Mark Cuban Answers Business Questions From Twitter | Tech Support | WIRED

I'm Mark hbin, let's answer some

questions

from the Internet. This is Mogul

support

on Young entrep Hub. What will be your best advice for those thinking about leaving their full-time jobs to become full-time entrepreneurs? Save your money first. Don't leave unless you know what the hell you're doing, we hear all these stories about all these people who quit their job, started a company and made all this money. What you don't hear are the stories of people who quit their job starting a company and it failed miserably and now they are working a job they hate before they quit be prepared know what you are doing save your money have at least 6 months to live if you can and then maybe you are ready to start your

business

Allen Bramley asks: do billionaires create jobs?

The answer is: no entrepreneur creates jobs. I am an entrepreneur and I do everything I can to create jobs, but the reality is that to become a billionaire all you have to do is luck, any billionaire. Who tells you they could do it again? No, you have to be lucky, maybe you have a rich father. The question I get asked a lot is whether billionaires should pay more taxes. Yes, we should pay more taxes. I wouldn't be in this position without this. country because nothing happens, that's great, whether it's health care teachers, roads, whatever, without people paying their taxes, it can be painful when you write that big check, but just think about how you got there, one of The most patriotic things you can do when you're rich is pay your taxes at JCBA YC You have 6 months to make as much money as possible All you have to start is a phone and $500 in cash What are you doing JCBA AYC?

That's the best question I've ever been asked. In my entire adult life I am actually very good at sales. I'm going to find a sales job because I already know that if I'm down to my last $500 and all I have is a phone, I'll get it. I work and I am going to learn more about that industry than anyone else on the planet and I am going to set a commission as high as possible and within 3 months I have proven that I am the best salesperson in history. from that company I am going to go to my boss's office and tell him that either you are going to pay me this amount of money to keep me or I am going to start my own

business

selling this stuff which is exactly what I would do everything always comes back to me sales regardless of January 1 if you buy shares of a sports team it is a bet or an investment it is a bet because you are a minority shareholder you have no rights in Mike 25748 92x question is the customer is always right no, the customer is rarely You are right that doesn't mean you don't have to keep them happy customers make decisions of course they make decisions we are all customers we know how we choose what we buy and what we don't buy, but the reality is that you don't spend a minute of your day wondering what should be the next product at 7-Eleven.

The client is not the one who has the ideas, he is the entrepreneur? come up with ideas Ed Jamus wants to know what some great businesses are that people don't realize. I'm going to tell you a couple of things that come to mind easily and that if I wanted to start a company, I would seriously consider them. This Alexa number one Alexa has so many capabilities and many people have them, but they have no idea how to use Alexa's scripting capabilities. You can start a business where you could go to your neighbors, to car dealerships, to businesses and show them for $50 an hour or more how to use Alexa in their homes to save energy and time in their businesses and two, what leads to what happens?

Even with large language models like GPT chat, new features are appearing in GPT chat. and its competitors every month, so if you just get involved and stay ahead, you will be the person in demand and sell your services on how to activate GPT chat to help a company or even teach children how to use it better. for school at cinemod is back if you could change one thing about the sports industry, college or pro, what would you change? Silly question. I changed refereeing in Ash Crypt. You think cryptocurrencies are dead, yes or no, no, no, but I think cryptocurrencies have something.

Number one problems, most people when they think of cryptocurrencies, they think of speculation, that's not really what cryptocurrencies are about. Number two, CP Crypto, is actually about creating new applications that make things better and easier. What's missing in cryptocurrencies is that app that grandma actually wants to use. Going back to the iPhone, it came out in 2007, but it wasn't until top apps like Instagram, Snapchat, and Facebook went mobile that the App Store and the iPhone really took off. Cryptocurrencies are still waiting for their Instagram moment, it won't be all. much longer where we will be able to use an nft as a ticket once the ticket is resold, we do not earn a cent, the resellers make all the money if that ticket was an nft and it will be in the future whenever the holder of the ticket is resold. original ticket can win some money the team can win some money you can't do that with physical tickets you can't do that with traditional digital transfer can you do it when you convert it to crypto or nft when that happens crypto rises in the blessing 91077 312 Why do most companies fail at number one sales?

No company has been successful without the sales period. End of story. Preparation number two when you are going to start a business. Have you done all the homework to know your industry? Your competition. products profitability your customer base your demographics you need to know these things three efforts it is not easy to start and run a business it is difficult if it were easy everyone would do it and four brains you have to be smart you have to learn these things you have to work hard, you have to have curiosity to be successful in business, you do these four things, bless you and you will be fine, the company doesn't do them, they are in serious trouble on Ghost 93X, everyone loses money on nfts.

Why are you still here? Ha ha. I have an excellent and useful graph. This is the nft

mark

et and this is the sales volume. Basically, it sucks. Do you know how many other industries have sucked? There was a time after the internet stock

mark

et crashed and Amazon was selling for $5 a share that Microsoft was selling for a hundredth of what they sell for now if you've ever been in the trading card industry, that trading card Mickey Manle you know, Steph Curry's card goes up, down, up, down, the same thing is happening with nfts now. There are some people who would tell you that this is the best time if you are an nft collector to buy an nft.

I'm not going to tell you what you should or shouldn't do other than to say that with nfts the best time to buy is when you are a collector and you love nfts, don't buy to speculate. I'll tell you for the people in the back, don't speculate, yes, you know what happens to speculators who get beaten up. them I can look at my Mutant Punk all day because I collected it. I'm not paying attention to all the things that happen on a daily basis and neither should you because one day we are going to change. and you know what you're going to say to yourself, you're going to say it to yourself.

I should have bought those damn nfts when they were next to nothing on Tamar shahan, what's something you wish your younger self knew before starting a business? I would have known to respect the people around me and be kind to the people around me who worked the hardest for me because it is stressful to start a business and I think too often I took that stress out on the people around me and that was a mistake. . seriously, seriously 4 name image likeness you get paid for it dear god what's wrong with the NCAA Ernest, you just worked your ass off, you asked for the first 17 18 years of your life to be great at something, you get recruited by a school and anyone there? wants to pay you for your name, image and likeness now if that same kid was a violinist and they wanted to pay him to do a violin ad.

You would say yes, when an athlete reaches the top at his level and the advertiser is a sponsor. he wants to pay them, yes, let them earn the rewards of their efforts earnestly and hell, yes, by becoming a mirror. Who is the best shark on Shark Tank and why is it Mark Cubin? I'm the best shark on Shark Tank because I've been there I was broke, I got laid off, I started a business with nothing, I turned a business into something, so when you're on that mat introducing us, not only am I thinking about whether I'll invest, but I'm also trying to come I can think of a way to help that entrepreneur because I know the challenge, pain and anxiety of running a business and if I can make your life a little easier with a good idea, that's what I'll do at Turner orinks.

What's the business buzzword that bothers you the most? I will go first disruptive cohort there is no reason to use the word cohort when you can use the word group a cohort is a group of people who say group you sound stupid when you use the word cohort because you are trying to sound smart always use the simplest word in the bash terminal. Can anyone explain in simple terms what ABCD series financing is? I don't know why people apply these letters just the chronological order in which you raise money, that's all. seed series a series B series C Series d That's right, it can come from anyone, it comes from mom, it comes from dad, it can come from your aunt, your uncle, a venture capitalist, what is venture capital?

Venture capital is a vulture that sits in an office and tells you how smart they are and how they are going to give you money in exchange for much of your company giving you very little

support

only to end up trying to pressure you into doing things that You don't want to do just so they can. get your money back, but other than that, I have no problem with them figuring out what is the most common mistake they see entrepreneurs make: they focus entirely on raising money, the less money you raise the better because that's how you own more of your company because when you raise money you have to donate part of your company, so the most important rule is to understand that raising money is not an achievement, it is an obligation in mahavir Jin, what are the three habits or daily practices that have contributed significantly to your success? read read read read read you have to learn two be curious changes you have to always be curious you have to know what's going on you have to be aware three be agile because shit is changing because you're learning all the new things you're I'm curious to know that always you have to be agile and be able to adapt and for abs you always sell, you always have to be selling because that's how companies work, you do those things, you're going to crush it and all four of them, that was an advantage.

I said three things I can't tell in Joe bass HD what is the difference between CPA cost per acquisition and CAC customer acquisition cost let's start with the acquisition cost, this is the amount it costs you to acquire a customer, then there is the customer acquisition cost that is the cost of acquiring a customer, so the only thing missing between these two is the equal sign between them to tell you that they are practically exactly the same. Normally what happens is people go and advertise on the social media platform and they'll spend $1,000 and after the week or whenever until it's gone, they'll look to see how many clients they have, let's say they have 100 clients, then they just Do the math: 1,000 divided by 100 will give you all you math whizzes out there. out there $10 now, what's that $10?

That's the acquisition cost of your customer or the acquisition cost of continuing to carry 78 As a business owner, when is it time to quit, quit, sell, move on, cut your losses, you get the idea. that decision. it's usually going to be done for you you can't pay your bills you can't pay your employees you can't pay your bank loan and someone walks in and you watch Mark the game is over it's the worst feeling ever just because the fan hits and the Things go wrong, that's never the time you close the shop only when you have no other option or if someone offers you so much money it's like hell, yeah then you look at selling it, are you ready to take another step in your life ? is the most important thing for you in running that business, no matter how much it is worth or if there is so much money involved here that you can change your life, like when I sold my first business, retired and bought a lifetime pass on American Airlines, the most valuable.

The asset for me was not money, but the time that money could buy. You have to make your own decision about what is most important to you in g167 28893. Have you ever wanted to quit? What did you do to get out of the slump? I remember when I started my first business I had no sales and I remember being terrified, I mean the anxiety was through the roof, but you know, I reminded myself why I started and I reminded myself that I was a shitty employee who was never going to be. Well working for someone else they allowed me to work as an employee because I was a know-it-all, right, I was an entrepreneur at heart and I always thought I had a better idea.

I worked for a bank. I called an executive vice president and he said we want to haveA happy life. time when you talk about what it's like to work at the bank. I thought it was a great idea and was taking the initiative. My boss brought me to his office. Who the hell do you think you are? Who gave you permission to do this? Know? You just started here where a tear came from. I mean, I'd never felt anything like that before and I knew then that he wasn't meant to be Obial Kenobi's employee. Why are medications so expensive in the United States?

Bull yes it's OB ra Kenobi and what I've learned from revolutionizing industries when an industry has been doing it the same way for decades, that's a red flag to me when that same industry goes out of its way to complicate the business so no one else can get in, that's a second red flag for me to get involved thirdly when it's so complicated, but when you look at it it's like it's a simple business, you know what the prescription drug business really is. . someone makes the drugs someone buys the drugs someone prescribes the drugs someone sells the drugs that's the whole prescription drug industry and then when I saw that I thought this shit was going to be easy, not cheap, but easy to do, so started cost plusus drug.com in January 2022, when there is an industry that does it the same way always making things complicated and everyone hates them, that is the best place to start a business, so you too can dive in in whoever wants to do it.

So those were all the

questions

for today. Thank you. There were some incredible questions. I really enjoyed them. If I can leave you with a few words. The only reason to consider being an entrepreneur and starting your own company. Investing is improving your life. Just enjoy your time. have fun do your best good things will happen thanks for watching Mogul support