These tips are based on an interview Mark Cuban gave to the Business Know-How blog.
Lesson No. 1: Help people
It may sound trivial, but a manager must be someone who knows how to help others. They must be willing to listen to both customers and subordinates, and help them with their problems so they can fulfil their vision, work effectively, and be satisfied.
Lesson No. 2: Learn to solve problems
A manager cannot shy away from problems; on the contrary, they must be able to solve them effectively. A good manager and entrepreneur needs to know how to solve problems and be capable of making quick decisions, including in matters that affect the whole team.
Lesson No. 3: Learn to trust your team
A manager without a team is just an ordinary worker. A good manager must be able to trust their team, and delegate work and decision-making power in an effective manner.
Lesson No. 4: Do not be afraid of new things you do not understand
Entrepreneurs and managers cannot get stuck in the status quo. They need to be interested in new things, innovations and the latest developments. You have to see new things you do not understand as an opportunity, not be conservative and immediately reject them.
Lesson No. 5: Remember there is strength in diversity
The more diversity in a team, the more flexible and effective that team is. Remember that there is strength in diversity, so try to have as diverse a group of personalities, attitudes and opinions as possible on your team.
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