Millionaire Reacts to Mark Cuban - The #1 Reason Why Most People Fail In Business

[Music] hey what's up everyone it's max so i'm trying something new today and today i'm gonna do a reaction video to another video and this video is mark cuban's the number one reason why most people fail in business and i haven't watched this video before so you're gonna watch the same time i'm watching i'm just gonna give you my live reaction any comments that i have after it so let's check it out out of all the reasons in the world now i've read your but you have the ten you know all these keys to success etc what would you say is the number one reason why people fail not necessarily why they make it the complete opposite right lack of brains lack of effort lack of breathing yeah they just they don't do the work they don't learn you know when you walk in the room when you start a business and you start to talk about somebody you're never in a vacuum with no competition you know unless you're just extremely lucky and if there's going to be competition that means somebody else knows your business as well as you do when you get started and if you walk into a competitive environment and they still know more about the business than you do and more about your customers you're going to lose and but most people don't consider that i i talk about this a lot it's like the lack of us obsession of what you're doing and if you're truly not obsessed and you come like this chemist of learning what you're trying to do then you're just not gonna be as good as the next person that is really nerding out about the thing now i'm not saying like nerd out to the point where you don't take action but you really gotta become obsessed with success work they don't learn more about their industry they don't know even about their business i mean and so you've got to put in the effort to know more about your industry than anybody else um and that's that's the brains part and that's the effort part and for me that is so true when it comes to real estate and wholesaling i learned more about this industry than a lot of people very quickly not just like how you do things but like really how can i solve people's problems you know if we mainly go after these type of people this type of people how do i find those people how do i find those problems that those people are having and dissect it like i learned the foreclosure procedure by heart where there was tax foreclosure deed foreclosure i learned how probate i learned it i read the boring text of the general state statute in order to understand how it works so i had a leg up on everybody else that was catching it you know three or four steps down the road i'm on step one and so he's 100 right as well because look if you're competing with me you better know what you're doing otherwise i'm gonna kick your ass exactly you know and you're not gonna outwork me and so you know the combination is usually what kills businesses early on more than anything you know alluding to earlier about entrepreneurs being born or built you know and i think there i knew i was wired to be excited about business how or why i don't know but you know and there's certain guys that have the genetics to jump out of the gym right for certain guys you know that you know when they golf they have the muscle memory and and the discipline you know dirk um the whiskey may not be the most talented guy in the nba but his discipline and his focus to do what's necessary to be successful he's willing to do and combine it with being seven feet tall and being skilled you know it makes him an amazing basketball player so it's it's understanding what your skill set is finding the right place to use those skills and then going for it you know so many people 50 grand like discipline pick the right industry but whatever industry you pick if you outwork everybody if you try to be a little smarter than everybody if you try to be a better sales person than everybody if you try to be better prepared than everybody you've got your best chance because if you don't do it and somebody else does you know i have the same work like someone's trying to take it all away from you you know work actually work like someone's spending 24 hours working 24 hours to take it all away from you and that's kind of the way i look at it and then for me that's so fact like i feel like every day somebody's coming to take my position take my crown take whatever it is that i possess or whatever i want and so for me it's like yeah you got to work harder than anybody else on top of that you've really got to be a chemist when it comes to it because one you're not gonna outwork me and two i'm gonna know this industry like the back of my hand to where you're gonna have to do a lot more than just outwork me you know i started my first business when i was 12. i was buying and selling um baseball cards buying and selling stamps anything i could do to make money i was hustling and trying to do so i was into business but i not so much where it was all my friends were into it with me so they wouldn't know baseball cards yeah baseball cards you name it i mean i grew up in pittsburgh and so i would probably even less than 12 years old i would go up buy a bunch of baseball cards that i collected and i would package i would say okay you're guaranteed to have a pittsburgh pirate in this package and i would charge three times as much and i'd set up on this park bench down in the park down in scott township where i grew up and um i'd have these little sales and it was great i made money and i mean it was you know and i learned as much about business when i was 9 10 and 12 as i i learned any other time let's transition to a different subject with college you went to iu yep right now you got a lot of people that uh say uh forget about school you know drop out of school there it is you think they're ready tell me why um if you're gonna have and run a business if you don't understand accounting you're already behind the eight ball can't you hire a guy that's that knows that i i disagree with that here as someone that basically did not go didn't i didn't go to college i barely graduated high school i don't believe college is a necessity um the streets can teach you a lot things much faster and the reality is most people come out of college with zero skills you can come out of college and not know anything about accounting still it's the real life practices i believe that that teaches you things uh yeah you may learn a few things but i've had people that work for me that i teach them things and they say college never ever taught me anything this and this is kind of what i graduated in and so no i don't i don't too much agree with that you're an idiot if you don't go to college um you're not looking at it they still have to communicate to you your account might tell you you're profitable but your cash is going down you know not understanding um the breakdown and and when you don't do you think you need college to learn that yeah i think you do right because it may not for some people look at i disagree you don't need college to learn that and you know it's you know obviously mark is successful in his own right but you do not need college to learn about accounting or if your things are going down there's many people that go to college and tell you they just don't learn and and college really teaches you how to be a good employee there's there's nothing that comes out of college that says you're going to be an entrepreneur ever even in your own business school if you're so self-motivated that you can take an online course in accounting and teach yourself everything you're way ahead of the game many ways but most people aren't i don't care if you go to a community college and take accounting and spend 99 bucks for the class just you know spending the money forces you to be more obligated to do it but accounting finance lesser extent marketing sales if the school offers that these are all that's the language of business and so while it's possible to teach yourself these things and while it's possible to hire them when you're starting your own company you don't want to have to spend money hiring an accountant well let me tell you about if you've gone through all these classes if i don't have to hire a lawyer to incorporate right you probably figure out yourself and so your cost of opening up a business drops but even more important and all that that's i don't care what college you go to and if you're in accounting if you don't you you should hire an attorney to start your business the correct way even if it's just paying an extra 500 bucks i mean yeah you can start your own llc for probably under 200 bucks any time but there's people who are professionally trained to do it and do it every day that's the blocking of tackling that's the language of business you know the thing i learned at indiana that was more important than anything else i learned how to learn and learning became far more important to me because the one certainty in business is that it's always going to be changing if you're not always learning if to this minute if if i'm not continuously learning if i'm not just absorbing as much as i can absorb someone else is going to kick my ass right so you talk about paranoia the greatest source of your paranoia should be knowledge if someone else knows more than you do and if you're not learning if you don't know the learner if you don't know how to learn if you don't have a thirst for learning and acquiring information you're you're sol so do you think like let's just say if we put 10 guys here you interview them okay you could within a 5-10 million minute interview say this dude's not going to make it as an entrepreneur yeah i mean i can i can typically tell right i can tell um but by um their passion i can tell by their focus i can tell by their preparation you know there's a whole realm of things in any business here you know here's here's the business you're in and here's a thousand things that influence whether or not you're going to be successful you know through my experience in businesses i can put myself in his position and say okay here are 900 of the thousand things he has to be aware of and then go through and ask and by how many of those or her issues they've been able to address already that kind of gives me a sense of how hard they're willing to work you know and i can tell by the questions they ask me so all i have to do is say okay what do you want to know and you know when they start saying what should i do they ask you yeah yeah and that's fine right and i want them to ask questions but you know people like to say you know the only stupid questions are the one you don't once you don't ask and that's not right right because the questions you ask tell me tell whoever more about you than anything else you do because in particular tells me about your preparation if you ask me questions about just basic things that you should have known and you should have down to a science that's going to disqualify you almost more than anything do you think there needs to be a healthy level of peril absolutely there needs to be oh yeah i mean i always say you know for every one of my businesses i i said what would i do to kick my own ass you right so whatever business you have there's somebody trying to put you out of business there's somebody trying to to take a bite out of your business and it's better for you to figure out how they're going to do it rather than they do it um and so yeah that's being paranoid and so you have to be paranoid you have to anticipate other people's next moves and you can't ever you know downplay the competition i i agree with that for me that is you know you're always trying to stay on top of the game like you're always trying to understand or predict the next thing and so never get comfortable in whatever you're doing at whatever level of success you are because you are going to there's always somebody coming for you somebody trying to do something better so you need to be on top of it so you don't you know you know you don't want to kick your own ass you want to kick your own ass actually um i was at a business plan competition this morning for out of college and they were kind of being dismissive of the competition and so you can't ever do that you know they're out there trying to take you down and they're not just going to sit still and if you're good really really good you're going to inspire them to work even harder faster better and so you have to be you know very self-aware of what you're good at and what other people are good at and you know a healthy dose of paranoia makes a big dif i mean it's very helpful um how does one entrepreneur increase the speed and areas that they can increase there are certain things you can't concentrate in one way speed up growing your business all right so how fast can i grow yeah i mean it just depends you've got to know your own skill set right and you've got to know how that fits within your company's life cycle um you know some companies are slow slow grind and you just have to understand that and you've just got to bide your time and stores until it starts to click and then grow with it quickly you know if you're trying to release a product that needs to be ubiquitous you've got to go um as fast as you can and and then you know release a product yeah yeah and and you know there's a lot of people say you know perfection is the enemy of profitability right and that doesn't mean you have to wait till it's a perfect product it really just depends on what the product is that you know uh shop right and that's where a lot of people do you know analysis paralysis they try to get all the information before they get started and that just kills you because i'm going to go out there and fail five or six times before you even start and learn more than you're ever going to learn inside that book or you're you're you're trying to reach that perfection before you get going is it an app is it um a service is it a product but you know the the key is looking for the low-hanging fruit what are the what are what customers are willing to write you a check or commit to it you know so that they're willing to integrate it into their daily lives or integrate it into their daily business and so getting a commitment either through time or revenue is typically what i look for and so if i can get a commitment then i'm going to be able to learn i'm going to see how they use it do they sustain usage and then once i get the next one you know hopefully it came a little bit faster than the first one then i can ask for referrals and then the next one then the next one and i just try to ramp it up you know when i bought the mavs we had no season ticket holder base and so literally it was a matter of just putting a list of former season ticket holders and a white pages back then you know on my desk next to my phone and making phone calls you yeah me yeah because if i'm not going to do it how can i expect someone else to do it right so just get on the phone hey this is mark q and i'm the new owner of the dallas mavericks you know i'd like to invite you back over again it's not though this is my business you you can't get regular sales guys or something make those calls once they get to a quarter you're a guy that's a billionaire you're making those well but that's all you know and that's fine and good right because everybody's got their own goals right and but still i i don't want anybody at the mavs to be able to say well he's not willing to do the work right there's you know if i walk around i'm picking up all the papers i'm not saying go get that picked up i'm like okay that's trash i'm picking it up um so but in terms of speed of growth it's really you got to get that first customer first and then when you get that first what did you learn reiterate get that next reverse engineer then hopefully as you learn more and more through the process then the next one the next one the next one becomes come by faster and that's how you scale any business you reverse engineer your last customers and so i i agree with a lot of the things that mark was saying here in the video i i like mark as a business guy i've read some of his books just out of leisure and you know he's a good thing the only thing i don't agree with is is his that you have to go to college and you should go to college i don't think so uh nor do i think everybody should be an entrepreneur and that's why most people fail because it's it's it's made as this glorious thing online which it can be but it's not always it's a lot of hard work and a lot of sacrifices and a lot of responsibilities and some people think it's the ultimate success which it could or couldn't be for you but there's nothing wrong with making a hundred thousand dollars a year working as a w-2 employee or a quarter million dollars being a good employee you know i hire people that make good amount of money because they're real good at what they want to do they just don't want the responsibility of being a business owner and the they want to be able to turn off at five or six o'clock and as an entrepreneur you don't get that so you know the number one reason why i think most people fail business is because they actually didn't want to be an entrepreneur in the first place and so i've seen places where because i used to own two restaurants and somebody said oh restaurant failed in here before you sure you want to do it again and 99 of reason why restaurants fail is because of bad management and so if you're not willing to try and and learn and and and you know learn from your mistakes then you're just gonna it's just gonna be bad the restaurant business is a good business um there's somebody successful in every specular spectrum of business there is so is there any really good bad business to get into so i think the number one reason most people get into on but fails for entrepreneurship is because they just simply are not entrepreneurs and it's not something that you can just turn on a light switch and become one now you can learn things about being an entrepreneur but business and entrepreneurship is is really tough and if you're not open to it then you know i don't know so if you are in business and and you're struggling with something comment below on what you're struggling with and what do you think is the you know what you need help with and then if you also have an opinion on kind of what is the number one reason people fail i'd love to hear your guys's opinion in the comments below so just write a comment below and tell me what you think your number one reason why people fail and i'll read through them and i'll pin some of the best ones at the top and then we'll if you guys like this i'll do more reaction videos and more things like always don't forget subscribe like share with a friend you know what it is i appreciate you guys i'll see you next time you

Channel: Max Maxwell

Views: 4,743

Rating: 4.9723182 out of 5

Keywords: Max Maxwell, motivational video, eye opening speech, speech, success, motivational speech, motivation, motivational, inspirational, mark cuban, mark cuban motivation, mark cuban interview, mark cuban speech, mark cuban why businesses fail, The #1 Reason Why Most People Fail In Business, why most people fail, entrepreneur, business, entrepreneur motivation, billionaire mark cuban, billionaire motivation, business advice, Max Maxwell Reacts, Millionaire Reracts

Id: z-TeJi869oQ

Length: 16min 55sec (1015 seconds)

Published: Thu Sep 30 2021