"Not being afraid to be wrong" — When Shark Tank’s Mark Cuban adjusted his methods based on industry feedback

Shark Tank investor and entrepreneur Mark Cuban once emphasized the importance of testing ideas in public spaces, using feedback to refine his approach. During an with Inc. magazine, released on July 11, 2014, he discussed his decision-making strategy, highlighting his willingness to challenge industry norms and adjust strategies based on insights from experts and stakeholders.

He explained:

"I've used the media to always go out there and and put out a hypothesis or put out an idea or put out a perspective, not being afraid to be wrong, knowing that if I am wrong worst case I'm going to learn."

The Shark Tank investor noted the value of sharing ideas openly, receiving feedback, and making informed adjustments based on industry responses.

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Shark Tank Mark Cuban’s method of testing ideas and adjusting strategies

Mark Cuban at the 2025 SXSW Conference and Festival at Hilton Austin on March 10, 2025 (Image via Getty)

Engaging with industry experts to gain insights

Mark Cuban described a method of immersing himself in new industries to understand trends and best practices. Recalling his old days, he highlighted that whether it was in the computer reselling business or digital privacy sector, his approach remained consistent. The Shark Tank investor explained:

"Each time I've made the effort to go out and connect to the media within that industry, whether it was trade publications or, in the case of the Mavericks, ESPN and television networks, I've really really worked hard at trying to, you know, be as educated about that industry as I possibly could be."

By openly sharing ideas, Cuban positioned himself in discussions that helped him assess the effectiveness of his strategies. He explained that this process allowed him to receive critical feedback that could either validate or challenge his views.

"I would put out suggestions and thoughts that made perfect sense to me that other people thought couldn't possibly be right but gave me also the opportunity to hear their feedback to see, you know, if I'm right or if I was wrong."

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Implementing changes based on industry response

Cuban applied this method of implementing changes when he took ownership of the Dallas Mavericks in 2000. He observed that while the team invested significant amounts in player salaries, the resources allocated for talent development were limited. He noted that only a few coaches were responsible for both leading the team and improving individual player skills.

This led him to question why the organization was not prioritizing skill development at the same level as other investments. To address this, Cuban introduced an expanded coaching structure. His decision was initially met with skepticism. The Shark Tank investor stated:

"There were headlines everywhere saying Cuban has more assistant coaches than players. Cuban has three times the number of assistant coaches as any other team in the league."

However, over time, the concept became widely accepted across the NBA, with many teams incorporating player development coaches into their structures.

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The long-term impact of challenging industry norms

Cuban's strategy of publicly testing ideas and adjusting them based on feedback has had long-term effects. He noted that while his methods were sometimes questioned at first, they often became standard practice over time.

"Now if you look at it, they're called Player Development coaches, and every team has got more Player Development coaches than it would ever be conceived of back then because it just made sense." he said.

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Shark Tank airs every Friday at 8 PM ET on ABC.