Mark Cubans are one of the most famous and popular entrepreneurs in the world with a fantastic and ridiculously admirable journey. As per Forbes, his net worth is 4.5 billion making him one of the wealthiest men in the entire of United States America.
Cuban’s journey is absolutely extravagant seeing that his mother was a homeworker while his father was nothing more than an employee in an automobile store. His journey to become an entrepreneur was inspired by his refusal when he asked his father for money to buy his favorite pair of boots that were expensive. That is where he started working hard by selling garbage bags to the families in his neighborhood.
He bought the bags initially for $3 and sold them for $6 making a profit over the numerous amount of bags he sold. This smart strategy further motivated him to grow more and more and today he stands as one of the most charming businessmen in the world. So let us see what advice Mark Cuban has for the young entrepreneurs of today.
Be not afraid to take risks:
The moment you start a business is the moment you are no longer a kid because you will be put in a position where you would want to take decisions, controversial at times. Mark Cuban suggests that one of the first responsibilities and factors of being an entrepreneur is the fact that you will have to be risky at times.
Now that does not mean that you waste all your possible money on investments that you probably do not expect anything from but rather going for calculated risks. Business is a technical risk because at the end of the day you will invest money and you have no idea what the outcome would be however in many cases if you forecast correctly and use the art of foreseeing the possible future then your risks will be more rewarding.
Cuban has discussed over many occasions how the bigger risks you take, with the correct environment the rewards would be refreshing. However, at the same time, he advises that while you risk money, make sure that there is a limit to what you’re investing in! In the riskier ones where you are not sure yourself, only risk 10% of your total capital
Save your 6 months income:
This is where the part where we mentioned that foreseeing is very important if you want to make money or set your plans for the future. Mark Cubans suggest that you should always save your 6 months income in your bank, safe and stored because of possible mishaps or if you see a great opportunity to invest.
However, in most cases, you might be in a situation where you might need that 6 months’ savings as it can prove to be very detrimental. In the event of unforeseen circumstances where you lose your job or change your mind, leading you to quit it and start something new, your savings will come in pretty handy.
Don’t be afraid to take steps:
The consistent talk of taking risks and being not afraid to take the steps are very important. The fact that you begin a startup is a huge step in itself. Fear is of course very detrimental to the way that things work and it is okay to be fearful don’t let it be a concerning factor to the way you move.
Fear will keep you concealed and would block out your progress which is why you have to be confident in yourself. When you are new to investments and the viewpoint of the market then it is totally okay to be hesitant however only by taking steps will you ever grow and earn on a personal level.
Save by opting for the cheaper school:
The Idea by Mark Cuban is simple that does not spend more than you need to on your college as it will drain you out. Many students in the United States invest all their time, money and energy in high school and some are forced to go opt for student loan debts. The student loan only gets worse as recent history has taken to prove that it is not very viable to do seeing that it can take a dear amount of time to repay the loans back.
So rather than going to a prestigious fancy school, go to a school that you can afford and is simple enough considering that it fulfills your basic needs. In a tweet in 2019, he explained how the first aspect of obtaining a degree is the affordability as it is the main factor that will determine your recent future and can prove to be a game changer.
Have Disciplined spending:
Mark Cubans house when he got into college is a great example of controlled and disciplined spending. It is said that he moved into a house with 5 roommates, and did not eat anything special or extravagant but made cheese macaroni for his lunch and dinner. Rather than going in off for anything expensive, pursuing the most materialistic things in life he instead put control of his overall spending into saving and that worked brilliantly.
The idea is to not forget that investing in cars, clothes and shoes will not get you anywhere because there is no greater aspect to invest rather than yourself which is why you need to take a page out of Mark Cuban’s book and learn from his experience!
