Mark Cuban is the sometimes obnoxious billionaire owner of the Dallas Mavericks and star of the TV show Shark Tank. He made his fortune selling his dotcom company to Yahoo at the peak of the dotcom frenzy.
Mr. Cuban was on the most recent “How I Built This” podcast (our new favorite podcast by far). This particular podcast was very entertaining, and we of course noted a few key takeaways.
1. Sharing the wealth. Mr. Cuban often brags about how much he enriched his employees and investors b/c he shared his wealth when he made money or got bought out. This is key to the success of every business. All employees need to know they will all share in the business’ success.
2. Fear. Despite his success, Mr. Cuban was always motivated by a healthy dose of fear. Most people underestimate the power of this factor, and do not understand what business owners go through.
3. Luck. Mr. Cuban was extremely lucky with respect to timing, both in regard to when he entered the market with his dotcom venture and with respect to when he sold. We love that he acknowledges that.
4. Selling. He attributes his success to his ability to sell, and his understanding that effective selling is really all about just helping people.
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