Last Updated 06 Jan 2022

Mark Cuban: ‘You Only Have to Be Right Once’

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When you start a new business, you want advice from someone who's been in your shoes.

, who recently stepped away from The Huffington Post to launch her wellness startup, , sought wisdom from someone who knows a thing or two about launching new ventures: billionaire entrepreneur and Shark Tank investor . The two had a wide-ranging conversation onstage at New York Advertising Week on Wednesday.

Cuban, the owner of the Dallas Mavericks and Landmark Theatres among other holdings, chatted with Huffington about a variety of topics, including his experience sitting in the front row at the first 2016 presidential debate, the intersection of health and business and what he's learned from his mistakes and his successes.

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Read on for three business tips from Cuban.

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1.Embrace your flaws.
"Perfection is the enemy of profitability,” Cuban said. “Perfection is the enemy of success. You don't need to be perfect, because nobody is.”

He explained that dedication and perseverance are more valuable pursuits than perfection -- especially because time spent trying to reach the unattainable only takes away from the good you can accomplish. Instead, recognizing what you lack and finding people who are willing to help you are two steps toward realizing your vision.

"You have to outthink and outwork people, but you don't have to be perfect. And you have to be good at developing partnerships. I try to identify the things that I'm not really good at, and I try to partner with people who complement my skillset."

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2. Value your time.
"If I do one phone call every two weeks, that's a lot,” Cuban said. “If I do one meeting a month, that's a lot. And really the only time I'm going to do a meeting is if you're writing me a check. Otherwise, don't waste your time."

Cuban confessed that he is not a fan of the sometimes forced niceties that go along with big conference room meetings -- or the time it takes to travel to and from them.

"With all the different digital tools that are available, it's very easy to communicate. We can have an email thread that can go on for two years and would be more effective."

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3. Don't let failure stop you.
"It doesn't matter how many times you fail, you only have to be right once,” Cuban said as he recounted some of the misfires that led him to where he is today. “There are a lot of businesses I've had that you've never heard of. I started a powdered milk company. Just the worst of the worst.”

He recalled being fired from one of his early jobs. The disappointment didn’t last long, because it gave him the time and the motivation to start his first company.

Mark Cuban: ‘You Only Have to Be Right Once’ essay

Related Questions

on Mark Cuban: ‘You Only Have to Be Right Once’

Do Mark Cuban's past mistakes really matter?

Before Mark Cuban became a billionaire in 1999, he experienced a string of failures. But if you ask him, past mistakes don’t matter. “It doesn’t matter how many times you f--- up,” Cuban said on Barstool Sports’ “Pardon My Take” podcast on Feb. 4.

What was Mark Cuban's job before he made his fortune?

Mark Cuban is known for being a successful businessman. The 61-year-old entrepreneur owns the NBA ’s Dallas Mavericks, has stakes in numerous companies, is one of the judges on ABC 's " Shark Tank " and is estimated to be worth $4.3 billion, according to Forbes. But before he made it big, Cuban could barely hold down a job.

How old was Mark Cuban when he moved to Dallas?

HOW WARREN BUFFETT'S 'MISTAKE,' BERKSHIRE HATHAWAY, BECAME THE FOUNDATION OF HIS CAREER From there, Cuban went to work at a TV repair franchise called Tronics 2000 in Indiana but eventually headed to Dallas, where he moved into a three-bedroom apartment with five other people. He was 24-years-old and had no money, according to the CNBC report.

What does Mark Cuban say about optimistic growth-oriented mindset?

Mark Cuban says, “you only have to be right once,” so no matter how many tries it takes, you persevere through the mistakes to get to a really great solution.” This concept comes back around to the optimistic growth-oriented mindset.

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