Robert Herjavec, celebrated entrepreneur and "Shark Tank" investor, has launched a new YouTube series, Things I Learned from a Billionaire to Become a Billionaire, where he shares valuable lessons he gained from his mentor, fellow "Shark Tank" star Mark Cuban. While Herjavec humorously admits he's "not quite a billionaire"—except perhaps in Australia—the series showcases how Cuban's insights have transformed Herjavec's approach to life and business. Here are ten impactful lessons Herjavec learned from Cuban, the maverick billionaire and Dallas Mavericks owner, who recently sold half of his NBA team for $2 billion.
1. Beware Of The Man In The T-shirt, Not The Man In The Suit
Herjavec recalls his initial surprise at Cuban's laid-back attire, a simple t-shirt and jeans, which defied the stereotypical business look. Cuban explained that his casual style reflects his confidence; he doesn't feel the need to dress up to prove his success. According to YouTube, this lesson taught Herjavec that appearances don't necessarily correlate with power—often, the most unassuming person in the room wields the greatest influence.
2. Expect To Win Always
In a pivotal conversation, Herjavec asked Cuban if he anticipates winning every business meeting he attends. Cuban's response—"Yes, 100 per cent of the time"—changed Herjavec's outlook. Instead of hoping for success, Cuban's mentality of expecting it encouraged Herjavec to approach situations with unwavering confidence. This shift in perspective transformed his approach to business, instilling a mindset of inevitable success.
3. The Bigger You Get, The Bigger The Bullseye On Your Back
Cuban shared that as a business grows, so does the competition, and the pressure mounts accordingly. According to YouTube, he advised Herjavec to approach every day as if someone is trying to take everything away, echoing the concept that business is a relentless game with no set season. This awareness of competition has kept Herjavec motivated to stay ahead in his field.
4. Time kills All Deals
Cuban introduced the "24-second shot clock" to "Shark Tank" negotiations, a rule that limits the time entrepreneurs have to make decisions. This tactic, which Cuban brought over from the basketball world, urges entrepreneurs to act swiftly and decisively. Herjavec has since embraced the value of quick decision-making, understanding that business opportunities often require urgency to prevent them from slipping away.
5. Two Airplanes Are Better Than One
In a light-hearted rivalry, Herjavec found himself competing with Cuban over private jets. When Cuban responded with "Which one?", Herjavec realised that Cuban wasn't driven by luxury but by purpose. Herjavec recognised that while material wealth can be a by-product of success, finding true fulfilment in business comes from purpose, not possessions. This realisation has grounded Herjavec's approach to building a legacy rather than just amassing wealth.
6. The Right And Wrong Time To Sell A Business
Cuban has a clear philosophy on when to sell a business: when you've lost interest, hit a growth ceiling, or when the financial gain would profoundly alter your life. According to YouTube, this advice guided Herjavec when he faced a $100 million buyout offer. Cuban's criteria helped him realise that his passion for his business surpassed any potential profit, emphasising the importance of aligning one's work with personal goals.
7. Time Is More Important Than Money
Cuban frequently stresses that "today is the youngest you're ever going to be," urging others to seize the present. Herjavec found this perspective invaluable, realising that while money can be regained, time cannot. For Herjavec, making the most of each day became a guiding principle, especially in the fast-paced world of entrepreneurship, where timely actions are often crucial to success.
8. Once Everyone Knows The Answer, The Opportunity Is Already Gone
Another crucial lesson from Cuban is that "once everyone knows the answer, the opportunity is already gone." Herjavec has taken this advice to heart, planning his time meticulously to maximise productivity. In the business world, the window of opportunity is narrow, and by the time an idea becomes common knowledge, its potential for success often diminishes.
9. There Are No Participation Trophies In Life; Trophies Are Only For Winners
Cuban believes life doesn't hand out trophies just for showing up; rewards are reserved for winners. This tough-love approach resonated with Herjavec, who reflected on his journey from an immigrant to a successful entrepreneur. According to YouTube, Cuban's philosophy reinforced Herjavec's drive to take swift, decisive action and focus on achieving results rather than simply participating.
10. You Only Need To Be Right Once
One of Cuban's most profound lessons for Herjavec is that in business, "you only need to be right once." While people may remember the failures along the way, a single successful venture can eclipse them all. This insight inspired Herjavec to persist through setbacks, understanding that when he ultimately found success, it would overshadow past struggles. "If you don't like the chapters in your life, turn the page," he advises, acknowledging that resilience in the face of failure is key.
Robert Herjavec's reflections on his relationship with Mark Cuban offer aspiring entrepreneurs a wealth of lessons beyond business tactics. For instance, Cuban has previously shared four essential things aspiring entrepreneurs should remember before starting a business.
He has also shared details of a side hustle that requires only three simple steps to start but can offer the opportunity to earn up to six figures.
