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.
Also Read: Mark Cuban's Million-Dollar Advice To Teens: ';If I Were 16 Again, I'd Start This Lucrative Side Hustle'
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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