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👋Hi Friends,
📆This Week’s Topic
Last week I had the great opportunity to hear a presentation about AI from Mark Cuban. The advice was helpful and I wanted to share the advice with you. Anyway, let’s get into it and I hope you enjoy.
👨💼 Intro To Mark Cuban
In case you don’t know who Mark Cuban is he is a billionaire investor on the show Shark Tank. He has made billions mostly from his business Broadcast.com which was sold to Yahoo for a staggering $5.7 billion. He has made a lot of money as the owner of the Dallas Mavericks basketball team. Now Mark Cuban is worth about $6 billion and is currently focusing on his Shark Tank Investments.
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🤖 Mark Cuban AI Advice
During his presentation, He mentioned one specific benefit that AI provides: the ability to ask AI for business advice. In the past, entrepreneurs would have to pay for expert business consultants that would cost from $10,000 - $50,000 per year for their service. Now, you can get a similar service done by AI for free. He said that if you already have a business you can ask an AI for questions ChatGPT or Claude. If you business is struggling with promoting on social media you could provide relevant information so the AI can analyze the information you have given and can help you draft an action plan so you can get started. He also mentioned how a lot f people are yearning to start a business with that. If you wanted to start a software management company you could by asking the AI to analyze possible small businesses that would need support. The most important thing he said is talk to the AI like you would talk to me. If you don’t know what to ask them ask about how to improve my business, Mark Cuban even said that he does that himself.
📊 Mark Cuban’s Other Advice
Mark Cuban also discussed was the importance of a college education. A lot of young entrepreneurs think they don’t need to go to college because they are going to have a successful business before they enter college. He said it was a great choice to go to college because you are going to be learning important communication skills. Mark Cuban also discussed the importance of solving problems in business. He talked a lot about when you are starting a business at age 14,15,16, or 17 that one common misconception you might think is that they won’t take you seriously. But, the rule of thumb is if you are providing value to them that is equal to or higher than the price of your service then they will trust you more, consider paying for your service, and even recommend your service to others. This means when can get in contact with your customers you will have their respect if you provided legitimate value to them.
⏳ Final Summary
In summary, Mark Cuban advised me to start using AI to help improve my business. He said AI can be helpful in order to improve your business. You can ask it important questions or pretty much anything your business could be lacking. For example, if you own a Youtube channel you could ask it about ways to increase your subscribers, find new ways to monetize, or go cross promote.
🙏Thank You & Important Information
Anyway, thank you so much for this edition of Friday Finance. I am really grateful for the support that you guys been giving. As we come up on a year of the newsletter being in business, I am working on improving our content even more. Anyway, have a great week and I will see you next week.
Jacob Gans
Friday Finance
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