"It's very helpful": When Shark Tank mentor Mark Cuban shared his opinion on a "healthy dose" of paranoia and its effects

Shark Tank mentor Mark Cuban opened up about how having a "healthy dose" of paranoia can be helpful during his Motiversity interview, which aired on May 12, 2020. The billionaire entrepreneur shared his thoughts on how extreme competition in almost all the fields is there.

For young entrepreneurs who might be planning to start their own business, Mark Cuban talked about the fierce competition.

"You know, they're out there trying to take you down, and they're not just gonna sit still. And if you're good, really, really good, you're gonna inspire them to work even harder, faster, better. And so you have to be, you know, very self aware of what you're good at and what other people are good at. And, you know, a healthy dose of paranoia makes a big difference. I mean, it's very helpful."

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Shark Tank investor Mark Cuban opens up about competition, starting a new business, higher education, and paranoia

Sharing his thoughts on competition and how every business has extreme competitors, the Shark Tank mentor revealed:

"So whatever business you have, there's somebody trying to put you out of business. There's somebody trying to...to take a bite out of your business. And it's better for you to figure out how they're gonna do it rather than they do it."

Further in his interview, Mark stated that individuals need to be "paranoid." He noted that it was to "anticipate" other people's next move so that we could stay one step ahead. While doing that, Mark also mentioned that to be successful, "never" downplay the "competition."

Mark recalled an incident that morning, a competition at the college. After witnessing how there were people who were being "dismissive" of the competition, he advised entrepreneurs not to do that. Shark Tank's mentor revealed that individuals should work "harder, faster, better."

When the host asked about higher education and attending college and how sometimes people say "forget about school" or "drop out of school." Listening to him, Mark stated that such people are "idiots."

The host was surprised by Mark's answer and asked why they were called idiots.

"If you're gonna have and run a business, if you don't understand accounting, you're already behind the eight ball," said Mark.

To solve that problem, the host suggested hiring a guy who "knows everything."

"And then they they still have to communicate to you. Your account might tell you, you're profitable, but your cash is going down, you know, not understanding, the breakdown," the Shark Tank mentor added.

Listening to his answer, the host asked if that was what we needed "college." Mark said yes. For self-motivated individuals, he mentioned that they could take up online paid courses and learn additional skills.

He added that no matter where you go, community college or an accounting class for $99. Mark Cuban said spending money makes people "more obligated" to learn that particular thing.

Back to the hosts' question, Mark said those who already know these things can do multiple tasks alone. As a result, they won't need to hire people for those tasks. That would mean that the cost of opening a business would significantly drop.

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Fans can witness Mark Cuban sharing his entrepreneurial skills with years of experience on Shark Tank Season 16, which is streaming on ABC.