Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
"They're terrified," Cuban said. "Business has dried up from doing great last month or two months ago to almost nothing. And that's terrifying to anybody who's ever started a business.
"I've been in that circumstance before ... but there are things that you can do to really try to turn a huge negative into a positive," he added.
1. Communicate with stakeholders
Cuban encouraged small business owners to utilize the time to communicate with employees, suppliers and customers because "they have time and they're concerned as well."
"Just like it's a chance for us to talk to our family. this is a chance for you to connect more closely with your stakeholders," he explained.
2. Get ahead of the game
Every small business has areas in which they can improve, Cuban said.
"Redo their processes ... improve your literature ... whatever it may be, now's the chance to do that."
3. Stay informed on federal economic relief efforts
Hours before Cuban joined the program, the Senate approved a historic $2 trillion coronavirus relief package, $367 billion of which is allocated to assist small businesses.
"If you're a CEO or an entrepreneur that owns your own business right now, you need to be up to speed immediately," Cuban said.
"If you keep your employees, if you have fewer than 500 employees and you commit to retain all your employees, the government's going to pay their salary," he explained.
Cuban called the program "unprecedented," and encouraged business owners to call their local banks and inquire about "exactly what it takes for you to become part of this program."
Offering a message of hope to entrepreneurs across the country, Cuban said he believes the pandemic will lead to the creation of "amazing companies" and the development of new products "that will really change the world."
"That's what makes America different. That's what makes us unique," he said. "We truly are a country of entrepreneurs. We have that spirit to go out and start companies, to be creative, to take risks."
"As bleak as it can seem right now and is horrific and tragic...we'll get to the other side."
"There will be new products developed that really change the world," Cuban continued. "That's who we are as a country. And that's why, as bleak as it can seem right now, and is horrific and tragic ... we'll get to the other side, I'm 100 percent certain and we'll be different when we get there."
"Fox News Rundown" host Jessica Rosenthal asked Cuban whether he predicts a resurgence of manufacturing in the U.S., and how the country will respond to higher prices as a result.
"It's up to consumers," he said. "One of the things I'm seeing on [ABC business reality show] 'Shark Tank' is that companies, particularly from millennials and younger, are coming in with a social component. They want their consumers to know that if you buy a t-shirt from them, they're going to send a t-shirt to somebody who's disadvantaged."
Cuban said he thinks the younger generation will "get us over the price hump" because "they are a lot less price-sensitive than their parents and grandparents were in the past."
"There's no other country in the world that's going to be able to figure out like we can."
"They're going to be OK with paying a little bit more for made in America because they know what it means to their future."
When asked whether he believes the economic slowdown resulting from the virus will lead the country into a recession, Cuban said "we're already in a recession," but reiterated his confidence in the American people to bounce back.
"You can't not be fearful right now, but I think we'll bounce back ... hopefully all the different branches of government and the different organizations within government can get money in people's hands and if we do it fast enough, we'll get through this. I have complete confidence."
"I truly believe in American exceptionalism," he added. "There's no other country in the world that's going to be able to figure out like we can, we'll use this opportunity, we'll use the situation."
"I think we are truly going to see the best of capitalism when we come out of the other side."
If the American dream was not alive and well until this point, "it just truly got ignited," Cuban concluded.
Striking a rare political tone, Cuban said the outbreak will serve as an example to those who supported socialism, and predicted a newfound entrepreneurial spirit that will "bring out the best of capitalism."
"We've had a taste of socialism right now ... giving money and redistributing wealth ... that's okay," he said. "But, I think we are truly going to see the best of capitalism when we come out of the other side, because this is where people are going to be entrepreneurial."
To hear the full interview, subscribe and download The FOX News Rundown on your favorite podcast player.
The FOX NEWS RUNDOWN is a news-based daily morning podcast delivering a deep dive into the major and controversial stories of the day.