Cuban says anyone can become a millionaire if they follow his rules.
According to Forbes, the investor and owner of the NBA's Dallas Mavericks has a net worth of $4.7 billion. While they are meant to help you earn cash, they are really about controlling your own destiny, he said.
Cuban said that if you want to be a millionaire, there are a few things you have to do.
He said to find something you can be good at. Be good at it.
It is likely that you will need to study your topic relentlessly. You might need to study other topics of interest as well. According to research published by the Association for Psychological Science, what distinguishes a winner of a prize from a national winner is often multi-disciplinary experience.
Competitive athletes who played more than one sport as a child had better long-term performance. The athletes didn't immediately excel at their preferred sport, but showed a more consistent route to eventual mastery over time
Cuban has two rules, the first one is "know how to sell." He started selling trash bags door-to-door when he was 12 years old.
The billionaire gave out advice on how to succeed at sales when he showed people how to help them in the first few seconds of their pitch.
Cuban told the School of Hard Knocks that selling is about helping. He said that when you understand what people need, you can help them. Good things happen and close deals are how you create companies.
If you want to be a millionaire, sales may be a good place to begin. According to a survey by Heidrick & Struggles, 15% of CEOs from the top 100 Fortune 500 companies started in sales last year.
Cuban said to be curious and always learn.
A study from the University of Waterloo found that having a lifetime learning mentality correlated with both objective and subjective success.
The study co-author said that lifelong learners can save their employers money in the long run.
As technology continues to move at a rapid pace, employers need their employees to learn and develop to stay on top of what the latest technologies are. It isn't a matter of replacing the workforce. Developing and growing the existing workforce is the best way to go.
The fourth rule is Cuban's most important and important for aspiring entrepreneurs.
He said that you need to know your s--t better than anyone else. When is the right time to start a company? You can begin to control your own fate.
Success doesn't depend on knowledge. Cuban wrote in Forbes that before he started his first company, he quit or was fired from three different jobs and slept on the floor of his apartment.
In his book "How to Win at the Sport of Business," he wrote that failure doesn't matter. He said that you only need to be right once to be set for life.
Cuban seems confident in his four rules because of that lesson. He told NPR that if he lost everything, he would rebuild himself into a millionaire again.
Cuban said that he would get jobs as a bartender at night and as a sales person at day's end. I wonder if I could become a multi- millionaire again. I have no doubts.
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Mark Cuban refused to open an office when he bought the Mavericks.
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