Mark Cuban Warns Entrepreneurs: 'Don't Let Others Sell You on Their Ideas'—Why Ignoring Bad Advice Could Be Your Key to Success

According to billionaire investor Mark Cuban, success in entrepreneurship often hinges on trusting one’s instincts. For small business owners, this means having the conviction to pursue their goals while discerning which advice to heed. 

“When you’re just getting started in a small business, it’s easy to drown an opportunity if you let yourself get pulled by different ideas,” Cuban told CNBC Make It before a recent SXSW panel announcing ABC’s “Shark Tank” partnership with payment processing platform, Clover.

Don't Miss:

• Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
• These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends

Building Confidence in Business

Cuban emphasized the importance of selling your vision rather than being swayed by every piece of feedback. “People tell you, ‘Oh, I love your product, but I would buy more if you only did this [or] if you change just one little thing.’ You have to sell to them versus them selling to you,” he added.

However, he acknowledged that not all feedback should be ignored. If customers consistently indicate that a product or service isn’t meeting expectations, adjustments are necessary for survival. 

Often, sales figures will reveal whether you’re on the right track. “When you see no money coming in,” Cuban noted, it’s a signal to reconsider your strategy.

Trending: BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates.

Confidence isn’t necessarily innate, but it can be developed. Cuban shared that learning to dance as a teenager boosted his self-assurance. After chipping his two front teeth at age 12, his mother taught him the box step by letting him stand on her feet. 

“I think confidence is the ability to have rhythm and to know. My dad loves to dance. He took me to jazz shows, including Count Basie and jazz like that. There was always music playing in the house.” Cuban told NBC’s Today in 2022. “And that got me from there to ‘Dancing with the Stars.' It was really something special, and I’m glad they did. It did build a lot of confidence in me,” he added.

Mastering the steps made him feel competent in learning new skills. Cuban told CNBC earlier this month, “I didn’t have much of a dating life in high school, but as I grew up when I got to college, I was able to ask a girl to dance when most of my friends couldn’t and wouldn’t.”

See Also: Have $200K saved? Here's how to turn it into lasting wealth

The significance of self-confidence in entrepreneurship is supported by recent research. A recent study in the International Entrepreneurship and Management Journal highlights that self-esteem significantly influences entrepreneurial orientation, fostering greater risk-taking, innovation, and resilience—key traits for entrepreneurial success.

Confidence enables entrepreneurs to make impactful decisions and navigate the uncertainties of business ownership. 

Bonnie Low-Kramen, author of “Staff Matters: People-Focused Solutions for the Ultimate New Workplace,” speaks on the "Grasp Confidence" podcast, "My work is about solving problems. Confidence lets you address workplace gaps (like bullying and wage gaps) head-on.” 

However, the entrepreneurial journey comes with many challenges. According to Forbes, new businesses often struggle with cash flow, time management, market shifts, hiring employees, and regulatory compliance, making resilience and adaptability essential for success.

 Read Next:

• Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?
• Are you rich? Here’s what Americans think you need to be considered wealthy.