TIP051-mark-cuban

Executive Summary

 

This article provides an overview of Preston and Stig’s discussion of billionaire Mark Cuban’s book, How to Win at the Sport of Business. If you want to read our executive summary of, this book, view this page instead. If you would like to download all of our book summaries, click here.
This article and podcast answers the following questions:

  • Who is Mark Cuban and what is his book “How to Win at the Sport of Business” about?
  • How do you become as successful as Mark Cuban in business?
  • Ask The Investors: How I protect myself from Hyperinflation?

Who is Mark Cuban and what is his book “How to Win at the Sport of Business” about?

Mark Cuban, most famous as the “Shark” in “Shark Tank” is an American billionaire investor, businessman, owner of Dallas Mavericks, Magnolia Pictures and Landmark Theatres. He is also the chairman of HDTV Cable Network and AXS TV. His book, “How to Win at the Sport of Business” is a collection of his very own blog posts he had published a while ago. Although the contents seem a little scattered, it’s an influential book written in a blunt manner that teaches you how to succeed at business.

How do you become as successful as Mark Cuban in business?

Once can count many reasons that aided Mark Cuban to succeed in business. However, the most important trait was his entrepreneurial spirit that took him places. For instance, even when Mark was just a teenager, he owned a bar that raked in money! Once that was shut down, he began working as a bartender. Later, his job at the “Your business software” in Dallas, Texas, taught him quite a bit about computers. Although he was fired unexpectedly, especially because Mark thought that it was more important to cater to a client more than anything, he bounced back and started his own business.

Mark’s company, MicroSolutions, was bought by CompuServe after it did extremely well. With $2M in his pocket at a very young age, Mark was making money even though he didn’t have a lot of experience in computers. He attributes his success to his reading habit. Mark, a voracious reader, says that he is hungry for knowledge and is surprised that people rarely use the knowledge that’s readily available. Even during his job, he survived as a newcomer only because he spent hours poring over the computer manuals. This gave him an edge over his colleagues and he was easily able to climb the ladder due to his knowledge. A book, which is definitely cheap, will give you a reserve of knowledge and wisdom that unarguably lasts a lifetime.

In addition, Mark’s ingenious tactics in business helped him steer ahead. For instance, he formed a company called AudioNet that would broadcast live games from different colleges over the internet. This was never done before and Mark succeeded in that venture too. Apart from that, Mark says that in order to succeed in business, you need to be a good salesperson since that’s never going to go out of fashion. No matter where you are and what you do, your sales skills will help you add value and make money in any business.

Ask The Investors: How I protect myself from Hyperinflation?

When you talk about hyperinflation, the most prominent example would be Germany because of the disaster it suffered in the 1920s. As WWI ended, Germany struggled with enormous war reparations that cost huge amounts of money, thereby forcing them to print more money. If you look at all the countries that underwent hyperinflation, it’s easy to understand that the common factor was the country’s debt that pushed them into such circumstances. That said, the current scenario in the US indicates for the investors that it’s nowhere near hyperinflation, although the country is indebted.

In order to protect yourself against hyperinflation, you can look into asset classes such as TIPS (inflation proof bonds), real estate, oil and gold, and stocks. Stocks aren’t entirely protective against inflation, but it can help to a certain extent. However, with the current monetary situation, the investors does not look to protect themselves from hyperinflation. doesn’t make sense to pay a premium to protect yourself against hyperinflation, so it’s not really necessary.

Books and resources mentioned in this episode

Mark Cuban’s book, How to Win at the Sport of Business – Read reviews of this book.

Joe Girard’s book, How to Sell Anything – Read reviews of this book.

Robert Cialdini’s book, Infuence – Read reviews of this book.

Nassim Taleb’s book, The Black Swan – Read reviews of this book.

Cullen Roche’s whitepaper on, Modern Monetary Policy

Mark Cuban’s Blog, BlogMaverick.com

Videos that Support this Podcast

Mark Cuban: How I Became a Billionaire

Cuban on Investing: Diversification Is for Idiots


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