Mark Cuban is the American dream. He owns an NBA team, has billions in the bank and never stops hustling.  He could very easily fall off the grid and live the rest of his life on a remote island (see: Necker). But instead, he continues to be an incredible influencer in the entrepreneurship space and one of the world’s most savvy businessmen. We could also benefit from taking a page out of his book.

Learn your industry like the back of your hand.

“Sweat equity is the most valuable equity there is. Know your business and industry better than anyone else in the world. Love what you do or don’t do it.”

Every small business owner knows that you have to be willing to put in the hours. While sales are important so is ongoing industry education. You need to be on top of new trends and changes or your competitors will leave you in their dust.

[Tweet “”Sweat equity is the most valuable equity there is.” -@mcuban”]

Give it your all (or forget it).

“Don’t start a company unless it’s an obsession and something you love. If you have an exit strategy, it’s not an obsession.”

Starting a small business is not for the faint of heart. If you’re willing to give up the stability of your 9 – 5 to venture out on your own, you better be darn sure you love what you’re doing or get out fast.

Believe in your idea (and find the data to back it up).

“What I’ve learned is that if you really want to be successful at something, you’ll find that you put the time in. You won’t just ask somebody if it’s a good idea, you’ll go figure out if it’s a good idea.”

Anyone can have an idea they’re thrilled about but very few can or will execute on it. If you’re willing to take the plunge, you need to be able to back up your claims and your value proposition with data. So continue your industry education constantly and be hyper-aware of changes in the market.

Preparation > Luck (every time)

“If you’re prepared and you know what it takes, it’s not a risk. You just have to figure out how to get there. There is always a way to get there.”

You make your own luck. If you think that good fortune is going to carry you to Mark Cuban status, you’re sorely mistaken. Mark Cuban didn’t sit around crossing his fingers that one day he’d own the Mavericks. He spent years grinding and preparing for his next meeting and look where it got him.

[Tweet “”If you’re prepared and you know what it takes, it’s not a risk.” – @mcuban”]

Never stop working toward a sale.

“I still work hard to know my business. I’m continuously looking for ways to improve all my companies, and I’m always selling. Always.”

You never know who could be your next partner, investor or customer so you need to be on your A game at all times. This is not to say you need to act like a cheesy car salesman or shove your business card in a stranger’s face. This means you should be actively listening and engaging people in conversations about themselves and their businesses — and if you stumble upon a prospect with a problem you can solve, you’ve already started building a trustworthy relationship.

[Tweet “”I’m continuously looking for ways to improve all my companies, and I’m always selling. Always.””]

Figure out your unique value proposition.

“When you’ve got 10,000 people trying to do the same thing, why would you want to be number 10,001?”

If you don’t know what makes your business better than your competitors, you’re in for a rude awakening. Above all, you must understand your target market and have fine tuned buyer personas before diving into any marketing or sales strategy. You can’t be everything to everyone so figure out where you fit and own it.

[Tweet “”When you’ve got 10,000 people trying to do the same thing, why would you want to be number 10,001?””]

Be more than a vendor.

“It is so much easier to be nice, to be respectful, to put yourself in your customers’ shoes and try to understand how you might help them before they ask for help, than it is to try to mend a broken customer relationship.”

If you treat your customers like a number, they’re going to treat you like a vendor. Personalize the customer journey and make sure each and every client (no matter how small their impact on your bottom line may be) gets individual attention and service. The time needed to repair a damaged relationship is so much greater than time needed to check in on existing, happy customers.

It all comes down to work ethic.

“It’s not about money or connections–it’s the willingness to outwork and outlearn everyone…And if it fails, you learn from what happened and do a better job next time.”

This one speaks for itself, and Mark Cuban is the perfect example of this philosophy. No matter how great your idea may be or how relevant your product is to the market, the person who works the hardest will be the most successful. There will always be someone gunning for your customers or infiltrating your industry so you better believe that it will come down to work ethic in the end.

[Tweet “”It’s not about money or connections–it’s the willingness to outwork and outlearn everyone.””]