Warren Buffett uses the "newspaper test" to make decisions. And Jeff Bezos says "most decisions" need to be made with "70 percent of the information you wish you had," otherwise "you're probably being slow."
So how does fellow billionaire Mark Cuban make better, faster decisions?
"I continue to always be learning. That's first and foremost. Change is constant," Cuban said during a Q&A via media site The Boardroom's Twitter account on Tuesday.
"Beyond that, I think I learned to be nicer and to micro manage much much less."
In 2014, Cuban told Inc. as a boss he's "a d---." "I micromanage you until I trust you," he said.
"It's a back and forth continually," he said in 2014. "If I send you 30 emails I expect quick responses and direct action. Then we'll go to weekly reports. And I want the bad news first. I want to read, 'God dammit, we lost this sale.' I want to know the setbacks so that I can help you."
Since then, Cuban, 61, says he has adjusted his style, learning to micro-manage less, to make the best use of his time and to hire better.
"The most important thing I have tried to do is partner with and hire people whose skill sets complement mine. I want people who know what I don't and that I can learn from," he said via The Boardroom's Twitter account. "That's worked for me 90pct of the time."
However Cuban says he is "still learning" despite his huge success in business — first selling his start-up, MicroSolutions, in 1990 for $6 million and then, nine years later, selling Broadcast.com for $5.7 billion in Yahoo stock. He also owns the NBA's Dallas Mavericks and invests in start-ups both on and off of ABC's "Shark Tank."
"I tried to figure it out as I went. Some things worked and others didn't. I'm still learning," Cuban tweeted during the Q&A.
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Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank."