Mark Cuban Answers Business Questions From Twitter | Tech Support | WIRED

hey I'm Mark Cuban and today we're going to be talking about mogul support pocho silver 365 weather business or sports when building your team are you more interested in getting someone who is an expert or something or would you rather have something with more potential question of the day Olivier I want an expert everybody's got potential everybody I want someone who knows something give me someone who knows there's every time because then I can turn it into something real the key to being successful in achieving your dreams no matter what they are it's finding something you really really like to do and being great at it when you're great at something you get to write your own ticket so I'm always gonna hire the expert if you just have potential chances are you're working for the expert thanks Olivier charissa Sechrist I have to do an elevator pitch for a business proposal I've never done this what's your advice Carissa get on an elevator pitch alie the great so I pay off the house or save cash and an accuser the real answer is depends on what your mortgage rate is if your mortgage rate is over five six percent what you should do is refinance if you have enough cash to just pay off the entire mortgage that's great but in this particular case you probably want to talk to an accountant because depending on what state you live in there's all kinds of different laws and rules for deductions and so it can kind of get complicated and as much as I'd like to give you advice talk to your accountants the best advice Robert Reid ii as a hashtag entrepreneur you get to be your own boss how do you manage your time between work and home so how do I manage my work-life balance now it's easy I'm rich I do whatever I want if I want to play with my kids I play with my kids if I travel I jump on my plane it really depends on where you are in your life when I was first getting started I was living six guys in a 3-bedroom apartment and so I had no work at home valence I was working at night as a bartender and all I did was work I went seven years without a vacation dude that's what it's going to take that's home life balance trip though doom if you're really into providing the opportunity for people to grow their network why they hate for crypto I CEO is the new IPO here's the thing about crypto particularly Bitcoin bitcoin is worth what somebody will pay for it do you ever see someone who collected baseball cards and they were really really really proud of their baseball cards because they kept on saying they were going to go up in price comic books the same thing even artwork there's no real intrinsic value you can't eat a baseball card or shouldn't need a baseball card your artwork might look good on the wall but not much you can do with it Bitcoin there's even less you can do with it at least I can look at my baseball card and go oh that's my favorite player that's Roberto Clemente I can look at art working on crypto is a key that is so complicated for 99% of the population do you put it in a device do you print it out how do you keep from being hacked who's gonna host it for you it's just so difficult that it's only worth what somebody will pay for it so I say it's like gold go to religion now people who are really into gold they'll tell you that there's a bad depression and things go to hell in a handbasket if you own gold and you'll be okay no you won't you carry around a gold bar so I was gonna hit your ass knock you out and steal your gold bar and it's gonna happen again and again and again I'd rather have bananas I can eat bananas crypto not so much look I can make a great argument for blockchain there's a lot of applications and they'll be used but you don't need public Bitcoin BTC you can create blockchain on your own without using all the available cryptocurrencies it's not that I'm against crypto currencies you just have to be very careful at best their store value thanks coins or die emcee sound studio what makes a good business partner a good business partner with somebody who makes me money at the SNC k-pax the robots by the hour WTF question mark so that tweet wasn't replied to this one you are getting the short end with tariffs if we as the country invest in robotics we can build factories anywhere including our own that's how you replace cheap global labor I'd rather pay you to monitor and fix robots and tax the robots by the hour that's how you win so it just so happens I have a company called higher robotics and what does higher robotics do they have robots that they put on factory floors how do they charge the manufacturer to put those robots on the floor they charge them by the hour and they charge them effectively what a traditional labourer would cost except they work 24 hours a day they don't have to go to the bathroom they don't eat they don't call in sick but the real context of this tweet was how are we going to compete with China Vietnam and other countries who are manufacturing things that have moved from the United States to those countries and move jobs with them so if as part of our infrastructure spending with public-private partnerships we invest in robotics we'll be able to bring jobs back here and replace the factories that are in Asian countries in particular with factories here that will allow us particularly if we tax them by the hour to be able to support social programs that we may not be able to afford based off what our politicians are saying it's okay to tax a robot by the hour because that money may come in and depending on who wins the election it may pay for health care may pay for single-payer it may pay for ubi it may pay for a lot of different things but I'd much rather tax a robot who's pulling in factory jobs from overseas than any other option that I can see out there at Larsen Jay tell me again why there's no ABC shark tank for nonprofits we're also businesses that need investment for growth impact with a return that's priceless invest in what you value I'm going to tell you why we don't have shark tank for nonprofits or for kids it seems so sweet and so nice but the minute we say no to a non-profit we are their worst human beings on the planet we can't do nonprofits we can't do kids because we can't say yes to everybody and so it's just better that we don't do it at all from Chris winners wince neither I'm CUBAN when you look for leadership in your organization what's the biggest success factor any specific advice for engineering leadership well I look for leadership I look for a few things one it's somebody who can relate to people someone who can define a vision someone who is nice and someone who recognizes that it truly comes down to helping people achieve their personal goals and aligning those with the goals of the organization if you can take the goals of your organization whether it's your company or somebody you work for and align them with the interests of the people that work for you you'll be a great leader and you also have to recognize in this day and age people aren't looking for lifetime jobs at a company they want jobs that will help them improve their own skillset so they can find a better place in life that they enjoy and if you help people realize their personal goals like that great things will happen for you as a leader Sade Wagner right where is the first place to look to find a business mentor how do you know if you can trust them I'm not a big mentor guy I've always been a believer that if you really want to learn something and be great at something you have to put in the time a lot of people look for mentors as shortcuts when in reality maybe they helped you a little bit maybe they helped you avoid some mistakes but when you're just getting started out in particular it's okay to make those mistakes and more importantly you have to make the commitment to put in the time to learn what you need to learn to be created something you're good at what you want to be good at Stewart plan being able to trust an organization's brand people and products are all key components of business success question mark so if your customer service how do you gain and retain your customer stress have you ever been a customer you treat other people like you wanted to be treated as a customer it's really really really simple you know you gain and retain a customer's trust by helping them achieve their goals if you're in a business that is a service business make their life easier no one wants to go to a store and have to work at buying something the most valuable assets everybody has its time the one thing you cannot buy is time the one thing you cannot get back is time if you make someone's life easier your customers lives easier if you help them save time you will develop a great relationship with them and you will your trust hi you win how do I start a business from scratch with no money no credit and no expert friends to help you don't from cryptic that crypto unlocked at M Cuban hey Mark I have a question I think many people would like to hear your answer with all the talks of the recession coming what do you think will help someone go into it for the first time for example Millennials @mq it just so happens I answered that tweet and I have it right here number one refinance your student loan and any other debt you have the reality is right now interest rates are at an all-time low so it's a perfect time to go out there and refinance your debt to save as much as you possibly can even if it means continuing to live like a student the greatest opportunities come when you are one of the few people with cash number three understand the economics of the company you work for it and the impact a slowdown would have on your job if you work for a company and there's a recession coming and you understand your role within that company you can anticipate whether or not a slowdown in business is going to impact your job for better or worse number four live as much like you can as a student because the ultimate rule is to lower your bills to lower your stress number five don't listen to any experts about whether or not a recession is coming or not nobody knows they're all guessing and I guess because it helps them get on TV or get interviewed probably on a podcast coz all economists love to podcast number five a because there's always a five eight we live in a global economy whether we like it or not the butterfly effect applies we don't know what combination our big or little things will make things better or make things worse factory could close in Vietnam that impacts something else and that impacts the global economy you just don't know number six do all you can to be great at your job but you have to be honest with yourself employees with no self-awareness are always the first ones to get fired number seven be someone who reduces the stress of people around you it's always the people who think they're irreplaceable who caused the most stress for everybody because they create this hurricane of hellishness right reduce the stress of people around you be honest with yourself about whether you're a stress creator or a stress reducer because in my experiences I'll always fire someone who creates stress and I'll always look to keep people and give raises to people who reduce stress from Jordan snow uga Scotch do you believe all jobs should pay a living wage are not some jobs supposed to be steps towards careers a great deal of wages are based on how easily replaceable people are ie the positive training employees flipping burgers was never supposed to support a family of four I truly believe that there should be a minimum wage of $15 an hour and I say that because a if all companies have to pay the same minimum wage then we all play by the same rules but that's not even the most important part when somebody's not able to pay for themselves and/or their families they go out and get government services you know who pays for it you and for others they're not even able to get the government services they need so you know what happens that's what we see people living on the streets I don't want that you know what else happens that's when we see people have food insecurity they can't feed themselves they can't feed their kids and so when we help people and we're compassionate and we allow them to live their lives with a living wage then not only do we make the country safer but we put everybody in a position where they're not dependent on government decisions and government resources and government tax revenue part 2 when a company doesn't pay a minimum wage and they have employees that are receiving government assistance that means we as taxpayers including you Jordan snow subsidizes that company that's wrong I literally went through my companies and asked and checked to see if any of our employees were receiving government assistance in terms of their wages I made sure that none were in a situation where they qualified it for government assistant because their wages weren't high enough I don't want taxpayers to be subsidizing my business so let's just raise the minimum wage to a living wage and compete because that's what American is all about capitalism entrepreneurship with a little bit of compassion thrown in and I think would be a far better place to live a far better country to live in presidential candidate Andrew yang someone should definitely run against Trump in the Republican primary against William Welch at Mt question mark higher up side than most it's not over till I say it's over Andrew you just wait and see I'm Mark Cuban and this has been mogul support I hope you learned something about business entrepreneurship and most importantly making money and even more importantly being nice

Channel: WIRED

Views: 2,560,857

Keywords: mark cuban, mogul, mogul support, tech support, business questions, business advice, mark cuban business advice, mogul questions, business advice mark cuban, mark cuban interview, being a mogul, mark cuban cyrpto, mark cuban wired, mark cuban tech support, mark cuban wired tech support, tech support wired, tech support mark cuban, mark cuban advice, mark cuban mogul advice, mark cuban mogul, mark cuban shark tank, wired

Id: DWBlN9o6Azc

Length: 13min 21sec (801 seconds)

Published: Fri Sep 27 2019

Reddit Comments

[u/bl1y]

A talking point a lot of people will overlook but is essential to the UBI argument:

Our currently welfare system is essentially a subsidy to corporations. When a company pays below a living wage and the government has to step in and cover the difference, that's a subsidy to the corporation. And you know whose taxes are paying for it? Not Amazon's. Joe Schmo truck driver is paying taxes so the government can give SNAP benefits to Jane Smith working at Wal-Mart, which she only needs because Wal-Mart won't pay her above $8/hr. If Wal-Mart paid her $15/hr, Joe's taxes go down.

We should probably have a tax on corporate profits based on the number of people earning below a certain amount.

[u/Creadvty]

Tldw

UBI: "depending on who wins, we may end up with single payor, or UBI..."

Cuban supports 15 min wage bec he doesnt want employees having to get welfare because that would mean government is subsidizing businesses.

Yang asked a question about whether a republican should challenge Trump and run for President and Cuban just said it's not over til it's over. That's all.

[u/[deleted]]

Pretty sure Yang has personally spoken to the guy too. I swear I remember Yang explicitly saying that he and Mark Cuban had a conversation. I've seen so many Yang videos that I can't even remember which one. But it was a recent one.

[u/that-one-guy-youknow]

It’s all the way at the end for those curious

[u/[deleted]]

Cuban is lowkey YangGang.

[u/Rettun1]

I feel like Mark Cuban is who Trump was supposed to be.

[u/SportsBetter]

Cuban mentions UBI but promotes $15/hr in this video. Bit of a mixed message

[u/dcandap]

Mentions UBI paid for by "taxing the robots" at 4:02

12:54 Responds to one of Yang's tweets suggesting that Cuban should run against Trump as a republican

[u/2noame]

Interesting. It's around the 5 min mark for those wondering.

Also, here's what he thought about UBI when I engaged him about it in 2017.

https://www.businessinsider.com/mark-cuban-criticizes-basic-income-as-response-to-robot-automation-2017-2