In the business world, there is no magical key to success. Working hard does not guarantee success as luck plays a significant role in determining the outcome. However, Mark Cuban’s blog post highlights key points which he feels are some of the main factors in bringing about success in business. Mark Cuban, a billionaire and the owner of the Dallas Mavericks, offers an interesting piece of insight from someone who has succeeded in the business world.
Personally, the idea that resonated strongly with me in Cuban’s blog is No.3 : Know as much as you can about technology. According to Cuban, new technologies can spark massive change, and where there is massive change, there exists the potential for massive profit. Looking back on the most successful entrepreneurs of the 20th and 21st century, there is a clear correlation between disruptive innovations and colossal profits. Microsoft and Apple being the most obvious examples of this phenomenon, there is also Ford and Facebook, changing the field of transportation and communication, respectively.
Although technology is an ever expanding industry, it is also a highly volatile one. Technologies shift so rapidly that some companies don’t even last a decade, even after turning in large revenues for years.
Picture showing declining Revenue for Myspace.
Image: http://www.businessinsider.com/chart-of-the-day-myspaces-revenue-collapse-2011-3