Billionaire entrepreneur Mark Cuban is no stranger to success. Recently, he told GQ how he turned his first million into a billion dollars. Mark Cuban’s story is inspiring as he shows us that it is okay to start small. What is important is the will to keep growing and creating value for yourself and others.
Cuban told GQ that he never “thought in terms of money” but rather focused on how he can control and manage his own destiny. Well, we know it worked because Mark Cuban’s success has now led him to be on the panel of Shark Tank – advising young entrepreneurs and investing in ideas he finds worthwhile.
Mark Cuban’s Success Story
The entrepreneur believes that one must be a hustler to achieve more and do more. Mark Cuban’s success can be traced to the fact that he valued his time much more than money. This principle led him to make smart choices that eventually helped him shape his destiny.
Today, Mark Cuban’s business empire spans nearly 12 companies with varying amounts of investment. He is always on the lookout for new opportunities and advises people to embrace change before “becoming a dinosaur.”
Time over money
Cuban’s advice to prioritize time over money has been proven right by a 2018 Harvard Business School Study. Researchers Ashley V Williams and Elizabeth W Dunn found that while making major life decisions it is important to prioritize time over money. Their study showed that respondents who valued time over money chose more intrinsically rewarding activities and were happier.
For people trying to learn from Mark Cuban’s story, the number one takeaway is to evolve with time. He recommends staying abreast of the latest technological advancements so that you continue to be relevant. After Cuban sold his first company MicroSolutions for $6 million, he did not spend all his money partying it up. Instead, he chose to invest it wisely, buying himself freedom and time to decide what to do next.
Upskill over passion
Most Mark Cuban companies are wildly successful and managed by experts. Another controversial advice? He tells people to develop one’s skill instead of “pursuing one’s passions.” He believes the advice to follow one’s passion for success is the biggest lie ever told and that instead people must focus on upskilling.
“If you put in enough time, and you get really good, I will give you a little secret: Nobody quits anything they are good at, because it is fun to be good. It is fun to be one of the best. But in order to be one of the best, you have to put in effort. So don’t follow your passions. Follow your effort,” advises the billionaire.
Even when he did not have money, he invested his time in developing his skills that would make him a better businessman. Even now, he continues to work on himself and believes that artificial intelligence is the next big thing.
Invest wisely and follow your heart
Valuing time over money also translates to following your gut on deals. Mark Cuban’s story might have been quite different if he had decided to hold on to Broadcast.com. But after the company was acquired by Yahoo, the investor decided to follow his gut and sold his shares, just before the dotcom bust. On being asked why he decided to do that, his reply was simple – he felt he had made enough money on the deal and that the stock market was overpriced.
The experience further cemented his belief that chasing just money never works out well. Mark Cuban’s story is a testament to the fact that if we value our time over money, eventually we will be successful beyond our wildest dreams.
