Billionaire Mark Cuban was solely 12 years outdated when he launched his first aspect hustle, so he is aware of what it takes to begin a enterprise at a younger age.
And, he says there’s one easy factor you have to think about if you wish to do it, too.
“The important thing to beginning a enterprise while you’re younger is doing issues that you are able to do your self — issues you are able to do with your personal time,” Cuban lately instructed a gaggle of highschool college students at Lewisville Excessive Faculty in Texas.
Which means beginning with what you realize, he famous.
“If it is a product, do one thing that is simple so that you can get and straightforward so that you can promote,” Cuban stated, including: “It actually comes down to 1 easy factor. The perfect companies are issues you’ll be able to management and do your self. That is what being an entrepreneur is all about.”
Cuban famously bought an early begin studying to run his personal enterprise as a pre-teen promoting rubbish baggage door-to-door in a Pittsburgh suburb. Later, he offered quite a lot of collectibles, from baseball playing cards to cash and stamps, saying the proceeds helped pay for his school tuition.
In every of these circumstances, Cuban used home goods and collectibles that had been accessible to a child and promote them for a revenue — following his personal recommendation for youngsters right this moment.
Equally, as a university scholar, he labored as a bartender and taught dance classes to make extra cash. Cuban later confirmed off his dance abilities publicly by showing on “Dancing With the Stars” in 2007, ending eighth within the competitors.
“I used to be a hustler … I’ve at all times been promoting. I at all times had one thing happening. That was simply my nature,” Cuban stated throughout a 2016 episode of ABC’s “Shark Tank.”
Now, Cuban says he repeatedly tells youngsters and youngsters seeking to begin their very own companies to do what he did. Construct round “one thing they’ll make or a service they’ll supply to associates, household and neighbors,” he instructed CNBC Make It in September.
That is simpler stated than accomplished, after all: Efficiently launching and rising your personal enterprise is infamously difficult. Roughly 20% of recent companies fail inside a yr of launching, in accordance with knowledge from the U.S. Bureau of Labor Statistics.
“Being an entrepreneur and beginning a enterprise does not imply it may be simple and unexpectedly you make some huge cash,” Cuban instructed the scholars at Lewisville Excessive Faculty. “Being an entrepreneur is the more durable manner.”
If it was simple, he added, “you all would already be doing it and approaching ‘Shark Tank’ and taking my place.”
Discovering one thing you’ll be able to management and do your self is difficult sufficient. Changing into nice at it — which, by the way, is Cuban’s No. 1 rule for getting cash — is lots more durable.
It includes extensively researching your marketing strategy and potential competitors, in search of out funding, and creating backup plans to permit for flexibility if you have to regulate on the fly, the billionaire has beforehand stated.
So long as you do not thoughts placing in that work, particularly after you select your online business alternative, a world of alternative can open up for you, Cuban instructed the highschool college students.
“For those who’re keen to take the initiative and begin a enterprise, something is feasible,” he stated.
Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank.”
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