click image to zoomIn a casual and frank conversation, PBA Chairman Scott Buchanan, Faye Brookman from Womens Wear Daily and Deborah Carver of Creative Age ask Mark Cuban questions, some which were tweeted from the audience. Stemming from a desire to not give a canned presentation at this year’s PBA Business Forum held during Cosmoprof at Mandalay Bay in Las Vegas, entrepreneur extraordinaire and Shark Tank Star Mark Cuban delivered in key advice for achieving success in a few brief moments on stage before volunteering himself for an intense and dynamic question and answer session.
“The key to being successful is not about having a good idea or being passionate about—everyone has good ideas and a passion for something,” Cuban told the audience. “It’s all about the effort that you put into it. You also have to know your competition, have to be prepared, have to understand your industry and finally and most important—sales cures all. No one is successful without sales.”
After sharing those words of wisdom, Cuban took a seat on stage with PBA Chairman Scott Buchanan, WWD’s Faye Brookman and Creative Age’s Deborah Carver who took turns peppering him with questions, as well as sharing questions for Cuban from the audience that were tweeted in. Following are some of Cuban’s words on wisdom:
On what motivates him: “Business is the ultimate sport. And, I love to kick the competition’s ass.”
On what keeps him up at night: “My kids’ health. The family stuff, like most people. When I was younger, I would be more consumed by dreaming and thinking about business. But businesses have life cycles and you’re consumed by it in the start up phase. Now I worry about keeping customers happy and being myself. Good customer service is like great sex. You give it to them, you ask if they liked it and if they say yes, you give it to them again.”
On honesty: "One thing we do as entrepreneurs is lie to ourselves. We make claims and start to believe them. You have to be brutally honest with yourself.”
On trademarks and patents: “It’s a good idea to trademark your name, because you don’t want to spend too much developing your product or business only to realize you have to change your name. Patents are tougher and a lot more expensive. I believe the best way to protect your business is to create a product or service so well that your customers wouldn’t consider using anything else.”