"Know your business"— When Shark Tank mentor Mark Cuban advised young entrepreneurs on how to get started

Billionaire entrepreneur and Shark Tank mentor Mark Cuban appeared on the How I Got Here with Chris Paul podcast episode released on April 21, 2022, on Bloomberg Talk's YouTube channel. He shared his journey from humble beginnings to extraordinary success.

During the conversation, Chris Paul asked Cuban about his advice for someone looking to start a business. Cuban replied,

“Know your business, people will always stop and say well i want to start a business, what should i do and if you don't know you're not ready."

He emphasized the importance of understanding one’s craft and being prepared to outwork the competition. The episode offered a glimpse into Cuban’s early hustles, from selling garbage bags at age 12 to building Broadcast.com and owning the Dallas Mavericks.

Cuban shared the lessons he learned along the way, his approach to sales and innovation, and how staying grounded has guided him throughout his career.

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Mark Cuban’s early foundations in Pittsburgh and education

Mark Cuban’s entrepreneurial journey began in Pittsburgh, Pennsylvania, where he grew up in a working-class family. His father worked as an upholsterer, and his mother took on various jobs to support the household. Cuban credits his parents for teaching him the importance of hard work and self-reliance.

Recalling a moment in his childhood, Cuban shared,

“I asked my dad for new shoes when I was 12, and he told me, ‘Get a job and buy them yourself.’”

Taking his neighbor’s suggestion, Cuban started selling garbage bags door-to-door to earn money.

“I learned quickly that selling isn’t about convincing someone to buy, it’s about solving a problem they already have,” Cuban explained.

He bought boxes of garbage bags for $3 and sold them for $6, doubling his investment and gaining valuable sales experience. At 16, he enrolled in college classes to challenge himself academically. Reflecting on this decision, he mentioned that he wanted to challenge himself to see if he was as capable as he believed.

He later transferred to Indiana University, for its affordable and strong business program. To fund his education, Cuban engaged in side hustles like promoting parties and running a campus bar. He mentioned that he had to fund his own education, which motivated him to find various ways to hustle.

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Cuban's journey from Broadcast.com to Mavericks ownership

Mark Cuban’s first entrepreneurial breakthrough came with Broadcast.com, an internet streaming company he co-founded in the mid-1990s. The idea emerged from Cuban’s desire to listen to Indiana basketball games while living in Dallas.

“My friend and I were frustrated we couldn’t follow our team,” Cuban explained.

Using his technical skills and business acumen, he developed a platform that enabled users to stream live radio broadcasts online, a concept that revolutionized internet broadcasting. Broadcast.com quickly gained traction, hosting hundreds of radio and TV stations.

Mark Cuban’s ability to recognize demand and provide solutions led to the platform’s massive success. The company went public, and in 1999, Yahoo acquired it for $5.7 billion in stock. Reflecting on the venture, Cuban noted,

“It wasn’t just about creating technology—it was about solving a problem and doing it better than anyone else.”

Following the sale, Mark Cuban shifted his focus to sports, purchasing the Dallas Mavericks in 2000. Initially met with skepticism, Cuban’s hands-on approach helped the team.

“I always said I don’t own the Mavericks; the fans do. My job is just to handle the finances and improve the experience,” he shared.

By prioritizing fan engagement, improving facilities, and encouraging a winning culture, Cuban transformed the Mavericks into a championship-winning franchise.

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Shark Tank episodes air every Friday at 8 pm ET on ABC.