Ideas & Industry

more Mark Cuban

YM: What is the key to recognizing a profitable business opportunity?

CUBAN: Knowing the industry very well. Most people think it’s all about the idea. It’s not.  EVERYONE has ideas. The hard part is doing the homework to know if the idea could work in an industry, then doing the preparation to be able to execute on the idea.

YM: What personal characteristics should a person possess in order to become a successful entrepreneur?

CUBAN: Willingness to learn, to be able to focus, to absorb information, and to always realize that business is a 24 x 7 job where someone is always out there to kick your ass.

[ ]  YM: Do you consider yourself an innovator? Why?

CUBAN: No. I don’t really have new ideas, but I manage to combine information in ways most people hadn’t considered. They aren’t new ideas, it’s just that most people don’t do their homework about their businesses and industry, so there is usually a place to sneak in and do something a little different. You just have to make sure what you want to do can sustain a business and make it profitable rather than be a niche that can be crushed [by the competition].

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