12 Rules for Startups by Mark Cuban

12 Rules for Startups by Mark Cuban

What follows is an edited part extracted from ‘How to Win’ by Mark Cuban written in Sport of Business: If I Can Do It, You Can Do It. Most of us set up their own rules and guidelines while creating a company and so has Mark. Mark is a business man and investor, he is probably most known from his appearance on the Shark Tank. His rules are not only for company founders but also for everyone who is thinking about (or already has) joining a startup company.

1. Don’t start a company unless it’s an obsession and something you love.

 

Mark Cuban's 12 Rules for Startups

 

2. If you have an exit strategy, it’s not an obsession.

3. Hire people who you think will love working there.

4. Sales Cure All. Know your sales and marketing channels and measure closely, know your most loyal users and know your pipeline and your sales processes.

5. Know your core competencies and focus on being great at them. Concentrate on the tasks and people that make up your core competencies. Get the best! All that lies outside of your core competencies must be there and a fit, but should not be the strongest part.

6. Lunch is a chance to get out of the office and talk. Use all of your day to build your company, get feedback or opinions and connect with your team.

7. No offices. As noisy as they may be, open office will help you communicate and stay in tune. Marketing will know the struggles development is having and vice versa. It will be easier to relate to one another and to cheer each other up. There is no room for privacy.

8. As far as technology, go with what you know. In a startup there will be only a few employees, let everybody use what they know.

9. Keep the organization flat. You don’t need managers reporting to managers, what you need now is to have everybody on board, participating with effort and ideas. Once your venture grows, a structure will come naturally. Don’t create politics and information gaps from the start.

10. Never buy swag. Learn how to spend your money wisely.

11. Never hire a PR firm. Do your PR yourself. Whenever you read something you like and think your project could be of interest, connect with the writer. Introduce yourself and speak about your field or work.

12. Make the job fun for employees. You should want to come to the office every morning and so should everybody else on your team. Make it fun to work with you and on the project! Keep stress level acceptable and reward accomplishments! In our office, whenever a sale is made you will hear the sales guy ring a little bell and you will see him or her get up, head held high, and write the new sales figures on the board next to his/her name. The bell can be heard throughout the whole office and will be answered by applause and loud cheers. It’s fun to make a sale! Everybody wants to get one a day!

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