In his book ‘How to Win at the Sport of Business,’ Mark Cuban has made a detailed analysis of the processes he has used in becoming a multi-billionaire. Reading his book proves to be a perfect training session on how one can achieve exceptional success in business. The author has used a new strategy, which is quite simple and practical because it highlights the significance of saving the maximum until one is ready, to begin with, a business. The best part of his strategy is that there is no need to be dependent on bank loans.
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The message that reverberates across the entire book is about the extreme importance of cash, which, according to the author, is the best way to finance one’s business (Cuban 7). It is quite normal that when people think of establishing a business or to expand on an existing one, they mostly try to find ways of getting funding from investors or banks, but the author holds that majority of such businesses fail within the first year of their commencement.
I agree with Cuban when he asserts that one should live like a student that does not need to create an impressive impact on others by flaunting things such as clothes, elegant accessories, and other expensive belongings. The best way to establish and run a business successfully is to rely on one’s savings, which can be generated over a little time. Being strong and flexible are the necessary conditions to succeed in a business, which is possible only if one imbibes the true spirit of sportsmanship.
I was much amazed to learn the rags to riches story of the author, and I admire his initiative in sharing his knowledge and experiences, relative to what made him achieve such remarkable success in business. He has put forth unusual ways in which a thriving business can be established and run successfully. I learned a great deal from Cuban about the role of the customer and his/her satisfaction, without which a business can never succeed. This, in turn, depends on how one goes about selling the product or service.
The idea is always to remain self-motivated and to abide with some well-established rules and criteria that motivate customers to become loyal in repeatedly purchasing the product. I learned that it is extremely important to imbibe selling skills because while doing business, one is always involved in the process of selling to different entities such as potential customers, employees, and investors.
The idea that should always remain ingrained in mind is that to succeed in the business it is very important to imagine oneself in the position of the potential customer and to think and act while keeping the customer’s perceptions and aspirations in mind. The objective should be to resolve the issues faced by the customer.
Cuban has argued that to attract customers, it is very important to have loyal customers, which is possible only if they get higher satisfaction in comparison with competing products. This idea made me learn that adopting strategies of giving greater value to customers ensures that they will return as repeat customers. I also realized that every human being has the aspiration to win in life, but this is possible only if one has the will to make preparations and strategies to achieve targets.
Unless a concrete plan of action is made in achieving one’s goals, the plan will fizzle out. Customers are the means through which a business expands, and they are best served by finding appropriate solutions to their problems. But it is not wise to rely on them entirely while creating a future strategy for the business because this aspect entirely depends on one’s capabilities in framing goals and executing plans. It is very important to acquire skills and experience in the business in question.
It is imperative to become an expert in one’s field because, in business, it is survival of the fittest. By making efforts in the right direction, one can benefit by being ahead in the race. Hard work is good but more important is to set objectives and to evaluate the results at different stages and to change then strategies that appear positive in leading the business towards success. The main focus has to be on getting things done and providing the client with what he wants.
To succeed in business, it is important to have an attitude of consistently expanding sales and improving the satisfaction levels of customers. The most important lesson from the book is that there is no point in pondering over or regretting failures; one only needs to go on in pursuing the objective and to change strategies until the right one is achieved.
Cuban, Mark. How to Win at the Sport of Business: If I Can Do It, You Can Do It. Boston: Diversion Books. 2013. Print.