Editor's Note: Our live chat with Mark Cuban is now concluded. Read the transcript of the conversation below.
Whether you're just starting up or a seasoned entrepreneur, you always have to be ready for opportunities to pitch your business to potential investors. It's all about standing out in a crowd and growing your business -- even when the economy is still sputtering. Yes, we know it's tough out there, so we asked billionaire entrepreneur Mark Cuban to help you by joining our live chat series.
Cuban, who's also one of the "sharks" from ABC’s Shark Tank, took your questions in our live online chat. The popular reality TV show showcases entrepreneurs as they pitch five investors -- the "sharks" -- to secure funding in exchange for a piece of their company.
Related Video: Live Chat with Shark Tank's Daymond John
Cuban is an active investor and serial entrepreneur. He's also co-founder and chairman of Denver-based independent cable network HDNet and owner of the Dallas Mavericks basketball team. Recently, he announced he'll be rebranding HDNet as a pop-culture cable channel, called AXS, teaming up with Ryan Seacrest, concert giant AEG and Hollywood talent firm Creative Artists Agency.
Cuban answered a range of reader questions about entrepreneurship, pitching investors, and, of course, his experiences on the show.
Related Video: How Shark Tank's Barbara Corcoran Evaluates Pitches
Life insurance as low as $14/mo for $250,000 or $21/mo for $500,000 of coverage. Contact MetLife®
Comments:
T. Evans, this is a superb idea for combining the expertise of Risk Takers and Game Changers in a common space online and in real time. As far as this type of forum goes, do you know 1) whether Shark Tank has a forum like this? 2) any other upcoming opportunities to get feedback from Mr. Cuban? Thank you again for your efforts in bringing this home as a valualbe proposition for Entrepreneur.com - and for your answers to my questions in advance.
Great answers.... tnx.
That was a great interview for start-up entrepreneurs like myself.. Thanks Mark & Entrepreneur.com team.
Good Share.I hope more people discover your blog because you really know what you're talking about. Can't wait to read more from you!
How can I capture the heart and the attention of those who are at a point in life, where they no longer fear a lost while in pursue of higher purpose?
What's up Cube! My name is HM Harrison CEO of Stairway Logistics. I operate a successful 3pl from my garage converted into an office. I have a four person staff that's all in. Our mission is to ultimately hire more people and get out of the garage, but with the economy being as such my goals are short sided. How do I dream big, build a kick ass company, execute our goal, and grow, when the country's economic outlook look so grim. HM
hello Mr.Cuban my name is Petr im 17 and you've replied to my e-mail before and that was amazing thank you for that. But i was wondering if i could pitch you my website everything is ready to go business plan is done i can send it to you to see if you would be interested in investing. This is the next greatest thing to hit the internet. YOU WONT BE DISSAPOINTED!
i love mark so cocky
Hi Mr. Cuban, I'm a big fan of the show and truly respect all you have accomplished in the business world. Also, as a Bulls fan, I was very pleased with your Mavs beating the Heat to win the championship last year! I'm a senior in college majoring in Entrepreneurship and am excited to soon have the chance to further develop my business ideas. My question is: What do you believe is the major quality that the most successful Entrepreneurs possess that many people do not? Thanks so much for the opportunity to ask you a question!
I'm concerned that my question post did not process properly? Could you please look and confirm the question was received?
What are the right steps to schedule meetings with investors like yourself for funding opportunities?
Mark, I am starting a venture in the media industry in a foreign market. I am strong in marketing, sales, strategy, etc. but I only have radio experience and the projects are for TV. I need to get VC for the project to hire the expertise I need, but I do not know how to craft my pitch to potential investors without the talent already in place. To make the proposal for the contract in the foreign market, I will need to send 300 or so hours of documentary footage with the TV channel's producer when she returns home to make the pitch, costing $20,000. I have a lawsuit which is sure to net me in six figures and I'm wondering if an investor is likely to float a bond with the lawsuit as a "lien." However if the contract is approved, I will need to go for a far larger sum of VC money (it is a nationwide broadcast).What suggestions do you have for me?Great show by the way...
Mark, love the show and am becoming more and more impressed as I learn more about you. I'm a few years out of college, where I studied civil engineering and entrepreneurship. I started a web-based job shadowing and mentorship company with investor & award funding while in college, failed, and then after graduating had to work a well paying job for a paycheck with my tail between my legs for two and a half years. Recently unemployed, I'm DYING to start another company or work directly for an entrepreneur to gain valuable experience. Even though I am an idea machine and am always thinking of my next company to start, I have come to terms with the fact that I really need to learn from a seasoned entrepreneur before jumping into my own company again. Any advice as to how I can meet, impress, and be taken under a successful entrepreneur's wing?
Thanks for the opportunity to ask Mark a question. I actually have 2! 1- You seem to have a knack for knowing where the money is. Do you have any advice on what you think are good businesses to start right now or advice on which business categories are ones that you see as the fastest growth areas at the moment? 2- Many small businesses lack the money for marketing to get the word out about their business. Do you have any advice on how a small business can get its name out there in a big way without spending a lot of money to do it? Thanks so much!!
Mark,I'm a 34 year old American entrepreneur, with some mild success. I'd like to take it to the next level but I don't have the capital. I need an investor/partner to help me create Blu Wata Coffee Company. This is a company that specializes in a premium canned Ready Made Coffee Beverage Line ( for national distribution) . Using only the best coffees from around the world. I don't have the money to do a professional grade business plan, and all my money was put into a coffee estate in Jamaica. What would you do in this situation, if you know that what you have is golden. I prefer to work with a private investor. But I don't know to many wealthy people.
hello Mr.Cuban my name is Petr im 17 and you've replied to my e-mail before and that was amazing thank you for that. But i was wondering if i could pitch you my website everything is ready to go business plan is done i can send it to you to see if you would be interested in investing. This is the next greatest thing to hit the internet. YOU WONT BE DISSAPOINTED!
Hello my name is Petr and I am 17 and you replied to my e-mail once and gave me great advice now i have my question want to invest in my company? its the most revolutionary website in the history of websites, I can go into detail if you have any thoughts. YOU WONT BE DISSAPOINTED
Mark, Our company was originated in 2003, our company invents products & we did mortgage originations back than & possibly again here soon. We now have products that we have introduced to our friends and other businesses, they are interested but need a good percentage down to get a design prototype to move forward on our dental product. How do we get our company & PRODUCT IDEAS in front of a possible investor like yourself? We have a paper prototype but no patents in place at this time. I have great respect for you and your successes. Look forward to possibly speaking with you and your show! Jim
Ron, They do feature websites and services -- they are not all product oriented ventures. Just on the last episode they featured a website and a service (ghost writing).
When you are starting from ground zero and you have no clue what to do. What is the best direction to go?
My start-up company manufactures natural and organic hair, skin and body products. Since launching in 2009, annual revenues have grown by 900%. We've reinvested every penny from Day 1 and have personally contributed very little (under $5K) to the company's funding -- it has supported itself quite well. We've been offered a contract with a major online retailer who is willing to purchase our goods wholesale in bulk quantities. Here's the problem (and it's not a bad problem to have) - production, packaging, shipping, marketing, and everything in between is currently handled by one person... me. In order to fulfill pallet-size orders from the online retailer, as well as grow our production capabilities to appeal to large brick and mortar chains, we need more staff, more space and more money. It's like putting the cart before the horse... can't grow without money, but need the increased business to make the money. We need some serious business management guidance to make the right moves at the right time, so as not to waste our financial resources, but of course, that's not free either! What would be your suggestion to inject our company with funding for growth? Bank loan? Private investors? Crowd-funding? Other ideas? (I'm not too keen on owing anyone money.)
A couple of possible questions: 1. Can any company make money with the right revenue model? Or is it possible for a company to have interested customers who are behind the idea, but there really be no way to make money from it? 2. What's the maximum amount of equity an entrepreneur should give up - total - to investors? Especially when you're a startup and don't have any sales to know what you could be worth?
Mark, similar to Ron's question. I was wondering how I could get in touch with you, to pitch an idea for a website/software tech company. I don't want to bombard you on your HDnet email address, as i'm sure you get numerous emails everyday. What other options do I have? Thanks, looking forward to the show!
Mark - This is a question I will be asking tomorrow as well. Although Shark Tank is a great show, it focuses specifically on physical product oriented ventures. The problem with this (in my eyes) is that it leaves those who have a website or software out of luck. My question is (and will be), what do I need to do to get your attention to let me pitch my idea that I am currently working on? I know I can pitch a business plan to multiple investors (Business plan is already written) but I want to speak with you specifically as I respect you more than any of them. @Rstefanski:twitter -Ron Stefanski