Connecting with Cuban

Entrepreneur Mark Cuban, who stars on ABC’s reality show Shark Tank, takes center stage during SXSWi to discuss business success with moderator Dustin Wells, president of EO Austin.

For the second year, The Buzz headed to Austin in mid-March for South by Southwest Interactive.

While many have heard of the popular SXSW music-and-film festival, not everybody realizes that just before, there’s another gathering focused on interactive media.

Buzz editor Joni Hoffman, publisher Michael Hoffman and I were among the thousands of communication and technology professionals who came to SXSWi to learn, connect and be inspired.

A highlight was a front-row Q&A with billionaire entrepreneur, Mavericks NBA team owner and Shark Tank star Mark Cuban.

We thought we’d share some of our favorite takeaways from his event, hosted by Entrepreneurs Organization of Austin.

All you can control is effort: Cuban said his entrepreneurial spirit came from his dad. At age 12, Cuban wanted certain tennis shoes, and his dad told him that in life, nothing would be given to him. So he went door to door selling garbage bags to raise the money.

“You can always outwork the other person, and that gives you an edge,” he said. “You have to work 24 hours a day knowing that. If I don’t know my business better than everyone else, someone will do it better.”

There’s always a moment each day where you are overwhelmed by “I need to do this or that,” he said. Fight through and do something. “I’m not saying never sleep,” he said. “Have some common sense – but there’s this line that some people don’t fight through when you know you should.”

When he first started in business, he said, he went seven years straight without a vacation. “That vacation was fun though,” he said, laughing.

A company’s culture matters: Cuban said culture “sets the guidelines” for the company. Creating a culture where employees are excited to go to work is key. At one company he headed up, they even had a company shot – a kamikaze.

Provide a unique experience: Fourteen years ago, as a fan, Cuban was watching a Dallas Mavericks game on opening day, and he couldn’t believe that the game wasn’t sold out. “I thought, ‘I can do better.’” He bought the team.

He said people don’t really remember the scores of games later, but they do remember the experience. Creating a fun, spirited atmosphere with energetic music is important to engaging everyone in the family.  “You have to know what business you’re in. The community owns the Dallas Mavs – not me.”

Immediately upon acquiring the Mavericks, he said, he put his desk in the middle of the sales office to be part of the team and help them sell tickets. He called previous ticket holders and potential new fans.

“I love to play basketball, and, to me, business is just as much of a sport,” said Cuban, who recently developed an app called Cyber Dust, similar to Snapchat, except the texted message or photo leaves no trace when it disappears.

Shark Tank is real: ABC’s Shark Tank is a reality show where entrepreneurs pitch their business ideas to successful, potential investors hoping these “sharks” will invest in their products.

The sharks – including Cuban – all specialize in different areas, have different personalities and styles of investment, and have an often-hilarious rapport with each other.

When we heard Cuban speak, what we really wanted to know was, how real is the show?

According to him, nothing is fixed or staged. A lot of editing takes place; one pitch could take 2½ hours, but be cut down to 10 minutes.

“The reason I love doing the show – and it’s a lot of work – is because it’s the No. 1 show watched by families together,” he said. “Families have discussions about it. Every parent wants their child to have the American dream, and Shark Tank enforces that.”

Notice how your kids treat others: Cuban said he doesn’t want his kids to be arrogant, focused on material objects or have a sense of entitlement. “Your bank account doesn’t define you,” he said. “I want my kids to realize that the only thing about them that’s special is what they create themselves.” Then again, he admitted his 10-year-old daughter doesn’t understand how to fly commercial.

Other Cuban-isms: He’s down-to-earth. He wore his usual t-shirt and jeans, and when he sat down, he took off his tennis shoes.

And he’s funny. The audience cracked up when he said it’s easy to spot “gold diggers” looking for a significant other with money. He recommended watching for the following statements: “I really like to travel” and “Charity work is just really important to me.”

Read more for additional information and photos from our SXSWi experience.