Starting a business is no easy feat. With competition everywhere and the constant threat of someone taking your idea and doing it better, it's crucial to be prepared and willing to put in the effort to succeed. But what is the number one reason why people fail in business? According to entrepreneur Mark Cuban, it's a lack of effort and brains.
"The number one reason why people fail is the lack of brains and effort. They don't do the work, they don't learn, and they don't know enough about their industry or business."
Cuban, known for his success in the tech and sports industries, believes that many people who fail in business simply don't do the work or take the time to learn more about their industry. In an interview, he explained that when you start a business, you're never in a vacuum with no competition. Unless you're extremely lucky, there will be others who know your business just as well as you do. If you don't know more about your industry and your customers than your competitors, you're going to lose.
"To succeed in a competitive environment, you must work like someone is spending 24 hours trying to take it all away from you. You have to be willing to outwork, outsmart, and outprepare everyone else."
This is where effort and brains come in. Cuban stresses that in order to succeed in business, you need to be willing to put in the effort to learn more about your industry than anyone else. You need to be the expert in your field, and that takes hard work and dedication. It's not enough to have a good idea; you need to know how to execute it and make it successful.
Cuban also emphasizes the importance of having the right skill set and knowing how to use it. He believes that some people are born with a natural inclination towards business, just as some are born with athletic or artistic talents. However, he also acknowledges that with hard work and determination, anyone can succeed in business.
"Entrepreneurs are either born or built, but regardless of their natural abilities, they must combine their skill set with hard work, discipline, and preparation to have the best chance of success."
Ultimately, Cuban's advice boils down to this: treat your business as if someone is trying to take it all away from you. Work harder than anyone else, be better prepared, and be a better salesperson. If you don't, someone else will. Starting a business is not for the faint of heart, but with the right mindset and a willingness to put in the effort and brains, anyone can succeed.