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Billionaire businessman, investor, former shark, and Dallas Mavericks owner Mark Cuban knows a bit about running a company and leading employees. The serial entrepreneur has founded and invested in successful businesses from food brands to tech startups and pretty much everything in between. Cuban often shares his insights about sweat equity and staying involved in running one’s own business. Here are three of the most actionable pearls of leadership wisdom from Mark Cubanand how you can put these quotes into action in your own leadership. 1. Embrace Sweat Equity “Sweat equity is the most valuable equity there is.” Put simply, sweat equity is the value you create through your own hard work. This might be the unpaid work you put into researching your competitors products, perfecting your public-speaking skills, getting to know your customers, or recruiting the best employees for your company. Your time and your effort don’t cost you anything, and pouring both into your work can make all the difference. As a leader, you should also encourage your employees to contribute their sweat equity. This doesnt mean forcing unpaid overtime, of course. According to Cuban, the key to leadership is knowing your employees and finding out how their goals and the businesss goals align. Maybe you have an employee who wants to get into videography and your companys marketing could benefit from some custom videos. Perhaps someone wants to move into management in the future, and theres a cross-functional project they could manage. Mark Cuban isnt the only successful leader who embraces the idea of sweat equity. Other business leaders who have spoken on the value of hard work are: Warren Buffett, CEO and chairperson of Berkshire Hathaway (aka the “Oracle of Omaha”) Dan Graham, cofounder and CEO of BuildASign.com Justin Gray, founder and CEO of five successful companies 2. Be the Expert in Your Field “Know your business and industry better than anyone else in the world.” There are countless ways to boost your knowledge through effort rather than financial investment, making learning one of the most valuable ways to build sweat equity. The more you know about your business and industry, the more you, as a leader, will be ready for any problem or decision that comes your way. “What I’ve learned is that if you really want to be successful at something, you’ll find that you put the time in, Cuban said at the 2017 Inc. 5000 Conference. You won’t just ask somebody if it’s a good idea, you’ll go figure out if it’s a good idea.” You can work continuous learning into your life by: Keeping a running list of any new ideas or concepts you come across so you know which topics you want to learn Breaking new topics down into subtopics that you can learn in small bursts when you have the time Scheduling regular learning timewhether its a scheduled course, a set hour a day, or a few hours each weekend Continuous learning is also an important practice for staying ahead of industry trends. You could: Follow others in your industry on social media and pay attention to new topics Attend industry events and network regularly Use frequent customer and employee surveys Invite your employees to share new trends they come across 3. Lead with Passion and Purpose “Love what you do or don’t do it.” If youre truly passionate about your work, putting in the sweat equity will be a lot easier. If youre bored every time you read about a new development in your fieldits not the field for you, and its going to be hard to put in the work you need to really thrive. Think about your values. What truly drives you? Are you living out those values in your work? For example, if you value helping others, are you consistently soliciting customer and employee feedback and acting on it? If you value recognition, are you going after awards in your field? Not everyone will be as excited about your passions as you are, of course, but passionate leaders can inspire employees. Speak openly with your employees about your vision and youre more likely to get their buy-in. Check in with those you lead to find out where their passions lie and see how they align with your goals. Leadership is having a vision, Cuban said on The Draymond Green Show. Whats my goal? Part two is getting to know the people who are working with me, and what their goals are. And then the real definition of leadership is making those two merge. Conclusion: The Cuban Formula for Success Cubans advice can be boiled down to three key principles: Hard work Constant learning Passion Living out these principles will not only make you more effective at your job, but inspire your employees to do the sameas long as you give them the tools and support they need.
Category:
E-Commerce
Taiwan’s President William Lai Ching-te said that a Taiwanese semiconductor company’s massive investment in Arizona is the “best model” for the island’s effort to build computer chips supply lines that don’t rely on Chinese producers, in remarks to the state’s visiting Governor Katie Hobbs.Taiwan’s leading chipmaker TSMC has committed $100 billion to build three chip foundries, an R&D center, and two packaging facilities in Arizona, on top of a previous pledge to build $65 billion in three chip foundries in the state, one of which has begun operations.Lai and TSMC say that the latest mega-investment stemmed from customer demand and not pressure from the administration of President Donald Trump.Trump previously said that Taiwan had taken away the U.S. chip business and that he wanted it back.At their Tuesday meeting, Lai said Taiwan and Arizona were working to build a “non-red” supply chain that excluded suppliers from China, which threatens military action to assert its claim over the island.TSMC has said the development plans in the U.S. would not affect its work in Taiwan, and that the company currently has 10,000 employees researching and developing 1.0 nanometer chips. Taiwan accounts for more than 90% of advanced computer chip production.The U.S. does not recognize Taiwan as a country, but is its strongest backer and biggest arms provider.News about the meeting was released Wednesday by Taiwan’s official Central News Agency.The project is expected to create 40,000 construction jobs over the next four years and tens of thousands of tech and manufacturing jobs, Hobbs’s office said in a news release sent before the meeting.“I’m thrilled by Arizona’s emergence as America’s hub for advanced manufacturing, creating hundreds of thousands of good-paying jobs and bringing billions of dollars of investment into our state,” Hobbs said in the release.CNA quoted Hobbs as saying that the TSMC project would “not only contribute to the global advancement of artificial intelligence and other technologies, but also strengthen bilateral ties.” Christopher Bodeen, Associated Press
Category:
E-Commerce
Delaware is trying to protect its status as the corporate capital of the world amid fallout from a judge’s rejection of billionaire Elon Musk’s landmark Tesla compensation package, although critics say fast-tracked legislation will tilt the playing field against investors, including pensioners and middle-class savers.A Delaware House committee was expected to vote Wednesday on the bill, which is backed by Democratic Gov. Matt Meyer who says it’ll ensure the state remains the “premier home for U.S. and global businesses” to incorporate.Backers say it’ll modernize the law and maintain balance between corporate officers and shareholders in a state where the courts, for a century, have settled all sorts of business disputes as the legal home of more than two million corporate entities, including two-thirds of Fortune 500 companies.Criticsincluding institutional investors, pension funds and asset managerssay it’ll lower corporate governance standards, curb shareholder rights and, as a result, limit the ability to hold corporate officers accountable for decisions that violate their fiduciary duty.The bill passed the state Senate unanimously last week. What happened in Elon Musk’s case? A Delaware judge last year invalidated Musk’s compensation package from Tesla that was potentially worth more than $55 billion. Lawyers for shareholders had sued over the package that Tesla’s board of directors awarded Musk in 2018.Chancellor Kathaleen St. Jude McCormick said it was developed by directors who weren’t independent of Musk and approved by shareholders who had been given misleading and incomplete disclosures in a proxy statement.The ruling bumped Musk out of the top spot on Forbes’s list of wealthiest people, although he has since climbed back up.Musk and Tesla are appealing in the state Supreme Court. But Musk unloaded on Delaware, saying “Never incorporate your company in the state of Delaware” and instead recommended competitors Nevada or Texas as destinations.Now, lawmakers are being warned by corporate lawyers that their clients are considering heading to the exitsmaking a “Dexit,” as it’s been dubbedand that startups are being advised to incorporate elsewhere. What did Musk and others do? Must took his own advice, moving Tesla’s corporate listing to Texas after a shareholder vote and his companies SpaceX to Texas and Neuralink to Nevada.Backers of the bill say corporate unrest had been simmering the past couple years over various Delaware Supreme Court decisions in corporate conflict-of-interest cases and that Musk inflamed the discontent.The fallout seemed to accelerate in recent weeks when the Wall Street Journal reported that Meta Platformsthe parent company of social media platforms Facebook, Instagram and WhatsAppwas considering moving its incorporation to Texas. Meta didn’t confirm the report.DropBox, the online file-sharing platform, moved its corporate listing to Nevada, and Bill Ackman, founder of Pershing Square Capital Management, a major hedge fund, said he’d leave Delaware, too.On Feb. 1, Musk took to his social media platform X to crow about it, saying, “Companies are flooding out of Delaware, because the activist chief judge of the Delaware court has no respect for shareholder rights.”That said, critics of the bill say there’s no evidence that corporations are fleeing Delaware in any numbers. What does the bill do? It changes several things.One, it gives corporations more protections in conflict-of-interest casessuch as a pay package for a CEO or intercompany agreementsin state courts when fighting shareholder lawsuits.Two, it limits the kind of documents that a company must produce in court cases and makes it harder for stockholders to get access to internal documents or communication that could prove time-consuming and expensive for a company to producenot to mention, damaging to its case.Eric Talley, a Columbia University law professor, has compiled a running list of three dozen Delaware Supreme Court precedents that the legislation stands to change.Lawrence Hamermesh, a former professor at Widener University’s Delaware Law School, disagreed. Hamermesh, who helped draft the legislation after Meyer asked him last month, said perhaps only a couple doctrines would be wiped out.A legal challenge is widely expected should Meyer get the bill and sign it into law. Meanwhile, institutional investors say such a law may prompt them to push corporations that they own to incorporate elsewhere. Why is this a big deal for Delaware? Money. Approximately one-third of Delaware’s state government revenueabout $2.2 billioncomes from corporate license fees and associated tax revenues, according to the governor’s office. That helps the state to maintain a 0% sales tax and keep property taxes relatively low, a nice perk for the beach vacation home industry along its Atlantic coast.Beyond that, Wilmington is home to a cottage industry that caters to the corporate lawyers who live, stay, dine and shop around the state Supreme Court and the Chancery Court of Delaware buildings where they argue their cases.__Follow Marc Levy on X at: https://x.com/timelywriter. Marc Levy, Associated Press
Category:
E-Commerce
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