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Tuesday, March 10, 2009

Mark Cuban - my hero

In my entrepreneurship class during my MBA, we started off by introducing ourselves and then saying who our business hero was. I said Mark Cuban, because I wanted to ultimately own a sports team after I made it big. One girl in the class asked, "Isn't he that annoying guy?"

Well Cuban has a blog, and on that blog he's doing his own economic stimulus package. He's going to fund people who post comments on his blog that he sees fit. Check out the posting here, and take note of the "rules" he has.

Take note of rules #3 and #4:

3. It MUST BE CASH FLOW BREAK EVEN within 60 days
4. It must be profitable within 90 days.

Now I see why this guy is my hero. He follows the principle of be patient for growth and impatient for profit. Too many companies have the delusions of grandeur and want $50 million for a website with no business model (i.e. some way to make money).

Lesson to people looking to be an entrepreneur... Figure how to make a little profit. It'll go a long way towards getting funding.


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1 Comment:

Jason Cohen said...

Yes I completely agree with you, although it only makes sense at those time frames if you remove or heavily discount the value of your own time.

If, for example, you also need to be replacing $10k/month in salary, then although the IDEA is right, getting there within two months of starting is an unreasonable expectation.

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