Mark Cuban: New Entrepreneurs Often Make One Common Mistake

Mark Cuban: New Entrepreneurs Often Make One Common Mistake

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 took viewer questions ranging from how to run a small business to what business advice he’d give to newbies who are just getting started.

Related: ‘You’re Not Old Until You Act Old’: Mark Cuban’s Advice on How to Stay Entrepreneurial Even When Considering Retiring

One viewer asked: “What are some of the mistakes you wish you could have avoided as an entrepreneur, and what are some of the biggest mistakes that first-time entrepreneurs fall victim to?”

Cuban responded with something that most of us are taught early on in life — to treat others the way you want to be treated.

“I was 25 when I started my first company after I got fired, and I always thought I had to be mean because I was younger than everybody else — and that was wrong,” Cuban said. “What I’ve learned over the years is being nice really helps. Nice sells, nice makes you more money.”

He followed up with a simple philosophy, and something he looks for when investing in entrepreneurs — make sure you’re focused on the right things.

Related: Mark Cuban’s Grocery Store Hack Will Help You Score Cheaper Produce

“I was all excited about generating sales when I should have been more excited about generating profits,” Cuban said, emphasizing that there is a “big difference” between the two.

Last month, the “Shark Tank” star spoke with GQ about his early entrepreneurial days, crediting much of his success to a combination of luck, timing, and of course, hard work.

“I always tell people life is half random. And that’s just a reality for everybody,” he said candidly. “I got lucky … You gotta have timing. I was really lucky in that.”

According to Bloomberg, Cuban has an estimated net worth of $6.27 billion.

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