Financial Data
Updated 18 Oct 2019


Mark Cuban’s wisdom on how to think about your business when chasing growth

Texas tycoon Mark Cuban shares his thoughts on sales, the customer, technology and leadership with you. 


Pritesh Ruthun, 08 August 2017  Share  0 comments  Print


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“There are no shortcuts in business,” warns billionaire, Mark Cuban. “To be successful there are a few things that you must know.” Amongst the few things that you must know to rise to the top is your affinity for sales and ability to sell.

“Selling means being able to convey why your product or service, which might be you if you are looking for a job, will make things better. Selling is never about convincing. It is always about helping,” Cuban says.

Related: Mark Cuban’s 12 rules for start-ups


TAKE NOTE

Serial entrepreneur Mark Cuban is known for jet-setting, his love for basketball and his tenacious wit. But, he’s also a big believer in mastering the art of sales. As a child, Cuban walked his suburb’s streets selling calendars door-to-door. “Learn to sell. In business, you’re always selling – to your prospects, investors and employees. To be the best salesperson put yourself in the shoes of the person to whom you’re selling. Don’t sell your product, solve their problems,” he says.


Always see yourself as the customer

Cuban believes that if you know how to put the person you are dealing with (selling to) in a position to succeed themselves, you can be successful.

“To do this, you must be able to quickly understand the needs and demands of that person and those of the company(s) they work for or with,” he adds. “Every person and industry is different. This is something that comes from investing incredible amounts of time to understand different industries, businesses, roles, and what has made them work and not work.”

Although your company might already have a few years of revenue to show, and years of experience to leverage, Cuban notes that putting yourself in the shoes of the customer is a never-ending process of learning about what they need. “If you don’t understand what it takes to make the people and companies you work with better, you don’t understand how to be successful,” he adds.

Immerse yourself: Learn about technology

“You need to know as much as you can about technology as you can,” Cuban says. “The beautiful thing about technology is that it changes every day. Look at any tech you can see today or have ever seen. Any tech you have read about. It was invented by someone. They know the product better than everyone. On the day that it is released, you are as knowledgeable about that technology as anyone else in the world. From there it’s just about effort to keep learning.”

Related: 11 Entrepreneurial traits successful young entrepreneurs all share

As you look to digitalise your business operations, or parts of your company’s supply chain like most organisations are doing today, you’ll be in a better position to make calls on ITC acquisitions if you learn about things like cloud computing and mobile-edge servers.

“New technologies enable change and where there is change there is opportunity,” Cuban adds. “But, it’s up to you to figure out what that opportunity is.”

This is why it’s essential for you to know how social media work, for instance, or how virtual reality technology is influencing the business world. You don’t have to become an anorak, but you do need to know how the digital world works.


KEY TAKEAWAY

“The beauty of success, whether it’s finding the girl of your dreams, the right job or financial success, is that it doesn’t matter how many times you have failed, you only have to be right once. And, then, everyone can tell you how lucky you are.” – Mark Cuban

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Pritesh Ruthun


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