Billionaire entrepreneur and “Shark Tank” star Mark Cuban has made a career out of evaluating and investing in businesses. We asked him about what he looks for when investing in a start-up, and how small business owners can better understand and cater to what their customers want.
What are the top challenges facing America’s small businesses today?
Understanding the needs of their employees and customers, and helping them navigate through the pandemic.
What advice would you give to a small business owner looking to define their brand’s purpose?
Know what your value is to your customers. Your customers define your brand and how they see you. Ask them what they think of your company. That can drive your brand.
Do you have any tips for how entrepreneurs can raise and better manage their capital?
The best solution is to not raise capital and to run your business to be profitable from day one.
What are some important start-up qualities investors look for?
Profitability, stability, mission, growth, and differentiation.
What is the one question every investor will ask an entrepreneur before investing?
How can I get a return on my investment?
Why is creating an omni-channel experience for customers a key to success today?
You want your products to be available where your customers want to buy. Your customers control what channels you are on and always will.