Mark Cuban found huge success with technology and made his first real money with his first company, MicroSolutions.
He later sold that company for 6 million dollars.
With money from that sale, he created AudioNet, which later became Broadcast.com. He also sold that company to Yahoo.
If you are interested in learning out more about Mark Cuban, click here.
Despite his huge success, he has never been selfish about the advice he is willing to give young entrepreneurs.
In a video, he sat down with Tai Lopez and gave 19 lessons to help out younger entrepreneurs.
19 Life Lessons From Mark Cuban
“Books are very important. If you are not curious, if you are not always learning, you are falling behind.”
Mark stresses the importance of always being curious and always learning. You can learn a lot from reading and it can open your mind to so many possibilities.
In the words of Mark Cuban himself “If you aren’t reading, you are falling behind”. You have to continue to learn. Yes, even if you not in school anymore.
“When you go home from practice, there’s some kid that stays in the gym. One day, you’ll meet that kid on the floor and you’ll lose”.
If you want to make sure that you are ready for anyone that might challenge you in your journey to becoming a successful entrepreneur, you must make sure that you are always at the top of your game.
You have to make sure you are the voice of authority in your niche or else, you leave the path to the throne open for the kid that stays in the gym perfecting what you were not willing to.
“Know more about your business than anybody else in the world.”
If you don’t know more about your business than anybody else, odds are you’re not going to be the biggest winner in it.
When you are working on a business, make sure that you research the space, read as much as you can on the space, and make sure you are always up to date on everything that happens and affects your space.
This way it will be easy for you to dominate.
“The one thing you can control in life is effort.”
You may not be the fastest person in the world, or the most talented and gifted, or the most athletic, but that doesn’t mean you can’t achieve anything.
sure it is great to have those natural gifts that make life easier for you but without some elbow grease put behind those gifts, they will be a waste.
There might be a lot of things you can’t control about your circumstance but the thing you can control is how much effort you put into the things you want to succeed in.
“Double down on your own brain. The return on investment could be huge.”
This is another lesson that stresses the importance of reading and always learning.
Reading the right book can turn your life around and show you a different perspective that you didn’t see before.
“Find something you love to do. Be great at it. Sell it.”
To be successful in your business you have to make sure you find something you feel great about selling.
Most people tend not to like the idea of being a salesperson or engaging in the act of ‘selling someone something’ but the truth is there has never been a business that has been successful without sales.
Combat that ugly feeling you have about sales by finding something you want to sell, because you know it will really help out people, learn all there is to know about that product and selling it, and become great at selling it.
“When you have nothing is the best time to sweat. You have nothing to lose.”
This lesson applies more to young graduates, that are just barely starting their lives in the real world, more than anyone else.
The best time to throw down and try to make some money is right now when you don’t have anything to lose: no money, mortgage, car payments, house payments, and other responsibilities.
Even if you aren’t a student but you still know you aren’t where you want to be, that is the best time to take a chance on yourself.
“If you have a special natural skill set, or if you find something that you are good at, follow that and see how far you can take it.”
Everyone has gifts, interests, and purpose that makes us unique.
If you are naturally great at something like being a chess grand master, athletic, dancer, playing the piano or art follow your talent and see how far it can take you. See how successful you can get with your talent.
“It’s not about passions. Don’t follow your passion, follow your efforts.”
A lot of the time, the things we are most passionate about aren’t the things that we end up being the most curious about.
Also passions does not always lead to success. Passion followed by effort does.
See where you put most of your efforts into and pursue that.
“He who experiments the most, wins. It is okay to fail.”
Do not be afraid to fail.
Failure is a part of the road to success and usually is a learning experience.
Don’t focus on your failures but learn from them and get back to working on your goals.
“If you are always asking “what should I do?”, You’ve already lost. You have to start figuring out the answers by your self.”
Learning how to find answers on your own is where successful businesses come from. Don’t always rely on other people to be able to find your answers for you.
“Its okay to fail. You only have to be right one time.”
Don’t sweat your loses.
You only have to be right one time for your success to come. So stop worrying about your failures and just just keep going.
“Saving money doesn’t do you much good. You should invest.”
They way the world is today, just saving money in the bank doesn’t cut it anymore. You also have to invest.
“Put 6 months worth of income to the side for a rainy day.”
This is a lesson about being smart with your money.
Always have some money put away for emergencies.
“Pay off your credit cards.”
You do not want credit card debt looming over your head.
“Be a smart shopper.”
According to Mark Cuban, being a smart shopper is probably the thing that is going to get you the most return on your money.
Try to always buy in bulk.
“Find whatever it takes to motivate yourself (motivational tapes, CD’s).”
Mark Cuban shared that he found motivation driving around and looking at houses in the richest neighborhoods and tried to think about what the owner of that house had done differently.
“Learning as much as you can about something can show you patterns in its growth.”
Mark Cuban uses this strategy to be as successful as he is. He followed everything about technology so closely that he was able to know what will be successful before it became so.
“If you have to take a vacation from what you do, never come back.”
No matter what you do try to find something that you enjoy and you put the most effort towards.
You should want to work even on your time off.
Watch the video here: