The philosophy of successful people is often easy to understand. The more I look at how successful people got that way, the more I realize how straightforward they think. For example, consider these comments from Mark Cuban, billionaire, mercurial owner of the Dallas Mavericks, and star of the reality TV series The Benefactor.
When asked the key to recognizing opportunity, he sites doing one’s homework as the most important factor.
“The hard part is doing the homework to know if the idea could work in an industry?” he says. “Then doing the preparation to be able to execute on the idea?”
He admits that he does not have original ideas. He combines existing ideas in unique ways that no one else is doing. Of course, he knows no one is doing it because he has thoroughly studied his industry.
He says that the characteristics of an entrepreneur are willingness to learn, focus, ability to absorb information, and no illusions about competitors’ desire to overtake you. Cuban says that when he set the goal to retire at 35, he studied everything he could find about business and the industries that interested him. He actually considered any job as a paid opportunity to learn more about a business.
He advises young entrepreneurs to learn as much about their businesses as possible and never take shortcuts.
Over and over again, he emphasises homework, superior knowledge, the drive to learn, and the need to get to work.
Nothing complicated in this philosophy, is there?
Anyone could adopt his ideas and do well at anything.
Regardless of your dream, if you do your homework, you greatly enhance your odds of success.
Do yourself a favour. Do your homework. It’s simple and insures success. And you can be your own benefactor.
— Tony Papajohn
