BY STEPHAN AARSTOL @STEPHANAARSTOL

The most important thing I've picked up from Cuban is his attitude toward survival. Unless you have the fortitude to put your head down, work through it, and learn, you and your business will not survive.

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An idea is just an idea until you make it a reality. For many entrepreneurs, this can mean finding an investor to fund their startup.

Although I'd already bootstrapped my idea into a business, I decided to pitch on "Shark Tank," figuring that the publicity--and a possible investment--could be invaluable to my business.

I did end up getting an offer from Mark Cuban, but this offer came with much more than the promised $150,000. Cuban has also provided me with some of the most valuable lessons I've learned as an entrepreneur.

1. Protect your downside. Most entrepreneurs fix their sights on maximizing the upside, doing everything possible to increase revenue. Of course, maximizing revenue is important, but it shouldn't necessarily be your first priority. You also want to limit--or at least reduce--the risk of losses if something unexpectedly changes in the market.For instance, my company lost out on about $500,000 in potential revenue during the high season due to stock-outs, but Cuban's philosophy is that it's better to lose out on some revenue than to overcommit and get stuck with inventory.

Even if it means passing up what could be a huge opportunity in the short term, always protect your downside.

2. Only respond to what interests you. When you start a business, you have the time and hunger to respond to every opportunity that comes your way. But as soon as you become successful, you're going to be inundated with requests.When I began working with Cuban, I noticed he just wouldn't respond to some of my emails. I later learned that he wasn't being rude; his non-response was his way of saying he wasn't interested.

I've since adopted this strategy and learned that ignoring solicitations that don't interest me frees me to focus on more important things. Learn how to say "no" and when to say it. It can mean the difference between success and tremendous success.

3. Never underestimate the power of celebrity. From a marketing perspective, celebrity wields enormous power. The more awareness people have of a brand or person, the more power that brand or person has.After Cuban's offer on "Shark Tank," Kevin O'Leary offered me the same amount of money for a smaller share of my company. However, I rightly assumed that Cuban's celebrity made his offer worth three times as much as the other Sharks'.

Personal branding is critical as an entrepreneur, and it becomes more important as the world gets more connected. As you focus on building your business, do the same for your brand.

4. Outlearn the competition. There's no doubt that Cuban has sick business instincts, but his success hasn't come from "getting lucky." He understands technology and the web because he dives in and teaches himself.Having a competitive advantage doesn't make you immune to fluctuations in the marketplace. There's always the potential for the competition to improve upon your offerings. You have to outlearn and outwork everyone you're competing with in your field to develop a sustainable competitive advantage.

5. Invest in good people, not just good businesses. Because he invests in so many companies, Cuban can't afford to invest in a business unless the people at the helm are completely self-sufficient. No matter how great an idea is, there's just no substitute for extremely capable people. Look for people who've proven themselves through accomplishments, not just experience. This should be the basis of your hiring practices.

The most important thing I've picked up from Cuban is his attitude toward survival. He's taught me that entrepreneurs need a little healthy paranoia to keep them on the run. You win by grinding it out. And unless you have the fortitude to put your head down, work through it, and learn, you and your business will not survive.

What do you think? Is this something you can benefit from or do you have a few tricks up your sleeve that are just as powerful? Make your voice heard by leaving a comment below. Don’t forget to hit the share button if you know others who will find this post useful.

I.C. Collins ~ Author, Educator, Trainer and President: Has One Simple Goal: Improve a Million Automotive Sales Consultants Lives with our ebook "How to Succeed in the Automotive Sales Industry"

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