While we have had a member of Mark Cuban's family office attend our Family Office Club investor summits in the past, I recently got to connect with Mark directly to answer questions around strategies he used to build his wealth.
Before we get to his insights I just want to add that I personally have benefited and learned from watching Mark in his interviews, reading his book twice, and watching him on Shark Tank as well. The top 3 things I have taken away are:
- Business is a 24/7 game and some use that to constantly improve and gain a major information advantage and others do not
- You can drown in opportunity, you must focus your energies on the highest return
- Mark could have sold his business for $50M and instead held out for a $1B+ sale which netted him 20x the results for the work he put in
1) What is the #1 most costly mistake you have made or see many investors or business owners make that could be avoided?
Many CEOs are not nice people, they don't treat others well. They falsely believe you have to be vicious to be successful, but it is, in fact, the exact opposite.
2) What is a strategy worth far more than $1 million that you wish someone provided you with earlier on that you can share here?
The strategy that is worth $1M+ is that many company owners do not give any equity to their employees. Aligning incentives is critical and a huge benefit that many overlook.
3) What was the major turning point, point of increased momentum, or strategic chokepoint, that once acquired or completed made everything you were doing surge forward?
The fact that I could sell and I have always been relentless in learning new things gave me a great edge. Most people just do their jobs or run their companies and that's it. I am relentless when it comes to learning new things. This is a huge competitive advantage.
I along with 5,500+ others highly recommend Mark's book which is a quick read and available on Audible, it is called "How to Win in the Sport of Business."
The following is a video on the wealth creation story of Mark Cuban. This video was created several years ago but does a good job of quickly explaining how he built his business.
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