Mark Cuban Shared the Trick He Uses to Spot a Liar on ‘Shark Tank’
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The investors on ‘Shark Tank’ might only have minutes to decide whether or not to buy into a business proposal. Likewise, they need to develop razor-sharp instincts when it comes to spotting someone who isn’t being completely honest.
In a recent interview with Men’s Health, billionaire CEO and Dallas Mavericks owner Mark Cuban shared one of the clearest signs that someone might not be acting in good faith.
“They make big, bold, profound statements, and then when I ask for data, they make circular references,” he says. “Like they'll say, ‘There was a study at MIT that concluded XYZ.’ I’ll always ask them for details on the study: Was it peer reviewed? Give me some data points.”
Cuban also said that that he looks out for people who try to make their patent—or even a patent pending—out to be a sign of a special product, when in reality it tends to be anything but. That’s especially true when he meets people who are pitching supplements, Cuban says.
“One of the all-time ridiculous go-tos of the supplement industry is to talk about the patent they have applied for. They will make it sound profound: ‘We have a patent pending for this supplement.’ They’re trying to send the message that it must be important if it’s patentable.”
The truth is, Cuban says, many of those entrepreneurs simply tweak the recipe of the formula and then apply for a new patent. “It means absolutely nothing,” he adds. “It’s the trait of all hucksters.”
Read more of Cuban's advice about how to build wealth and avoid making a bad investment.
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