Mark Cuban's 3 Best Tips for Small Business Owners

Fear of failure can be a business killer.

Mark Cuban is a self-made billionaire and successful entrepreneur. He's also the owner of the Dallas Mavericks basketball team and one of the main "sharks" on the hit TV show Shark Tank. In other words, the guy knows a thing or two about business. Here are three of his best tips for small business owners.

1. Don't be afraid to fail

Cuban says that one of the biggest mistakes small business owners make is being afraid to fail. "I've learned that it doesn't matter how many times you failed," Cuban says. He says that you have to be willing to take risks if you want to be successful in business. This is especially true in today's quickly changing world.

For small business owners, the only strategy that is guaranteed to fail is not taking risks. You may have multiple failures, but if you learn from them and develop your skills, odds are you will eventually get one right. "You only have to be right once. I tried to sell powdered milk. I was an idiot lots of times, and I learned from them all," says Cuban.

2. Constantly innovate and evolve

Cuban also says that it's important to constantly innovate and evolve as a business owner. "You have to try to keep on learning and innovating and be agile," Cuban says. You can't just sit back and relax once you've found a successful formula; you have to keep working hard to stay ahead of the competition.

The biggest startup killer is hubris. Thinking you're smarter than everyone else and not continuing to look for ways to improve what you're doing will lead to your competition eventually beating you. Cuban also emphasizes the need to be adaptable and to always be learning. The world changes so rapidly now, but "continuous learning keeps on taking you to the next level."

3. Hire slow, fire fast

Finally, Cuban says that it's important to take your time when hiring new employees, but if someone isn't working out, don't be afraid to let them go quickly. He says that most businesses make the mistake of hanging onto employees who aren't pulling their weight, which can drag down morale and productivity for everyone else.

RELATED: Best Payroll Services for Your Small Business

"You want the people who can accelerate you and really know what you want to accomplish, that fit the vision." Nothing will hurt a small business more than hiring the wrong people. Take your time to ensure the people you hire are the right fit. So, Cuban notes that it's best to "hire slow and fire fast" when it comes to staffing your business. "Once you realize that somebody is a stress creator," he warns, "you have to get rid of them."

Mark Cuban is well known for his business acumen and his ability to spot an opportunity. He's also a big proponent of small businesses, having started several himself. If you're looking to start or grow your own business, take Cuban's tips to heart. Not being afraid of failure, constantly innovating, and hiring the right people are essential ingredients for success.