There isn’t a one size fits all strategy to garnering success, but Mark Cuban has learned a few lessons that may help you on your journey.
The billionaire investor got his start at age 12, selling trash bags door to door. When college came around, Cuban pinched pennies, taking on gigs like bartending and providing dance lessons. In 1985, at age 27, he started his own software company, MicroSolutions.
Cuban nearly went broke after discovering his secretary was stealing money from the company. He recovered and delved into new technologies. Eventually he sold the company to CompuServe for $6 million.
Today, the 65-year-old has a net worth of $6.2 billion, according to Forbes.
Overcoming obstacles has taught him a lot about becoming successful. Here are three of the top pieces of recent advice Cuban has offered, based on his own experiences.
Don’t leave your 9-to-5 without a plan
“We hear all of these stories about all of these people who quit their jobs, started a company and made all of this money. What you don’t hear are the stories of the people who quit their jobs, started a company and failed miserably, and are now working at a job they hate.
“Before you quit, be prepared, know what you’re doing, save your money, have at least six months to live off, if you can. And, then, maybe you’re ready to start your business.” — Mark Cuban, during a 2023 Wired Q&A
Want to be a millionaire? Be an expert
“If you want to be a millionaire, you can do it, but there’s a couple things you have to be able to accomplish …. [For example,] when you walk into a room, you [need to] know your s— better than anyone else in the room.
“That’s when it’s time to start a company. Then, you can start to control your own destiny.” — Mark Cuban, during a 2022 GQ video Q&A
Don’t be afraid to lose it all
“When you’ve got nothing to lose, you go for it.
“And when your back’s against the wall, you’re sleeping on the floor and your buddies are stepping over you to go to their job and you’re starting this company, you realize, ‘OK, I’ve only got one direction.'” — Mark Cuban, during a 2023 SXSW panel
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.
DON’T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!
Get CNBC’s free Warren Buffett Guide to Investing, which distills the billionaire’s No. 1 best piece of advice for regular investors, do’s and don’ts, and three key investing principles into a clear and simple guidebook.
