The name Mark Cuban is synonymous with success. On Shark Tank, he meets and sometimes invests in innovators, allowing them to achieve their American dream. From his early years selling garbage bags door-to-door to his most recent investment endeavors, Cuban is a successful, self-made businessman. Best known as the “shark” investor and owner of the NBA’s Dallas Mavericks, Cuban also owns Landmark Theatres, Magnolia Pictures, and is the chairman of the HDTV cable network AXS TV.
On July 13, Cuban will share his experiences and insights with the salon industry at the 2014 PBA Business Forum at Cosmoprof, which will be held at 8 a.m. at the Mandalay Bay Resort and Casino in Las Vegan, Nevada. Before he takes the stage in Vegas, Cuban recently granted SALON TODAY’s Stacey Soble an exclusive interview about his views on the current state of economy, some of the challenges and opportunities facing entrepreneurs, and why he’s venturing into beauty business.
SALON TODAY: We have heard that you have invested in some beauty brands, some of which were on Shark Tank and will be exhibiting at Cosmoprof. For you, what is attractive about the beauty market? And, what do you look for in a beauty brand, as it is a bit different from your typical business model approach?
Cuban: “What I love about this market is that consumers respond to innovation. People recognize that technology changes rapidly, and that change is impacting all the products we buy. So they are on the look out for new, amazing products.
“Of course change is not enough, there also has to be results and trust. I try to find products that do a spectacular job, that can be trusted and that are always improving.”
SALON TODAY: The majority of our readers own or manage salons and spas. What advice would you give them as far as pursuing their entrepreneurial dream, and what pitfalls should they avoid when running their businesses?
Cuban: “What I tell all businesses owners: ‘Treat your customers like they own you, because they do.’ Owning your own business is a grind. You work more, not less. But the satisfaction can be incredible on many levels.
“The biggest pitfall is not understanding the economics of your business and thinking that you are smarter or better than your competitors. It doesn’t matter how you think you compare to your competition. All that matters is how your customers think about you.”
SALON TODAY: The economy is getting stronger, but what do you feel are the best types of business to invest in these days?
Cuban: “The businesses you know best. Every business has competition. If you don’t know your industry as well as your competitors, you are at a disadvantage. So, try to stick to what you know.”
SALON TODAY: You are a self-made businessman—what do believe are the most important characteristics for an entrepreneur in today’s marketplace?
Cuban: “If you are smart, prepared and focused on being great at what you do and put in the effort, you can win.”
SALON TODAY: How would you define the American Dream now versus 6 years ago? What are the biggest challenges facing business owners today, what are the biggest opportunities?
Cuban: “I think the American Dream never changes. We all have the opportunity to do amazing things in this country. It’s not easy. It’s not an entitlement. It’s an opportunity. And, we all have to take risks to reap the rewards!”
For more information and tickets to Mark Cuban’s keynote address at the 2014 PBA Business Forum at Cosmoprof, visit cosmoprofnorthamerica.com.