"Customer is rarely right" — When Shark Tank's Mark Cuban opened up on the role of entrepreneurs in innovation

Mark Cuban, an investor, and Shark Tank personality, shared his views on customer relationships in an interview with WIRED's YouTube channel on October 25, 2023. He explained that while it's important to keep customers happy, they aren't always right.

Customers typically choose from existing products but rarely think about new ones. Cuban emphasized that it's entrepreneurs who drive innovation by creating novel ideas and bringing them to market.

"The customer is rarely right. That doesn't mean you don't have to keep them happy. Do customers make choices? Of course, they make choices. We're all customers. We know how we choose what we buy and what we don't buy," stated Mark.

Using the example of a convenience store such as 7-Eleven, the Shark Tank investor pointed out that customers don't typically spend time thinking about what new products the store should offer. Rather, it's the entrepreneurs and business leaders who envision and create new products and services that meet customer needs and drive growth.

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Shark Tank's Mark Cuban believes language models like Alexa can be utilized more

Mark Cuban continued to share his opinion on various topics asked by fans across the world. He highlighted opportunities that people may not be aware of. The Shark Tank investor identified two areas with significant potential, leveraging the capabilities of Alexa and large language models like ChatGPT.

Mark pointed out that many individuals and businesses own Alexa devices but are not utilizing their full potential, particularly when it comes to programming and scripting capabilities. This presents an opportunity for entrepreneurs to offer services, such as consulting and training, to help others maximize the benefits of Alexa.

"You can go and start a business where you could go to your neighbors, to car dealerships, to businesses and show them, for 50 bucks an hour or more, how to use their Alexa in their homes to save energy, to save time in their businesses," stated Shark Tank's Mark Cuban.

Similarly, Mark noted that large language models like ChatGPT are rapidly evolving, with new features emerging every month. By staying up-to-date with these developments, entrepreneurs can position themselves as experts in prompting ChatGPT to deliver value to businesses and individuals. This could include offering services such as business optimization, and more.

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Mark Cuban doesn't think crypto is dead

Mark Cuban was asked about the future of cryptocurrency and stated that it's far from dead, though it faces significant challenges. He pointed out that many see cryptocurrency as a speculative investment rather than a tool for innovation.

Cuban emphasized that its true potential lies in creating better ways to do things, but the industry has yet to produce a widely appealing application. He compared it to the iPhone, which became popular after apps like Instagram and Snapchat were introduced.

According to Mark, cryptocurrency is awaiting its own "Instagram moment," which will catapult it into the mainstream. He predicted that this breakthrough would occur when non-fungible tokens (NFTs) become more widely used, such as in ticketing systems.

"Think back to the iPhone. It came out in 2007 but it wasn't till the best apps like Instagram and Snapchat and Facebook went mobile, that the App Store and the iPhone really took off. Crypto is still waiting for its Instagram moment," expressed Mark.

By leveraging NFTs, event organizers and artists can earn royalties every time a ticket is resold, a feature that is not possible with traditional ticketing methods. Mark believes that once this technology gains traction, the value of cryptocurrency will increase significantly.

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ABC is currently airing season 16 of Shark Tank which will be Mark Cuban's last season.