Mark Cuban: Many of the most successful companies today were born in the 2008 recession, is it important that you see the opportunity?

Entrepreneur and billionaire investor Mark Cuban is a person who has given many helpful tips for startups through the “Shark Tank” program and also in his daily life.

Cuban said his past experience has given him insight into the crisis caused by the Covid-19 pandemic, causing a number of small and medium-sized businesses across the United States to fall into disarray. hard.

1. Retaining employees

It is a program that provides two-and-a-half months of salary support for employees, rent and other expenses during business interruptions due to Covid-19 in the United States. Accordingly, 350 billion USD will be guaranteed by the government and the debt will be erased if businesses use that money to pay employees.

Cuban said: “Retaining employees is very important and you must act now, do not delay.”

2. Chat and listen to staff

Even if people are not in direct contact with each other during this period, the connection between them is more necessary than ever. According to Cuban, leaders need to state the company’s current status to employees and even ask for their opinions. He emphasized: “Sales, customer service or cashiers are the ones who talk directly with your customers every day. Therefore, they can give good ideas for business activities. “.

3. Don’t panic

Cuban said: “Everybody panic, from you, your employees to the customers. It’s important to be aware of that fear but don’t let it turn into a panic.

No one doubts the impact of this pandemic. But we have to be resilient. A lot of people will feel weird when a billionaire talks about difficulties but the fact that I went through a lot of crises before today. I believe that the United States in particular and the world in general will overcome the Covid-19 epidemic. ”

4. Fix corporate issues

According to Cuban, this is a good opportunity for leaders to spend their free time to review and handle many of the company’s problems, which they previously did not have time to do. He said, “Every startup founder always says to himself, ‘If only I had time, I would …’ This is an opportunity for you to think and do what you want before.”

5. Think big

Right now, the world is finding every possible way to overcome the pandemic. That means having the opportunity to eliminate the old way and find better new methods.

Cuban said: “You know, you don’t need to be a leader to be a leader. Opportunities are equally shared among companies of any size, as long as they make a breakthrough. Many of the most successful companies today such as Airbnb or Dropbox were established during the recession in 2008. If I were a 21-year-old student, I would be excited to ‘plump’ my pants, seriously. Well, there are so many opportunities in a crisis that I can take advantage of. ”