Money

Billionaire Mark Cuban: This is the No. 1 most common business mistake

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Tyler Golden | Getty Images

At some point in your life, you've probably been told, "Don't take 'no' for an answer."

"Shark Tank" star Mark Cuban says to forget that conventional advice when it comes to business.

"Hell yes I take 'no' for an answer," the billionaire entrepreneur wrote in a 2011 blog post.

"I try to sell good products and services," continued Cuban, who started with just $60 in his pocket before making his billions. "If I am selling any of these to someone and they say 'no,' I will always ask for their objections."

He likes to ask what they didn't like about the product. And, "if I have a good counter to their objection(s), I will let it fly and see what happens.

"If they still respond negatively to my efforts, so be it. At some point, and that point should come quickly, you have to move on. If you have a good product, service or idea, there will be someone who will understand the value and that will want the product."

Moving on doesn't mean you're giving up. Rather, it means quite the opposite, says Cuban: "Always remember what I tell myself: 'Every no gets me closer to a yes.' You have to move on and start communicating with someone you know [who] might buy your product, rather than wasting more time with someone you already know won't buy your product."

After all, time is "the most valuable asset you have," the billionaire says. Don't waste it refusing to take 'no' for an answer.

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