Billionaire Mark Cuban’s Invaluable Advice for Startups in Crisis!

Must Read

Apple Inc. (AAPL) And Samsung Group (005930) Combined Smartphone Market Share Shrunk To Below 50% In Q1 2014: Huawei and Lenovo Rising Fast!

Apple Inc. (NASDAQ:AAPL) and  Samsung Electronics Co. Ltd. (KRX:005930) are the undisputed heavyweights of the smartphone world. Together, both brands accounted for 50%...

Sales Of iPhone XS, XS Max In India: Buyers Giving The Cold Shoulder, But It’s Not Time For Apple To Panic Just Yet

Apple Inc. (NASDAQ:AAPL) recently launched their new flagship lineup of iPhone for 2018, and they were met with equal...

Apple is Being Evil For 1.5 Billion iPhone, iPad Users Worldwide

Last year when Apple Inc. (NASDAQ:AAPL) was accused of recording everything that iPhone users were talking through...

In an interview with CNBC last week, owner of NBA’s Dallas Mavericks, Mark Cuban, spoke out about the long-term consequences companies, especially startups, who rush to bring back employees for in-office work might face. His statement came with reference to the economic standstill that has engulfed the U.S. and the world due to the COVID-19 pandemic.

Cuban argued that calling employees back to work as soon as government restrictions lift will be a significant business issue, along with being a safety issue.

“How companies respond to that very question is going to define their brand for decades. If you rushed in and somebody got sick, you were that company. If you didn’t take care of your employees or stakeholders and put them first, you were that company,” he told CNBC.

Advertisements

The billionaire entrepreneur further reinforced his firm stance by adding that rushing to get employees back into the office is a meaningless decision, at this point. Seemingly calling out the double standards pervading business, he said, “I’m not going to tell people to go to work when I’m uncertain,” an opinion he reiterated in another interview with JUSTcapital.

In the same interview, Cuban further explained how companies’ current behaviour would affect their ability to gain and retain customers in the long run, by pointing out that the current generation of consumers, Millennials and Gen Z, are mindful of ethics in retail.

Apart from being a warning for all retail enterprises, Cuban’s words are also a response to US President Trump’s insistence on putting economic advancement over national health and safety, in hopes of opening up the American economy by April 12th, Easter.

Cuban’s Contributions to Public Relief

Known for being outspoken about the gritty aspects of the retail industry’s impact on society, Mark Cuban has proven to practice what he preaches.

In the past few weeks, he has been actively coming up with ways to help those affected most badly by the effect of the novel Coronavirus outbreak.

Advertisements

Shortly after the NBA suspended its season, Cuban announced that he and the Mavericks are looking into an economic relief program to pay the arena’s hourly workers.

He is also framing a program to provide daycare services for the children of healthcare workers, who are on the front lines of this crisis.

Additionally, Mavs Foundation, his team’s charitable establishment, donated $100,000 to nonprofits in North Texas. Cuban is also going to reimburse employees who eat from local restaurants to encourage commerce with local small businesses.

Capitalism, Human Rights, and a Pandemic

The economic model the world follows currently is one where the rich tend to get richer and the poor tend to get poorer. Human labour in production is called “human capital”, a dehumanizing term on its own. However, this valuable form of capital is also almost invariably thrown under the bus when finance becomes a crisis, since maintaining supply is of utmost importance in most cases of financial risk.

While financial giants are currently taking steps to tackle the transmission of the disease, the response seems to be lukewarm, making Cuban’s advice even more crucial.

For instance, on the one hand, we have Starbucks that seemingly learned valuable lessons from dealing with the outbreak in China through thermal checks and mask dispensers at their stores’ entrance and coming up with a remote and contactless method of ordering and serving food and beverages. However, another side of the story reveals a workers’ strike at an Amazon warehouse in Staten Island which didn’t shut down even after an employee tested positive for the virus.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Uber India Layoffs 25% Workforce Citing Tough Market Conditions

After laying off thousands of employees in the US, Uber is scaling down its operations in India...

Apple is Being Evil For 1.5 Billion iPhone, iPad Users Worldwide

Last year when Apple Inc. (NASDAQ:AAPL) was accused of recording everything that iPhone users were talking through Siri, the company was quick...

Is Bill Gates Developing Covid-19 Vaccine To Track Billions Of Users Worldwide?

Bill Gates is once again at the centre stage of controversy related to novel Coronavirus. Battling falsehood and paranoid...

Darkest Before Dawn: Can India Survive Its Worst Ever Recession?

Bolt your doors, batter down your hatches, brace yourselves. Recession is about to make landfall. According to Goldman Sachs, a...

Crisis Of Trust: The Glue Between Brands, Customers And Employees!

The COVID-19 crisis, which shows no sign of stopping any time soon, has left no life untouched in terms of impact. It...

WeWork Valuation: $2.9 Billion, Way Below Than Estimated $47 Billion 6 Month Ago

If you are thinking it is some kind of clickbait, you are highly mistaken. The debate on the valuation of WeWork once...

In-Depth: Dprime

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

TikTok Is Facing The Wrath Of People Who Love It The Most

Ever since the popular social media app TikTok entered India, it has been growing very aggressively in terms of users. Within a...

Facebook Shops: Looking Beyond Ad Dollars!

Amid this global pandemic, when companies are struggling to find new verticals to pivot towards in order to maintain their revenue and...

More Articles Like This