Billionaire Mark Cuban was solely 12 years outdated when he launched his first facet hustle, so he is aware of what it takes to begin a enterprise at a younger age.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 it is advisable to think about if you wish to do it, too.
“The important thing to beginning a enterprise whenever you’re younger is doing issues that you are able to do your self — issues you are able to do with your individual time,” Cuban just lately instructed a bunch of highschool college students at Lewisville Excessive College in Texas.
Meaning beginning with what you recognize, 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 mentioned, including: “It actually comes down to at least one easy factor. The very best companies are issues you may management and do your self. That is what being an entrepreneur is all about.”
Cuban famously received an early begin studying to run his personal enterprise as a pre-teen promoting rubbish luggage door-to-door in a Pittsburgh suburb. Later, he offered a wide range of collectibles, from baseball playing cards to cash and stamps, saying the proceeds helped pay for his school tuition.
In every of these instances, Cuban used home items and collectibles that have been accessible to a child and promote them for a revenue — following his personal recommendation for youngsters at this time.
Equally, as a school scholar, he labored as a bartender and taught dance classes to make extra cash. Cuban later confirmed off his dance expertise publicly by showing on “Dancing With the Stars” in 2007, ending eighth within the competitors.
“I used to be a hustler … I’ve all the time been promoting. I all the time had one thing happening. That was simply my nature,” Cuban mentioned throughout a 2016 episode of ABC’s “Shark Tank.”
Now, Cuban says he repeatedly tells youngsters and youngsters trying to begin their very own companies to do what he did. Construct round “one thing they’ll make or a service they’ll provide to mates, household and neighbors,” he instructed CNBC Make It in September.
That is simpler mentioned than executed, in fact: Efficiently launching and rising your individual enterprise is infamously difficult. Roughly 20% of recent companies fail inside a yr of launching, based on information from the U.S. Bureau of Labor Statistics.
“Being an entrepreneur and beginning a enterprise doesn’t suggest it will be simple and impulsively you make some huge cash,” Cuban instructed the scholars at Lewisville Excessive College. “Being an entrepreneur is the more durable approach.”
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 may management and do your self is tough sufficient. Changing into nice at it — which, by the way, is Cuban’s No. 1 rule for earning profits — is quite a bit more durable.
It includes extensively researching your marketing strategy and potential competitors, searching for out funding, and creating backup plans to permit for flexibility if it is advisable to modify on the fly, the billionaire has beforehand mentioned.
So long as you do not thoughts placing in that work, particularly after you select your enterprise alternative, a world of alternative can open up for you, Cuban instructed the highschool college students.
“In the event you’re keen to take the initiative and begin a enterprise, something is feasible,” he mentioned.
Disclosure: CNBC owns the unique off-network cable rights to “Shark Tank.”
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