Businessman, film producer, philanthropist, owner of Magnolia Pictures and Landmark Theaters. Owner of the Dallas Mavericks and venture capitalist on Shark Tank. Ah, yes, one of our favorites at LNE Consulting, Mark Cuban.
There are so many incredible entrepreneurs out there who inspire us, but Mark Cuban undoubtedly ranks amongst the top on our list. There is much to be learned from his success, and the lessons we appreciate the most at LNE Consulting are those about his mentality. If you’ve ever read about self-made millionaires and billionaires, or if you’ve ever been lucky enough to spend significant time with one, you’ve probably already noticed that there are key differences in their thought processes from that of the average population.
We are firm believers at LNE Consulting that success is not a coincidence. Factoring out those who have inherited their wealth, when you look at the successful versus the unsuccessful, there are real differences in how these groups view the world — and consequently, the ways in which they behave in it.
In the spirit of sharing the Mark Cuban love, we have decided to dedicate an ongoing series of blog posts to lessons from this estimable entrepreneur. We hope you enjoy this ongoing blog series we’ve entitled, “LNE Consulting’s Lessons from Mark Cuban.”
LNE Consulting’s Lesson #1:
The way you react to adversity will make or break you.
“Everyone gets down; the key is how soon you get back up.” -Mark Cuban
One of our favorite anecdotes in Mark Cuban’s book, How to Win at the Sport of Business, is actually one of the lesser known stories about his past. Cuban details the building his first company, Microsolutions, and how exciting it was to bank his first 85 thousand dollars. He then shares some truly gut-wrenching news: His secretary had managed to steal 83 thousand dollars from his company by whiting out vendors’ names on checks, and replacing it with her own.
Before we finish telling you the story, take a moment to absorb what it would be like to have 98 percent of your 2-year earnings wiped out in a single day. We can feel our blood pressure rising just at the thought of this.
Well, like any normal person, Cuban was furious. He did all that he could to recover the money, but without any luck. However, what he did next was arguably a defining moment in his life and career. In fact, we would argue that his reaction foreshadowed his future status as a billionaire.
Cuban decided to get back to work. He reflected in his book,
“What was done, was done… worrying about revenge, getting pissed at the bank, all those ‘I’m going to get even and kick your ass thoughts’ were basically just a waste of energy. No one was going to cover my obligations but me. I had to get my ass back to work, and do so quickly. That’s exactly what I did.”
Impressive. If you think about how the “average” person would have handled this situation, the scene would have played out quite differently. Most people would have been discouraged by the misfortune and would have wallowed in self-pity indefinitely. Most people would have complained and made excuses. Most people would have gone back to a “stable” or “secure” lifestyle as an employee at someone else’s company. But, needless to say, Mark Cuban’s story did not end with the loss of 83 grand.
As budding business leaders at LNE Consulting, we take great comfort in knowing that even this billionaire faced tough times. We take Mark Cuban’s message to heart that everyone goes through struggles and setbacks — it’s all about how quickly you recover and get moving again.
Stay tuned for our next lesson from Mark Cuban… and don’t forget to follow us on Instagram at @LNE_Consulting!