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The Three Key Traits of a Great Entrepreneur: Insights from Mark Cuban
- Startup Bell
- Jul 14, 2024
- 6 min read
Updated: Apr 16
In the fast-paced world of entrepreneurship, few voices carry as much weight as that of Mark Cuban. The billionaire investor, owner of the Dallas Mavericks, and "Shark Tank" star has built his empire through a combination of business acumen, technological foresight, and unwavering determination. When asked about what makes a great entrepreneur, Cuban distilled his decades of experience into three essential qualities: curiosity, agility, and salesmanship. Let's dive deep into these principles and explore how they've shaped successful businesses across industries.
1. Curiosity: The Lifelong Learner
Mark Cuban places curiosity at the top of his list of entrepreneurial must-haves, and for good reason. In his own words:
"Somebody who's curious, they want to keep on learning because business is ever-changing, it's never static."
This perpetual thirst for knowledge has been a defining characteristic of Cuban's own career trajectory. From selling garbage bags door-to-door as a child to founding MicroSolutions and later Broadcast.com (which he sold to Yahoo for $5.7 billion in 1999), Cuban has consistently demonstrated an eagerness to understand emerging technologies and market trends before they hit the mainstream.
A Back Story: Bill Gates and the Origins of Microsoft
Bill Gates, the co-founder of Microsoft, epitomizes the curious entrepreneur. In his early years, Gates spent countless hours tinkering with computers, driven by a genuine desire to understand how technology could be harnessed to change the world. His curiosity led to breakthroughs that shaped the personal computer revolution. He questioned conventional wisdom and challenged the status quo, setting the stage for Microsoft to become a global powerhouse.
Netflix: Curiosity in Action
Another compelling example is Netflix. Reed Hastings of Netflix transformed his company multiple times – from a DVD-by-mail service to a streaming pioneer to a content creation powerhouse. Each evolution required extensive learning about new technologies, consumer behaviors, and industry dynamics. Had Netflix remained complacent with its initial business model, it would have gone the way of Blockbuster, rather than becoming the entertainment giant it is today.
Curiosity drives every innovation, prompting companies to look beyond today's trends and invest in tomorrow’s breakthroughs. In Cuban’s view, the most successful entrepreneurs are those who never stop asking questions and exploring new possibilities.
2. Agility: Evolve or Dissolve
The second piece of Cuban’s formula is agility—the ability to pivot and change as the business environment evolves. He noted,
“Somebody who's agile, because as you learn new things and the environment around you changes, you have to be able to adapt and make the changes.”
In the volatile world of business, being nimble isn’t just a competitive advantage; it’s a survival skill. Market conditions shift, consumer behaviors evolve, and new technologies emerge almost overnight. An agile entrepreneur is one who recognizes these shifts and responds swiftly, embracing change rather than fearing it.
Agility in the Face of Challenge
Airbnb provides a compelling case study in entrepreneurial agility. When the COVID-19 pandemic devastated the travel industry in early 2020, the company faced an existential crisis as bookings plummeted by more than 70% in many markets. Rather than simply waiting out the storm, co-founders Brian Chesky, Joe Gebbia, and Nathan Blecharczyk quickly pivoted their strategy.
They shifted focus to longer-term stays, catering to remote workers and people seeking rural escapes rather than short city breaks. They introduced enhanced cleaning protocols and flexible booking policies. Most importantly, they launched "Online Experiences," bringing their experiential travel concept into the virtual realm. This agility not only helped Airbnb survive the pandemic but positioned them for a record-breaking IPO in December 2020.
Even established tech titans demonstrate this quality. Microsoft under Satya Nadella transformed from a struggling software giant to a cloud computing leader by making bold changes to the company's strategy and culture. Nadella recognized that the company's future wasn't in defending Windows at all costs but in meeting customers where they were – even if that meant embracing competing platforms like Linux and iOS.
For entrepreneurs, agility isn't just about responding to external crises – it's about continuously reassessing your business model, product offerings, and market approach based on new information. As Cuban suggests, agility follows naturally from curiosity; once you learn something new, you must be willing to act on that knowledge, even if it means disrupting your own status quo.
3. Salesmanship: The Art of Selling
While curiosity and agility are the internal drivers of innovation and adaptability, Cuban underscores that the ultimate measure of an entrepreneur is their ability to sell. He asserts,
“Somebody who can sell, because no business has ever ever survived without sales.”
Sales is where passion meets practicality. It’s about convincing potential customers that your product or service solves a significant problem, fulfills a need, or simply enhances their lives. No matter how revolutionary your idea is, without the power to sell it effectively, even the best concepts will fail to reach their potential.
Selling Beyond the Transaction
Steve Jobs wasn't just a technological visionary – he was perhaps the greatest corporate storyteller of his generation. When he unveiled the original iPhone in 2007, he wasn't simply selling a new gadget; he was selling a revolution in how humans would interact with technology. His famous "three products in one" pitch – "a widescreen iPod with touch controls, a revolutionary mobile phone, and a breakthrough internet communications device" – followed by the revelation that these were a single device, represented masterful salesmanship that created unprecedented consumer demand.
Cuban himself emphasizes that sales isn't just about closing deals – it's about genuine enthusiasm for your offering:
"And as an entrepreneur who's creating a company, whatever your product or service is, if that's not the important thing and you're just dying and excited to tell people about it, then you're not going to succeed."
This authentic passion is what distinguishes truly great entrepreneurs from those who are simply chasing profit. When you believe deeply in what you're building, sales becomes less about manipulation and more about sharing something valuable with the world.
Applying Cuban's Wisdom to Your Entrepreneurial Journey
How can aspiring or current entrepreneurs cultivate these three essential qualities in themselves and their organizations? Here’s a roadmap:
1. Cultivate a Lifelong Learning Habit
Read Widely: Explore books, articles, and podcasts that challenge your current understanding of your industry.
Experiment Frequently: Try out new ideas in small, controlled environments. Learn from each outcome.
Embrace Failure: View mistakes as valuable lessons that drive future success.
2. Build Agility into Your Business Strategy
Monitor Trends: Stay updated on market shifts and technological advancements.
Be Ready to Pivot: Develop a flexible business plan that allows you to adjust quickly to changes.
Encourage a Culture of Innovation: Foster an environment where team members feel safe to propose and test new ideas.
3. Hone Your Sales Skills
Find your authentic pitch: Identify the aspects of your business that genuinely excite you and build your sales narrative around them.
Engage Your Audience: Learn to connect with your customers on an emotional level. Highlight how your product or service solves real problems.
Develop Resilience: Accept that rejection is a part of sales and use it as motivation to improve your approach continuously.
Conclusion
The beauty of Cuban's framework lies in its simplicity and timelessness. While business tactics may change with each technological revolution, these fundamental qualities have powered entrepreneurial success from the industrial age through the digital era.
Whether you're launching your first startup or leading an established enterprise, taking stock of how you embody these three qualities – and deliberately strengthening your weaknesses – could be the most valuable investment you make in your entrepreneurial future.
As Cuban might put it, in the ever-changing game of business, the curious, agile salespeople don't just survive – they thrive.
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