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Entrepreneurship

In: Business and Management

Submitted By shanetelmah
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Entrepreneur Profile Paper

I. Background/Path to Success
Mark Cuban was one who, at an early age, knew where he wanted to go. Since the age of 12, Cuban found various ways on how to make money. Cuban’s father, Norton, made over cars for a living whereas his grandfather sold merchandise from this trunk to make ends meet and feed the family. Cuban caught on to the little things that could help make him money and realized that strong will to achieve and hard work truly pays off. His path to success began with him selling sets of garbage bags to satisfy his wants. Once entering high school he began moving on to stamps and coins. Once Cuban got the hang of how business operates he then applied his knowledge in class. Cuban advanced to classes at the University of Pittsburgh his junior year of high school where he studied psychology. His open mind and willingness to learn allowed him opportunity to skip his senior year in high school and attend college full time. Cuban’s journey through college included side jobs such as being a dance instructor and hosting parties. This drive within Cuban was a foundation made for him that would lead him to becoming successful. ("Mark Cuban Biography - Facts, Birthday, Life Story - Biography.com", n.d.). II. Business/es Established
Cuban began a consulting business called MicroSolutions; at this firm he offered his knowledge for technical support to those who seek it. This business was started after gaining experience from previous work done at a software retail business. MicroSolutions business structure was that of a software reseller and system integration company, it sold products like CompuServe, Carbon Copy, and Lotus Notes ("Investing value," 2009). MicroSolutions was a start-up business for Cuban that earned him $6 Million after selling to CompuServe in 1990. Another business Cuban started was called broadcast.com, this business broadcasted sports and television shows for its viewers. This was started with his friend and partner in the business, Todd Wagner. This business also sold for a healthy $6 Million to the internet company Yahoo. Cuban is currently the owner of the Dallas Mavericks. With the earnings from previous endeavors the Mavericks were purchased from Ross Perot for $285 Million. III. Business Philosophy

Cuban took small things like selling packs of garbage bags and stamps and advancing to jobs like selling software to lay the foundation for dedication and strong will to change the current situation. In Mark Cuban’s book How to Win at the Sport of Business it states “Always ask yourself how someone could preempt your products or service. How can they put you out of business? Is it price? Is it service? Is it ease of use? No product is perfect and if there are good competitors in your market, they will figure out how to abuse you. It’s always better if you are honest with yourself and anticipate where the problems will come from” (Cuban, 2011). This approach gives an entrepreneur time to scope the competition as well as reevaluate the goods and services it provides. Cuban takes a different approach when it comes to management skills. Cuban acknowledges the importance of time management, getting fun out of work, managing fears and letting your passion shine through ("Success, Mark Cuban Style | Selling Power Magazine - V27N4 | SellingPower", n.d.). These skills are very important as an entrepreneur; they can work to an advantage or cause the business to fail. Time management is the most important management skill to have when owing a business because the goods or service you provide depends on it. Cuban likes to make work fun from the time he began working at the age of 12 until now. Cuban’s goal in making work fun is allowing the job not to bring any stress to you. The owner of the Dallas Mavericks enjoys his title and acts as just another fan; this relaxed approach gets the players comfortable seeing the boss in the stands which results in better productivity. Before becoming the owner of the mavericks the wins were at 40% with losses totaling 60% of time; after Cuban, the mavericks winning percentage increased to 69% while there losses decreased. With this major accomplishment, Cuban’s skills as a visionary showcase the potential that can be found in venturing into any business that fit the entrepreneur. A skilled visionary harvests a different aspect in business, marketing, and or everyday living which in turn can be the pathway to success. What a person sees is contingent upon what they do or become. Cuban is a prime example of turning lemons into lemonade and the success that had incurred speaks volumes about his diligence, efforts, and work ethic. IV. Leadership Style

Cuban’s leadership style would be more of a laid back approach within being an innovator and achiever. Cuban’s numerous achievements that came from nothing are impressive and speak volumes about his character. The knack for studying all there is to know about a particular subject or issue and come up with a resolve for the problem which turns out bringing in a profit says that Cuban is not afraid to take risk to bring in business. When Cuban worked for the computer company Your Business, there were no skills that Cuban could show through sales. Once time was taken to read through each of the software manual Cuban appeared to be more knowledgeable about the product; it worked out for Cuban which gave customers a sense of comfort with someone who knew all about the product and could aid in making the right decision in what to purchase. The achiever side says that Cuban is a go getter despite different struggles along the way. One obstacle is just a stepping stone to another level that will push one into the greater that is trying to be obtained. An achiever will stop at nothing to create a way to becoming successful.

V. Lasting Lessons
A few things that can be learned from Mark Cuban is even though, hard work is inevitable, always fine the fun side to working. With that being said, Mark Cuban never let challenges stand in the way of becoming successful. A lasting lesson that the business world can take from Mark Cuban would be to learn your competition as well as know all there is to know about your business. Having the upper hand on all the information on what the competition is doing will always force one to become better in its business. This focus allows a company to be proactive in creating different methods that will increase profit and benefit business verses being reactive after damage has already been done. These lessons are important because it not only teaches how to be a winner in this economy but it gives unique value to the product or service a person’s business is providing.

References

Cuban, M. (2011). How to win at the sport of business: If I can do it, you can do it. New York City, New York: Diversion Books.
Investing value. (2009). Retrieved from http://www.investingvalue.com/investment- leaders/mark-Cuban/index.htm
Mark Cuban Biography - Facts, Birthday, Life Story - Biography.com. (n.d.). Famous Biographies & TV Shows - Biography.com. Retrieved from http://www.biography.com/people/mark-cuban-562656
Success, Mark Cuban Style | Selling Power Magazine - V27N4 | SellingPower. (n.d.). Selling Power | Solutions for Sales Management | SellingPower.com. Retrieved from http://www.sellingpower.com/content/article/?i=1209&ia=7501

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