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Mark Cuban is known for his business acumen as well as his personality which has proven to be controversial at times. But one that thing that cannot be denied is that he has proven himself to be a success. Mark’s business ventures come in all shapes and sizes which makes it hard to pin him down as one type of businessman. His life is a testament to self-belief and the mere thought that anything can be achieved if you want it and put your mind to it. You could say that he was born to be a businessman. There are many people who have entrepreneurial skills but very few are able to understand the business aspect as well as he does. Since he does not focus his interests in one area alone, he is able to reap the benefits from many different sources. If you think about it, this is a very smart way of doing things. He is not afraid to take risks and it is a quality that has been a key ingredient in his rise. Another factor is his success has been his consistently employ practical thinking. By keeping emotion out of his decisions, he is able to decide on what the best course of action would be. As someone who is constantly evolving his business acumen and given his track record so far, his opinions have become very valuable. There are a lot of people that follow his mantras and hope to be as successful as he is. But what are the businesses that make Mark such a big deal? Since he has been part of many ventures, it can be tough to pinpoint. But there are a few that must be mentioned. They are:

Investing with market speculation – Broadcast.com

This was Mark’s biggest business venture at the time. He was able to see the potential in webcasting technology and decided to invest in it. The market for such businesses was very new at the time and getting into something like was considered by many to be a wrong move from Mark. As he has done many times in his life, he would go on to prove the doubters that they were the ones who were wrong. In a short span of time, the company had grown exponentially and was achieving a turnover in the millions. Finally, in the year 1999, they were bought for a whopping 5.7 billion dollars. A venture that many didn’t think would succeed ended up being sold billions. Mark knew that that was the right time to sell and his subsequent business life has proven that he was right.

Monetize your passion like Dallas Mavericks

It is arguably his most famous business venture. Mark bought a majority stake in the NBA franchise in the year 2000. To his credit, he has made the Mavericks a success both on and off the court. This success culminated with them winning the 2011 NBA championship. This is where he has faced many of his controversial moments. His outspoken nature can sometimes rub people the wrong way but he has never let that affect his team. All the outpouring of emotion is due to the love he has for the team. After all, it is the team from his hometown. In fact, this was one of the driving forces behind his decision to purchase that majority stake. This deal is an example of another ideal that Mark likes to emphasise. That is of course passion. If you are passionate about something, you should go for it. The Mavericks were his passion and he followed and ultimately proved to be successful. Even without the help of a sporting background, he has shown that he understands the nuances of a sport like basketball. A big reason for that is his hard work and thirst for knowledge. Mark believes that to succeed, you need to know more than the next guy. So, by learning about the sport, he was able to help his team transform their fortunes.

Spotting the potential idea through Shark Tank

The reality show Shark Tank has proven to be a fruitful investment opportunity for Mark Cuban. He is one of the judges (also known as sharks) of the show and has been a part of it since its debut. The show allows these sharks to analyse an investment opportunity and decide whether they will or they won’t be investing in it. Although this sounds simple, there is still a lot riding on this decision. By being a part of this show, he was able to showcase one of his best qualities. The ability to spot the potential in an idea. Some may like to pass it off as instinct but it is a great quality to have. Not many people can look and something and know what it will turn into but Mark has had that uncanny ability for a long time. The products that he has backed have had varying degrees of success. This is also where the risk-taking comes in handy. He has shown this by backing more than 80 such deals. He is not going to back them unless he believes in it. His time at the show has also shown the audience his belief in the human element. Being a very passionate himself, he is able to sense if someone truly believes in their product or not. It is all about forming business relationships that are going to last for a long time.

May 15, 2018
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