Workweek by Tim Ferriss

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