Mark Cuban’s Best Tips for Entrepreneurs
Serial entrepreneur Mark Cuban has built his $4.6 billion fortune thanks to his strong business acumen, as well as his ability to spot potential in other entrepreneurs. To date, Cuban has invested in over 400 startups, Forbes reported.
As for what makes a successful entrepreneur, Cuban has a few ideas. Here are the factors he believes have propelled him to success that other entrepreneurs can incorporate, too.
1. The One Thing You Can Control in Life Is Effort
Cuban told Forbes that his dedication to doing the work other people wouldn’t has led him to achieve success.
“When I was the youngest walking in the door, it was people dismissing me because of my age and I could outwork them,” he said. “When I’m the oldest walking in the door, people would dismiss me because of my age and I can outwork them.”
2. Keep Your Mind Open
Cuban is always open to discovering new ideas, whether he finds them in a book or in his own inbox. He said that he will routinely open emails from strangers.
“You never know where your ideas are going to come from,” he told Forbes.
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3. Keep Meetings to a Minimum
Don’t expect Cuban to accept your Zoom meeting invite. The “Shark Tank” star told Forbes that he keeps meetings to a minimum so that he has time to focus on more pressing tasks. Cuban said he takes about one in-person meeting per month and only one to two calls per day.
4. Embrace New Technology
Cuban believes that keeping up with the latest technology — and embracing it — is key to entrepreneurial success. He is particularly fond of artificial intelligence technology.
“I think the biggest challenge that entrepreneurs may have is that there [are] two types of companies right now in the world — those who are great at AI, and everybody else,” he told Forbes. “Those companies that are great at AI have a huge advantage.”
5. Always Be Nice
When you’re a stressed-out entrepreneur, it’s not always easy to be nice. Cuban himself admits that he once had trouble taking his own advice, and would sometimes lash out at his employees.
“If I didn’t think you were using common sense, then I would get annoyed, and nobody liked to be around me when I was annoyed,” he told Forbes.
He changed his approach after his Broadcast.com co-founder Todd Wagner warned him that he was intimidating people. Now, Cuban makes an effort to be more understanding and empathetic.
“Being nice will get you further,” he said.
6. Life Is Half Random
While effort and attitude can make a big difference in whether or not an entrepreneur is successful, Cuban notes that there is also an element of luck. For example, Cuban sold Broadcast.com for a huge profit shortly before the dot-com bubble burst. Had that timing not worked out, he might not be where he is today.
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