Billionaire Mark Cuban knows a thing or two about what it takes to be a successful entrepreneur — and this week the Mavericks owner appeared on “Good Morning America” to tell the world.
The “Shark Tank” star answered questions from viewers ranging from running a small business to what business advice he would give to newbies just starting out.
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An audience member asked, “What mistakes do you wish you could have avoided as an entrepreneur, and what are some of the biggest mistakes new entrepreneurs fall victim to?”
Cuban responded with something most of us are taught early in life – to treat others the way you would like to be treated.
“I was 25 when I started my first company after getting laid off, and I always thought I had to be mean because I was younger than everyone else — and that was wrong,” Cuban said. “What I’ve learned over the years is that being nice really helps. Nice sells, nice makes you more money.”
He had a simple philosophy and kept one thing in mind when investing in entrepreneurs: make sure you focus on the right things.
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“I was all about generating revenue when I should have been more focused on generating profits,” Cuban said, emphasizing that there is a “big difference” between the two.
Last month, the Shark Tank star spoke to GQ about his early days as an entrepreneur and credited much of his success to a combination of luck, timing and, of course, hard work.
“I always tell people that half of life is random. And that’s just the reality for everyone,” he said candidly. “I was lucky…You have to have the timing. I was really lucky.”
According to Bloomberg, Cuban has an estimated net worth of $6.27 billion.