Mark Cuban is taking on a new role: MasterClass instructor.
MasterClass is an online learning platform that offers lessons taught by experts who are typically well known in their fields. From authors such as David Baldacci and David Mamet teaching writing to former Presidents George W. Bush and Bill Clinton teaching classes on leadership.
In a new class, which launched Thursday, called "Win Big in Business," he unveiled secrets that propelled him to success in the business world.
In the first few moments of the class, Cuban noted an important lesson that was instilled in him by his dad, which was that "your most valuable asset is your time and it's perishable."
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Cuban, who amassed many titles throughout this career from inventor, entrepreneur, NBA owner and longtime panelist on ABC's "Shark Tank," said this class is for everyone who has ever dreamed of starting a business.
He dives into the fundamentals of starting a business, how he spots opportunities for disruption as well as the reason behind some of his most pivotal career moves including why he sold his majority stake of the Dallas Mavericks while staying on as
president of basketball operations and why he opted not to run for president of the United States or contributed to a political action committee.
"I am going to teach you all the little things business schools forget to teach you," he said in his hour-long MasterClass video.
To be successful he kicked off by saying entrepreneurs have to be committed. Even though most people have had an idea for a business, "99.99% of us stop," he said.
For those who do commit, the key fundamentals to being successful are sales, margins and profits, he said.
"That's all you should be focused on," he continued.
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Cuban jumped into being a businessman at just 12 years old while he was living in Pittsburgh, Pennsylvania. At the time, his father's friend gave him an idea to sell garbage bags door to door, so he could afford a pair of basketball shoes.
Cuban bought boxes of garbage bags for $3 each, and sold them for double the amount.
What he learned at that moment was how to sell.
"It was the greatest lesson I could ever learn," he said. "There's never been a successful company in the history of companies that didn't need sales."
More importantly, he learned that selling is about putting yourself in the person or company's shoes you are trying to sell to and understanding what their needs are.
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Cuban has a proven track record of building companies, starting with MicroSolutions, which he founded right out of college and later sold to H&R Block.
Among his ventures, he teamed up with American entrepreneur Todd Wagner in 1995 to create AudioNet, later called Broadcast.com, which was the first commercial streaming company. They sold it to Yahoo! in 2000 for $5.7 billion. That same year, he acquired the Dallas Mavericks for $285 million, which he remained the majority owner until December 2023. He sold his majority stake in the team for $3.5 billion.
In 2022, Cuban co-founded Cost Plus Drugs with a mission to help patients get access to low-cost, high-quality pharmaceuticals.
During his MasterClass, Cuban will also dig into how this company has disrupted an industry by making prescriptions affordable for millions of Americans.
