From Men’s Health
As the star of the hit ABC series Shark Tank, Mark Cuban knows a thing or two about what it takes to be a successful entrepreneur in the 21st century. When he’s not running his own businesses, he’s all about learning techniques in order to become—and stay—rich.
The Dallas Mavericks owner recently sat down with Men’s Health for the latest installment of the Men’s Wealth series, where he talks about the tricks he’s picked up over the years while becoming a self-made billionaire. The first recommendation he has for aspiring entrepreneur starts right at home: taking the time to invest in yourself and learning skills which might be useful in the future.
“When you’re first starting and you may or may not have a job, or you’re at a complete uncertainty about your career, what I learned early on is that if I put in the effort, I can learn almost anything,” he says. “I taught myself technology… it was time consuming, and painfully so, but that investment in myself has paid dividends for the rest of my life.”
Although it seems like an obvious solution, it’s actually the one piece of advice Cuban would give his 20-year-old self if he had to restart his entire career in 2020 with only a $20 investment. Given how the pandemic has impacted the job market, Cuban also has a thought about monetizing a form of tech everyone knows about but has no idea of all its functions: Amazon’s Alexa.
“Particularly now with the pandemic, we’re trying to go touch-free,” he says. “The ability to use ambient voice to really help your business—nobody’s doing it very well. So I’d be all about that and I think I’d be able to build up a nice little business doing that.”
And while you’re on your way to fame and success, Cuban recommends staying grounded, especially when it comes to online shopping. He says staying frugal and negotiating for the bigger items you want to buy is smart, but it’s always best to buy the things you ordinarily buy more efficiently.
“Take advantage of deals on Amazon and other places you can buy in bulk,” he says, “If it’s money you’re going to absolutely spend no matter what and you can save, that’s the best investment you can make… Sometimes the best investment you can make is being a smart shopper.”
And his worst investment thus far? Selling powdered milk. Guess they can’t all be winners.
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