Billionaire venture capitalist Mark Cuban is open about the mistakes and decisions he’s made on his way to the top—and shares 10 of his best tips on how to be successful.
Key Details
- Mark Cuban is a billionaire venture capitalist who isn’t afraid to tell others about his mistakes and downfalls that brought him to where he is today.
- He explains that others shouldn’t have to make the same mistakes he did and that they can learn from him.
- Not only does he share his mistakes, but also his successes and explains to others the steps that can be taken to become successful.
Why it’s important
Mark Cuban has given a tremendous amount of advice over the many years of his career, and Inc. has formulated a list of the top 10 tips he has given.
- Being rich —The top tip he has given is being rich is a good thing not only for the money but what you can do with that money.
“Being rich is a good thing. Not just in the obvious sense of benefitting you and your family, but in the broader sense. Profits are not a zero-sum game. The more you make, the more of a financial impact you can have,” he says.
- Customer service—Cuban also explains the importance of being nice to customers.
“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.”
- Competition—Cuban has explained many times the importance of competition. He says he enjoys and embraces competition as it always makes him strive to be better and overcome anything that gets in his way.
- Modesty—He has given advice on modesty that isn’t the typical thing most people would say. Cuban says it is okay to enjoy being rich and not be the most modest person in the room.
- Gut Instincts—Cuban has detailed the importance of trusting gut instincts. He says that second-guessing yourself is one of the worst things that can be done in your business and personal life.
“What I’ve learned in these 11 years is you just got to stay focused and believe in yourself and trust your own ability and judgment,” he says.
- Passion—He says a very important tip is to always love what you do and not follow the money blindly. If you do not care about something and have no passion for it, don’t do it.
“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.”
- Stay selling—Cuban says he is always selling and looking for ways to improve. He says it is important not to be scared to sell.
“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.”
- Teamwork—Cuban highlights the importance of being surrounded by a good team. He says not to expect miracles from people, but always ensure you have the right people and that they are doing their best to see everyone succeed.
- Recession—He says it is important to embrace bad economies and not be scared to take on big challenges.
“Recessions are the best time to start a company. Companies fail. Others hold back capital. If you are willing to do the preparation and work, it is the best time to invest in yourself and start a business.”
- Commitment—The last bit of advice is always to stay committed. If you have an idea, it is important to act on it because everyone has ideas, but most are scared to take action.
“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.”