Billionaire investor and 'Shark Tank' star Mark Cuban has certainly carved out his own path in the business world, and now he's giving entrepreneurs the chance to learn directly from him. .
On Thursday, Cuban and Masterclass announced a new class for subscribers on how to become highly successful in business, with Cuban discussing everything from his health care company, Cost Plus Drugs, to why he won't run for president. Ta.
This class provides entrepreneurs with an opportunity to look inside the decision-making process.
Cuban also helps viewers fine-tune their elevator pitch and provides guidance on how to find and build the right support team. All can be done from the comfort of your home.
Related: Mark Cuban to leave 'Shark Tank' after season 16 | Entrepreneur
entrepreneur We spoke with Cuban about his new class, his favorite business advice, and what's next.
Entrepreneur: Congratulations on your new MasterClass class! How did this idea come about? What do you like most about working on this initiative?
Mark Cuban: I've been following MasterClass for a while. I'm a huge fan of the company and jumped at the opportunity to teach a class. The team did a great job digging into and sharing things I hadn't talked about before. I'm sure anyone interested in entrepreneurship or business in general will learn something.
What is the best advice or lesson you would like participants of your masterclass to take away?
The biggest lesson I hope Masterclass members take away from this is that entrepreneurship is more than just a career, it's a way of life that you have to be fully committed to. It's something that can be all-consuming, but I've been in that position. It is the passion and determination to work hard every day that will lead to great results and success.
Watch the trailer for Cuban's Masterclass below.
What do you think is the worst business advice you've ever received?
“Follow your passion.” We've all heard it often. The reality is that most people's passions don't turn into businesses or careers. If you want to know what you can turn into a business or career, look at where you spend your time. Where we spend our time is where we have an interest in getting better. That's what we enjoy. Being good at what you enjoy leads to success.
Don't follow your passion. Follow your efforts.
When it comes to being an entrepreneur, it can be a difficult mindset. Do you have any advice on how to leverage a business mindset when dealing with other challenges and distractions in life?
it's difficult. You have to find “me time” where you can learn, do what you need to do, and focus on what you need to focus on.
Other than hard work and dedication, what do you think is the most important skill that every successful entrepreneur needs to have?
sale. There is no successful business in our sales.
This is very important and what the management of “Shark Tank” has to do to get your attention. When someone comes on your show, what are the top three things you check before making an offer?
Look for a few different things before making an offer. Is this unique or appealing? Is this a product or service that will really sell? What does this entail, considering my time and financial value?
But most importantly, what excites me the most is when I hear a pitch and my first thought is, “Damn, why didn't I think of that?”
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If you weren't in the business world, what do you think you would have done in your career?
Of course I will become an Oscar-winning actor! [Joking!] Once I started college, I never thought I would be anything other than an entrepreneur.
What is the most difficult business decision you have ever made?
Close your business or lay off your employees. Both are incredibly painful.
How do you stay positive when making such decisions? Is there a mantra or thought you always tell yourself when making difficult business or investment decisions?
We know your business and industry better than anyone else. When you're competing, you want to be better prepared and better educated than anyone else. That's where your advantage comes from.
For ambitious entrepreneurs looking for their next great endeavor, what is one industry that people may not be aware of or consider that is poised for growth and profitability in the coming years? please.
Aye aye and aye. There are two types of companies in the world. Both people who are good at AI and everyone else.
This interview has been lightly edited and edited for clarity.
