Dallas Mavericks owner Mark Cuban is a blue-collar, down to his sneakers and jeans, American entrepreneur. So when he was asked to join Shark Tank Season Two, he jumped at the chance. He’s having a blast on the show and finds it rewarding to help somebody reach toward their dreams. He wants you to know that despite the economy the American dream is alive and well. Seven years ago Mark had his own Apprentice-style show called The Benefactor on ABC, but negotiating and interacting with his fellow sharks showcases his surprising tactics as a strong strategic partner and deal maker.
Initially Cuban started MicroSolutions, Inc., a software reseller, and then sold it to CompuServe in 1990 for $6 million. As a millionaire he wanted to take his passion for basketball and business to another level. He believes that a smart, focused and successful salesperson will gear up and do the homework necessary to find his next customer. And that is exactly what he did. He became a billionaire because he took small ideas and made them big.
Mark Cuban and his partner Todd Wagner started Broadcast.com in 1995 because they wanted to hear Indiana University basketball games in Dallas. Four years later, they sold the company to Yahoo in a deal valued at $5.7 billion. He’s also the owner of Dallas Mavericks and his star-filled NBA team is his prize possession. Best known for his antics on and off the court he knows that losing is not an option.
Mark Cuban on pitching: “I try to sell good products and services and to have ideas that I hope will be successful.” If the person doesn’t want to buy it he wants to know the reason. “Would you mind sharing with me what you didn’t like about the product or why you like the product you chose?” he asks. If he a good counter to their objection(s), he will let it fly and see what happens. If they say no, he moves on. “The last person didn’t get it. That is their problem. Not yours.” says Cuban. Which is why when comes to pitching potential investors he knows exactly what to look for. He’s pitched ideas himself and has hears pitches from budding entrepreneurs every day. ABC’s Shark Tank, like CBC’s Dragon’s Den, is the reality series in which small-business entrepreneurs try to persuade a group high-profile businesspeople, to invest in their companies in hopes of turning them into bigger businesses.
Cuban is the sixth shark who’s alternating with comedian Jeff Foxworthy and joins forces with regulars Barbara Corcoran, a New York real-estate mogul; Kevin Harrington, chairman of infomercial company TVGoods; Robert Herjavec, cyber-security provider the Herjavec Group; Daymond John, founder of sportswear company FUBU; and Kevin O'Leary, who developed Softkey Software Products and eventually sold it to Mattel for $3.7 billion. He is currently the founder of O’Leary Funds a mutual-fund company.
Cuban believes in the entrepreneurs, “This is your life's dream, this is something you've put your heart and soul into, told all your friends, all your family, probably asked them for money to invest in you. You're going to do whatever it takes to be successful, and you're going to have an opportunity, in front of these sharks, to make it happen.”
He believes the key for entrepreneurs to get the deal is to have enough confidence in your business to make that presentation. Those who are successful have a great idea, are fully committed to their business, and have the numbers to back it up.
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