Lessons from our "Shark," Mark Cuban. - lollaland

Lessons from our "Shark," Mark Cuban

Classic. I fly from Southern California to Dallas, Texas for 24 hours to see Mark Cuban deliver a keynote address at a “Women in Toy” event on Monday 10/5, and I have NO memory left on my phone – couldn’t even snap one photo. I had to ask a colleague to take a photo of Mark and me and text it to me, and while Mark was saying some amazing things, I literally couldn’t record any of it. SO frustrating to say the least, but I took copious notes, and I’m making it up to myself by sharing it with you.

As many of you know, Mark Cuban, is truly a self-made billionaire. He has incredible business acumen and an indescribable tenacity that is simply inspiring to entrepreneurs like me and my husband, Mark. I am still a bit star-struck by Mark Cuban, even though he owns part of Lollaland. Mark [Cuban] has always been passionate about playing [and watching] basketball. He never made it to the NBA, but guess what? He bought an NBA team instead (Go Mavs! #MFFL). I can’t help but think of this as the ultimate example of persistence and thinking outside the box.

For those of you who couldn’t be at the event, here are the main takeaways, from Mark Cuban’s keynote address – read them slowly and carefully.

  1. Sell, sell, sell, and then go sell some more, and when you’re done, go sell some more. Without sales, you do not have a business.
  2. Be curious, consume all the information you can, and don’t stop learning.
  3. Use your core competency, and delegate the rest. Mark has created a team of talented folks who support Shark Tank entrepreneurs with jobs like accounting, graphic design, and web design so that the entrepreneurs can do more of what they do best.
  4. Do the work! You can only imagine how many questions Mark gets asked. It drives Mark crazy when people ask him questions that frankly could’ve been answered with a little time and effort spent searching the internet.
  5. Be self-aware. Some businesses are completely broken, but the entrepreneur doesn’t even know or recognize it. Take a good look at yourself and your business and be able to recognize the truth.
  6. Don’t pivot. An entrepreneur in the audience asked the question, “I have a product that’s not exactly a homerun, at what point should I pivot and change directions?” Mark pointed out that if you’re having to pivot, you don’t believe in your product anymore.
  7. Be nice. People often mistake tenacity for being mean/aggressive, but sometimes a little kindness can create some surprising new opportunities.

Mark Cuban closed the keynote address with this, and I will end with it as well: “The American Dream is alive and well.” Take these tips and may it help your business, and personal life, prosper. 

 




Hanna Lim
Hanna Lim

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1 Response

Jamie Jones
Jamie Jones

October 11, 2015

Thank you for sharing all this! Most important for my business right now is #3. I’m sure you can understand but when you have small children it’s important to get lots of help. It takes a village to raise littles AND run a business at the same time!

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