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Jul 31, 2020
3 min read
Rules to Grow a Successful Business
Updated: Mar 25
During the Covid-19 period I have been indulging myself in watching Netflix (Who doesn’t?) but most particularly what I like to watch isn’t so much of Korea Drama (With this virus going around who needs anymore drama right..) but rather a reality show. So my friend introduced me to the a reality show in Netflix called “Shark Tank”, I’m not promoting this but if you are an entrepreneur or investors or businessman you have got to watch this.
So another reason why I watch “Shark Tank” is because of Mark Cuban. I have been obsessed with him since before the show and I read his successful stories from rags to riches. For those who don’t know Mark Cuban, he became a billionaire back in 1998 when he and Todd Wagner took their online audio streaming company Broadcast.com and made it public.
What I like about him is that he is frugal, humble and inspirational, but what inspires me most was that listening to him in the podcast saying, “What I’ve learned in these 11 years is you just got to stay focused and believe in yourself and trust you own ability and judgement.” His word never failed me. I have made a lot of decision in the past that I can say it’s a learning curve but hey you are always growing and learning EVERY.SINGLE.DAY.
I’m going to share with you some of the rules from Cuban that every entrepreneur needs to be aware of:
#1 Sales come first
No matter what business you are in, you have to be a salesperson
Sales cures everything, there has never been a company in the history of companies that has ever succeeded without sales. Anybody who has ever told you, “Don’t worry about sales you can grow it later,” They are lying to you.
You have to be able to sell and do you know who is the biggest salesperson in your company has to be? YOU.
#2 Selling is helping
“Selling is not convincing. Selling is helping,’ says Cuban.
The secret to being a great salesperson is getting to know your customer’s needs and problems and providing them a solution.
The whole concept of being a great salesperson is not about who can talk the fastest or who can talk the most nonsense, it about taking the time to understand the needs of the person you are selling to.
Because if you can’t create a benefit for them, if you can’t show them why your product is going to be better for them and their life than the other options out there or what they were doing before, you are not going to have a company.
#3 Don’t lie to yourself
Even though you have faith in your business, people aren’t going to buy from you automatically. You have to be honest with yourself both about your strengths and your weaknesses.
“All entrepreneurs lie to themselves. We all go through the same process. We tell ourselves: This is the best, everybody loves us, no one is going to not like our product.’ Of course that is not true. What I like to tell people is, ‘when you have a company, when you are an entrepreneur, you have to figure out how to kick you own a—before someone else does it for you.” - Cuban
You have to look at your own company and be brutally honest with yourself and say, ’What do we do well?” That’s great. But also be honest and say ‘What do we not do well? Where are our challenges? And then how can we improve them?”
Josephine L. is one of the Partner in Skillridge Partner. Born in Indonesia, raised and educated in Singapore, She is one of the co-founder of Skillridge Partner. She worked as an auditor/accounts after graduating from RMIT University in 2014. Her interest in connecting with people, bringing about ideas and improvement to businesses and living turns her passion to helping business owners and individuals to be financial literate.