Billionaire entrepreneur and investor Mark Cuban recently divulged his top strategies for successful negotiation, emphasizing the significance of patience and the willingness to compromise.
What Happened: Cuban shared that the most effective negotiators he has collaborated with demonstrate a readiness to compromise and exhibit patience, keeping their end goals in sight.
He stressed that it isn’t necessary to emerge victorious on every point of a deal, and that conceding on some aspects to finalize the deal is perfectly acceptable.
Speaking with CNBC, Cuban said, “Expert dealmakers know not to rush or nitpick when bargaining. One: They're patient because they know what they're trying to accomplish. Two: They don't try to win every deal point. It's OK to give something in order to get the deal done."
As a judge on ABC’s “Shark Tank”, Cuban often employs a strategy of patient silence, enabling him to gather information before proposing investment offers.
Also Read: Mark Cuban Swings $1M To Golf Company Despite Hating The Sport
He asserts that active listening is a key component in negotiations, stating, “The more you pay attention and the more aware you are, the better opportunity you have to get what you want. Silence is money.”
In a particular “Shark Tank” episode, Cuban demonstrated his strategic patience by initially rejecting an investment offer, only to later join the bidding war and secure a deal.
However, Cuban also confessed that he occasionally deviates from his usual approach, as evidenced by his immediate acquisition of the NBA’s Dallas Mavericks in 2000 without any negotiation.
"It was all about fun. That was like a dream, I didn't even negotiate, I was just like, ‘Yes, whatever,” Cuban said in a podcast before.
Why It Matters: Mark Cuban’s negotiation strategies provide valuable insights for entrepreneurs and investors alike.
His emphasis on patience, compromise, and active listening highlights the importance of these qualities in successful deal-making.
Cuban’s approach, as demonstrated in his role on “Shark Tank” and his acquisition of the Dallas Mavericks, underscores the fact that flexibility and adaptability are also crucial in negotiations.
Read Next
Mark Cuban’s Million-Dollar Advice To Teens: ‘If I Were 16 Again, I’d Start This Lucrative Side Hustle’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
