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The Big Shark Formula | Mark Cuban on The Quest with Justin Kan

Check out The Quest with Justin Kan Episode Page & Show Notes

Key Takeaways

  • The pandemic changed countless industries, but one of the most exciting ones for Mark Cubans is blockchain 
    • “We’ll look back at the pandemic of 2020, particularly the summer, and say okay that was the inflection point of a lot of blockchain-based applications” – Mark Cuban
  • Mark is bullish on Non-fungible tokens (NFTs) for art. NFTs prove authenticity and ownership of digital art.
    • E.g: The NBA launched Top Shot which sells digital moments just like one would sell digital trading cards 
  • The world is becoming more and more digital and Gen Z is more likely to buy a digital product than a physical one:
    • “They’re going to respect something that’s digital before they buy something that’s physical” – Mark Cuban
  • Failure is a great teacher:
    • “I learned more from the places I got fired from and the places I worked that I hated than I did from the places I liked. I learned what not to do.” Mark Cuban
  • One of the most important business lessons Mark learned early in his career: Sales cures all
    • If you don’t have sales, your business won’t last
  • Being young is a perfect time to start a business because you don’t have much to lose 
    • Mark was living with 6 roommates when he started his first company, it wasn’t like life could get much worse than that 

Intro

  • Mark Cuban (@mcuban) is the owner of the Dallas Mavericks and investor on the TV show Shark Tank   
  • Host: Justin Kan (@justinkan)

Books Mentioned

Mark’s Drive For Money & Freedom

  • Mark grew up without a lot of money so as a kid, he was driven to make lots of money
    • However, as he got older, it became more about using money to have freedom and more time
  • At 29, Mark sold his company and made about $2.5 million after taxes
    • He used that money to invest in the market to grow his wealth while traveling the world and partying

Mark’s Big Exit

  • Mark originally funded AudioNet to listen to sports games on the internet
    • Once he realized it could be a huge company, he started to invest a lot more of his money and time into the company
      • The company was later sold to Yahoo and Mark ended up making a ton of money from the acquisition
        • Mark believes the company could have been the next Spotify or Pandora if Yahoo did a better job of managing it but unfortunately their board mismanaged it

How Blockchain Is Changing The World

  • The pandemic changed countless industries, but one of the most exciting ones for Mark is blockchain 
    • “We’ll look back at the pandemic of 2020, particularly the summer, and say okay that was the inflection point of a lot of blockchain-based applications” – Mark Cuban
  • Mark is bullish on Non-fungible tokens (NFTs) for art. NFTs prove authenticity and ownership of digital art.
    • E.g: The NBA launched Top Shot which sells digital moments just like one would sell digital trading cards 
  • Mintable lets people turn any creation into a blockchain item so they get paid a fee anytime someone uses it
    • This means artists, photographers, designers, and other creators can sell their work or license it and get paid each time someone uses it
  • The world is becoming more and more digital and Gen Z is more likely to buy a digital product than a physical one:
    • “They’re going to respect something that’s digital before they buy something that’s physical” – Mark Cuban
  • How does Mark stay up to date with all the new technologies emerging today? He’ll read books, tutorials, network with experts, play around with the tech, etc. 

Thoughts on Kids

  • Even if you’re extremely wealthy like Mark, you still worry about your kids’ health, safety, and wellbeing
    • You also want to spend a lot of time with your kids and play an important role in their lives
  • Mark tries to live a modest lifestyle–he doesn’t have butlers or private chefs and makes his kids wash their own dishes

Business Advice for Listeners

  • Failure is a great teacher:
    • “I learned more from the places I got fired from and the places I worked that I hated than I did from the places I liked. I learned what not to do.” Mark Cuban
  • One of the most important business lessons Mark learned early in his career: Sales cures all
    • If you don’t have sales, your business won’t last
  • Being young is a perfect time to start a business because you don’t have much to lose 
    • Mark was living with 6 roommates when he started his first company, it wasn’t like life could get much worse than that
  • Always be learning. Change is constant and you need to keep learning to survive and thrive in the world.
  • Common traits of successful entrepreneurs:
    • They’re nice people
    • They’re constantly learning
    • They love their products so much that they make it easy for them to sell it
    • They’re agile and open to pivoting

Mark’s Newest Company

  • Mark recently launched Cost Plus Drugs, which aims to sell 100 different generic drugs at transparent prices
    • Mark’s company is starting construction of a pharmaceutical factory in Dallas, Texas that will be able to make produce generic drugs at a low-cost

Additional Notes

  • How does Mark manage his time? He doesn’t do calls or meetings
    • “For the last 20 years, if you need me, you email me” – Mark Cuban
      • By only talking via email, Mark saves time on commuting, small chat, pointless details, etc.
  • Two industries Mark is most excited about: Artificial intelligence and blockchain
  • A few of Mark’s favorite Shark Tank companies: 
    • Simple Sugar–the company went from doing $40,000 a year to doing million a year
    • Hug Sleep– the company went on Shark Tank and sold $4 million worth of goods in a couple of weeks
The Quest with Justin Kan : , , , ,
Notes By Alex Wiec

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