Recently, Mark Cuban, owner of the Dallas Mavericks and regular entrepreneur on the television show Shark Tank, did a AMA, or Ask Me Anything, on popular online site Reddit.com. During the session, users asked him a wide range of questions on everything from his opinions about sports, to his time on Shark Tank, to general business tips. Here is a sample of his responses:
Q: Do you ever feel your wealth is a product of being in the right place at the right time (in relation to the internet bubble of the late 90's)? Do you think you'd be able to find similar success if you were graduating college today? -markhly
A: I've made a lot of money from a lot of different companies I have started, but there is no question I made the most money because I knew what I was doing on the net when the internet bubble hit. Timing didnt make me rich, I was there already. But it put a B next to my name.
Q: Mr. Cuban, considering the venue of this Q&A, I'm curious what your thoughts are about the affect of the internet age on entrepreneurs. Do you think that the widespread availability of information on the net has changed the entrepreneurial landscape? For example, I imagine that a decade ago it would have been impossible for a bunch of random people to have a meeting where they can ask questions of successful businessmen like yourself. What do you think are some of the best ways for an entrepreneur to leverage the resources on the net? -DickWhiskey
A: It has lowered the cost to start a tech company. Now all you need is a phone, laptop, broadband and you are good to go.
Q: Two questions for you: 1. My biggest fear isn't the professional challenge, it's the mental toll the stress might take. How do you prepare for it? 2. I've seen some entrepreneurs with some bad ideas, but everyone has had to believe in themselves to succeed. How do you know when to push and when do pivot? -ceroij
A: 1. You dont. If you are always stressed out now, it will be worse. 2. By the results you are getting.
Q: Do you believe that the numerous books created by those deemed successful by society to merely be those successful people making money? Or, do you genuinely believe that the book is something worth the money? -kaxtar
A: I read a lot because of the value proposition. The cost of the book + the value of my time <=the value of one good idea to my business. Across all the reading and my businesses, its been very valuable to me.
Q: What makes a successful business executive and what do you look for in your prospective hires? I'm a young guy with a lot of real world experience (started in PE, now work at a portco in a finance / bus dev role), and I'm trying to figure out if it's worth getting an MBA or if I should just focus on moving up in our portfolio. -FrancisXHummel
A: I think an MBA is an absolute waste of money. If you have a hole in your knowledge base, there are a ton of online courses you can take. I dont give any advantage to someone in hiring because they have an MBA.
Q: What is your daily driver? -J2theL
A: I'm the most competitive person you will ever know. I hate to lose and love winning.
Q: Did you fantasize about being rich when you were young, like on your blog you said you drove by the big houses and said you'd live there one day. Doesn't that contradict your other piece of advice that too many people spend their time dreaming/talking about what they're going to do instead of actually doing the hard work necessary? -kennyko
A: I day dreamed for motivation. I didn't lie to myself and talk about my passions and how if I was passionate enough about something i could be successful at it. I was lucky. I grew up knowing that hard work and smart work was a greater impact on results than being passionate about something.
