Billionaire investor and “Shark Tank” star Mark Cuban has certainly carved out his own path in the business world, and now he’s giving entrepreneurs the chance to learn directly from him.
On Thursday, Cuban and MasterClass announced a new course for subscribers on how to win big in business, with Cuban discussing everything from his healthcare company Cost Plus Drugs to why he’s not running for president.
The course will give entrepreneurs the opportunity to look inside their decision-making processes.
Cuban will also help viewers fine-tune their elevator pitches and provide guidance on finding and building the right support team, all from the comfort of home.
Related: Mark Cuban will leave ‘Shark Tank’ after season 16 | Entrepreneur
Entrepreneur we chatted with Cuban about the new course, his favorite business tips and what’s next.
Entrepreneur: Congratulations on your new course with MasterClass! How did this idea come about: What was your favorite part of working on this venture?
Marco Cubano: I’ve been following MasterClass for a while now – I’m a huge fan of the company and jumped at the opportunity to teach a course. The team did a great job of getting me to delve deeper and share things I had never talked about before. I’m confident that entrepreneurs and people just interested in business in general will learn a thing or two.
What is tip or lesson #2? 1 that you hope your MasterClass participants will leave?
The #1 lesson I hope MasterClass members take away from this is that entrepreneurship isn’t just a career, it’s a lifestyle that you must fully commit to. It’s something that could be all-consuming, but I’ve been in those shoes. By putting in the work every day, it’s that fire and determination that can lead to amazing results and successes.
Watch the Cuba MasterClass trailer below:
What would you say was the worst business advice you ever received?
“Follow your passion.” We all hear it often. The reality is that most people’s passions will not be a business or a career. If you want to know what you can turn into a business or career, look at where you spend your time. Where we spend our time is where we have an interest in improving. It’s what we like. Being good at something you enjoy is what will lead to success.
Don’t follow your passion. Track your effort.
It can be a difficult mindset to assume when you’re an entrepreneur. Do you have any advice on how to tap into a business mindset when dealing with other life challenges and distractions?
It’s difficult. You need to find “me time” where you can focus on what you need to learn, do, and focus on.
Aside from hard work and dedication, what would you say is the main skill that all successful entrepreneurs must possess?
Sales. No company has ever had success with our sales.
It’s crucial, and it’s something “Shark Tank” entrepreneurs need to do to get your attention. When someone comes on the show, what are the top three things you look for before you decide to make an offer?
I look for a few different things before I bid. Is this unique or compelling? Is it a product or service that I can sell at all costs? What will it take in terms of the value of my time and the economic value?
More importantly, though, the thing that excites me the most is when I listen to the presentation and my first thought is, “damn, why didn’t I think of that?”
Related: Mark Cuban Says This Is The One Thing That Sets Him Apart From Other Entrepreneurs
If you weren’t in business, what do you think you would do as a career?
Of course I would be an Oscar-winning actor! [Joking!] Once I got to college, I never thought I would be anything other than an entrepreneur.
What was the hardest career decision you ever made?
Closing a business or laying off people. Both are incredibly painful.
How do you keep yourself in a positive headspace when making a decision like this? Is there a mantra or thought you always repeat to yourself when making a difficult decision in business or investing?
You know your business and your industry better than anyone. When you compete, you want to be more prepared and more educated than anyone else. That’s where your advantage will come from.
For all the aspiring entrepreneurs out there who are looking for their next big business, what is one industry where you see potential for growth and profitability over the next few years that people may not be aware of or considering?
AIAI AND AI. There are two types of companies in this world. Those who are good at AI and everyone else.
This interview has been lightly cut and edited for clarity.