Billionaire businessman, investor, former shark, and Dallas Mavericks owner Mark Cuban knows a bit about running a company and leading employees. The serial entrepreneur has founded and invested in successful businesses from food brands to tech startups and pretty much everything in between.
Cuban often shares his insights about sweat equity and staying involved in running one’s own business. Here are three of the most actionable pearls of leadership wisdom from Mark Cuban—and how you can put these quotes into action in your own leadership.
“Sweat equity is the most valuable equity there is.”
Put simply, “sweat equity” is the value you create through your own hard work. This might be the unpaid work you put into researching your competitor’s products, perfecting your public-speaking skills, getting to know your customers, or recruiting the best employees for your company.
Your time and your effort don’t cost you anything, and pouring both into your work can make all the difference.
As a leader, you should also encourage your employees to contribute their sweat equity. This doesn’t mean forcing unpaid overtime, of course. According to Cuban, the key to leadership is knowing your employees and finding out how their goals and the business’s goals align.
Maybe you have an employee who wants to get into videography and your company’s marketing could benefit from some custom videos. Perhaps someone wants to move into management in the future, and there’s a cross-functional project they could manage.
Mark Cuban isn’t the only successful leader who embraces the idea of sweat equity. Other business leaders who have spoken on the value of hard work are:
“Know your business and industry better than anyone else in the world.”
There are countless ways to boost your knowledge through effort rather than financial investment, making learning one of the most valuable ways to build sweat equity.
The more you know about your business and industry, the more you, as a leader, will be ready for any problem or decision that comes your way. “What I’ve learned is that if you really want to be successful at something, you’ll find that you put the time in,” Cuban said at the 2017 Inc. 5000 Conference. “You won’t just ask somebody if it’s a good idea, you’ll go figure out if it’s a good idea.”
You can work continuous learning into your life by:
Continuous learning is also an important practice for staying ahead of industry trends. You could:
“Love what you do or don’t do it.”
If you’re truly passionate about your work, putting in the sweat equity will be a lot easier. If you’re bored every time you read about a new development in your field—it’s not the field for you, and it’s going to be hard to put in the work you need to really thrive.
Think about your values. What truly drives you? Are you living out those values in your work? For example, if you value helping others, are you consistently soliciting customer and employee feedback and acting on it? If you value recognition, are you going after awards in your field?
Not everyone will be as excited about your passions as you are, of course, but passionate leaders can inspire employees. Speak openly with your employees about your vision and you’re more likely to get their buy-in. Check in with those you lead to find out where their passions lie and see how they align with your goals.
“Leadership is having a vision,” Cuban said on The Draymond Green Show. “What’s my goal? Part two is getting to know the people who are working with me, and what their goals are. And then the real definition of leadership is making those two merge.”
Cuban’s advice can be boiled down to three key principles:
Living out these principles will not only make you more effective at your job, but inspire your employees to do the same—as long as you give them the tools and support they need.