Mark Cuban: Starting a business with nothing can lead to becoming a millionaire.
Mark Cuban believes that his success in starting a company that made him a millionaire was not a coincidence, as he was nearly at rock bottom at the time.
According to Cuban, starting a business is ideal when you have nothing, as he stated on the "Lex Fridman Podcast" in a 2020 episode.
He launched his first tech startup, MicroSolutions, in 1983, after being fired from his job at a computer software store and sleeping on the floor of a three-bedroom apartment with six roommates.
"Starting a business was the only option for me," said Cuban, now 66. "I couldn't go any lower."
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In approximately seven years, Cuban sold MicroSolutions to CompuServe for $6 million, making him a millionaire. He later became a billionaire when his audio streaming service, Broadcast.com, was sold to Yahoo for $6 billion in 1999.
According to Bloomberg, the current net worth of the serial entrepreneur and startup investor is estimated to be $7.79 billion.
"To achieve the next level, you must accept the repercussions of altering your circumstances, Cuban pointed out, emphasizing that individuals with jobs, children, or mortgages may feel uneasy about the unpredictability of entrepreneurship. "Starting a business offers the greatest potential gain and control over your time, but it also carries the highest risk.""
To reduce the risk, Cuban advised saving at least six months' worth of living expenses in a 2023 Wired interview. Additionally, he emphasized the importance of studying the industry of your prospective business before starting it, as he stated in a podcast interview.
He stated that receiving emails and being approached by individuals frequently asking, "What kind of business should I start?" indicates that they are not prepared to launch a business.
Committing to seeing your business idea through, both personally and financially, is crucial when starting a business, as many successful entrepreneurs agree.
"To build conviction, learn more about your goals and avoid shallow work. Putting in your own money is a way to test your conviction and take a risk on yourself, according to billionaire serial entrepreneur Jay Chaudhry."
Having experienced struggle and being at ease with the concept of repeating it can provide valuable insight.
"Jake Loosararian, CEO and co-founder of Gecko Robotics, revealed to CNBC Make It last year that he possesses the superpower of confidence, courage, and determination to achieve his goals, which he gained from his experience with scars."
Mark Cuban is a panelist on "Shark Tank," which CNBC owns the exclusive off-network cable rights to.
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