Billionaire entrepreneur Mark Cuban has shared that the best time to start a business is when you’re at your lowest. This strategy, he says, is what transformed him into a millionaire.
What Happened: In a recent podcast interview, Cuban said that having nothing to lose is the ideal time to kickstart a business. This was his situation when he launched his first tech company, MicroSolutions, in 1983.
Cuban, who had recently lost his job and was living in a crowded apartment, sold MicroSolutions seven years later for $6 million, turning him into a millionaire. His subsequent venture, Broadcast.com, was sold to Yahoo for $6 billion in 1999, catapulting him into the billionaire’s club.
“If you’ve got nothing, it’s the perfect time to start a business. If you want to take that next step, you have to be able to deal with the consequences of changing your circumstances. Creating a business gives you the greatest potential upside and the greatest leverage on your time, but it also creates the most risk,” Cuban said.
Today, 66-year-old Cuban boasts an estimated net worth of $7.79 billion. He underscored the significance of being ready for the risks and uncertainties that come with entrepreneurship.
He further recommended saving at least six months’ worth of living expenses and conducting an in-depth study of the prospective business’ industry.
Why It Matters: Cuban’s advice comes at a time when many are grappling with job losses and financial instability due to the ongoing pandemic.
His success story serves as a beacon of hope and inspiration for aspiring entrepreneurs. His emphasis on preparedness and research highlights the importance of strategic planning in business.
His journey from a crowded apartment to a billionaire’s lifestyle is a testament to the power of resilience and determination in the face of adversity.
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