Mark Cuban’s 12 Rules for Startups viaEntrepreneur
My top 5 favorites :
Rule 05: Know your core competencies and focus on being great at them
Rule 12: Make the job fun for employees
Rule 09: Keep the organization flat
Rule 01: Don’t start a company unless it’s an obsession and something you love
Rule 02: If you have an exit strategy, it’s not an obsession.
The last two echo Jeff Bezo’s comment to Peter Diamandis on mercenaries and missionaries:”It’s so hard to catch something that everybody already knows is hot. Instead, position yourself and wait for the wave to come to you. So then you ask, Position myself where? Position yourself with something that captures your curiosity, something that you’re missionary about.
I tell people that when we acquire companies, I’m always trying to figure out: Is this person who leads this company a missionary or a mercenary? The missionary is building the product and building the service because they love the customer, because they love the product, because they love the service. The mercenary is building the product or service so that they can flip the company and make money.
One of the great paradoxes is that the missionaries end up making more money than the mercenaries anyway. And so pick something that you are passionate about, that’s my number one piece of advice.”