"I always try to hire people that are smarter than me" — When Shark Tank Mark Cuban explained the importance of skill balance in business

Mark Cuban, entrepreneur and Shark Tank investor, has highlighted the significance of employing staff whose skills fill the gaps left by his own. In a talk at an event with Inc. on April 8, 2019, he was questioned about what advisors do for his companies, and if he asks for advice from people he perceives to be smarter than himself.

"I always try to hire people that are smarter than me and that complement my skillsets," Cuban answered.

He clarified that instead of seeking guidance from mentors, he is concerned with having intelligent professionals around him who are experts in domains where he might not be. This way, he can form a well-rounded team that can manage various aspects of business operations effectively.

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Shark Tank's Mark Cuban explained the importance of hiring smarter people in business

The role of complementary skills in business success

Cuban highlighted that his management style involves balancing his strengths with the expertise of others. The Shark Tank investor explained:

"I'm a ready, fire, aim guy, and I always try to partner with people that are very... perfectionistic, kind of balanced me out, or have a skill set that I don't have."

By doing this, he ensures that his businesses have individuals who excel in areas where he may not. Rather than relying on external advisors, Cuban has stated that he learns through experience and direct involvement.

"At some point, I'm going to have to be responsible for whatever that knowledge is," he mentioned.

This mindset drives him to acquire knowledge on his own and leverage the expertise of his team rather than seeking outside mentorship. His approach emphasizes practical learning and the importance of hiring individuals who bring different strengths to a business environment.

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Continuous learning as a business strategy

Mark Cuban has indicated that staying informed and continuously learning is essential for business success.

"I would go to events and listen and learn and go to conferences, and when I get the opportunity, I'll ask questions," the Shark Tank investor stated.

This demonstrates his focus on self-improvement through observation and engagement, rather than relying on direct mentorship. His involvement in the technology industry has influenced his learning approach.

"If it's virtual reality, if it's the Oculus Rift, it's new to everybody except the people who invented it, and so I'm at first base like everybody else," he explained.

By keeping pace with emerging trends and technologies, he ensures that his businesses remain competitive. His emphasis on effort and adaptability highlights the significance of staying updated in a rapidly changing business environment.

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The competitive nature of business and self-reliance

Cuban has likened business to a perpetual competition, emphasizing the value of self-reliance and persistence. His approach implies that business success stems from persistent work and wise decision-making instead of following someone else's advice.

"Business is the ultimate sport. You compete 24 by 7 by 365," Cuban noted.

Though he does not proactively look for mentors, Cuban has said that he respects some entrepreneurs. He has said that he wished he had never had the chance to meet Steve Jobs and has also gone out of his way to contact Warren Buffett.

However, the Shark Tank investor's strategy is still more about learning by doing than by mentorship. He has stressed that by solving the issues independently, he is setting a foundation for making decisions in the future.

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Tune in to Shark Tank every Friday at 8 PM ET on ABC, or watch episodes later on Hulu.