When “Shark Tank” star and self-made billionaire Mark Cuban preaches business wisdom, it pays to listen. After all, the Pittsburgh native made his first billion at age 40. His current net worth is $5.4 billion, according to Forbes, so it's safe to say he knows a thing or two about what to do and what not to do to be successful. .
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Here are seven mistakes he's seen his less successful competitors make.
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1. Fear AI instead of leveraging it
Cuban believes that the artificial intelligence (AI) revolution currently taking place will dwarf all previous disruptions to life and business. This includes the advent of personal computers, smartphones, and even the Internet itself. So if we don't embrace the idea of ideally using our own creativity to make our communities and the world a better place, we will be left behind. Cuban believes this so strongly that in 2019 he launched the free He AI Bootcamp initiative for underserved high school students.
Read more: Mark Cuban's 5 Best Passive Income Ideas
2. Relying on others to sell products or services
One of the big rules of Cuban success is knowing how to sell. And when a man who successfully sold garbage bags door-to-door at the age of 12 says this, it's probably wise to pay attention.
Why are sales skills important? he told his GQ: “You don't want to be in a position where you're dependent on someone else.” So even if you have the best product since the ketchup squeeze bottle, it doesn't matter if it doesn't sell.
3. Dependence on one-star players
Cuban, the longtime owner of the NBA's Dallas Mavericks, knows a thing or two about how teams work. And one thing Cubans hate is being too dependent on one star player for business success. He's a big proponent of forming teams where everyone pulls their weight and accomplishes a common goal, according to the Connecticut Post.
4. Don't align your success with your employees' success.
Cuban has long been a proponent of letting employees own the businesses they start. That way, their success goals align with your own. What evidence is there that it works? When he and a partner sold his Broadcast.com to Yahoo for $5.7 billion in 1999, 300 of his 330 employees became billionaires, but he sold his Inc. He told .com:
5. Employees are willing to do whatever you ask them to do.
When Cuban bought the Dallas Mavericks in 2000, he was determined to revive the team's declining ticket sales and fan enthusiasm. Instead of setting up a big office, he told GQ, he put a desk in the middle of the sales team's bullpen and started calling former ticket buyers himself. Lesson learned: You can set an example by never asking your team to do something you don't want.
6. Don't value time above all else.
In 1999, Mark Cuban entered the Guinness Book of World Records for the largest internet purchase of all time. Are you buying it? Gulfstream V is his $40 million. Some thought it was strange behavior from a man who was reportedly very careful with his money. However, for Cuba, the use of jet aircraft was a natural course of action. He has said many times that time is his most precious asset and that jet planes have saved him a lot of it.
7. Lack of sustained curiosity
Cuban believes that the fundamental principles of success are a strong sense of curiosity and a desire to continue learning. “Because one thing that's certain about business is that it changes every day,” he told GQ. Therefore, to adapt, grow, and succeed, we must explore new ideas and new ways to overcome challenges. Another certainty is that if you don't do it, your competitors will.
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This article originally appeared on GOBankingRates.com: Mark Cuban's Wisdom on Business Mistakes: 7 Lessons Not Just for Entrepreneurs
