Mark Cuban’s advice for young people starting a business: ‘It really comes down to one simple thing’ - CNBC

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Billionaire Mark Cuban was only 12 years old erstwhile helium launched his archetypal broadside hustle, truthful helium knows what it takes to commencement a concern astatine a young age.

And, helium says there's 1 elemental happening you request to see if you privation to bash it, too.

"The cardinal to starting a concern erstwhile you're young is doing things that you tin bash yourself — things you tin bash with your ain time," Cuban precocious told a radical of precocious schoolhouse students astatine Lewisville High School successful Texas.

That means starting with what you know, helium noted.

"If it's a product, bash thing that's casual for you to get and casual for you to sell," Cuban said, adding: "It truly comes down to 1 elemental thing. The champion businesses are things you tin power and bash yourself. That's what being an entrepreneur is each about."

Cuban famously got an aboriginal commencement learning to tally his ain concern arsenic a pre-teen selling garbage bags door-to-door successful a Pittsburgh suburb. Later, helium sold a assortment of collectibles, from shot cards to coins and stamps, saying the proceeds helped wage for his assemblage tuition.

In each of those cases, Cuban utilized household items and collectibles that were accessible to a kid and merchantability them for a nett — pursuing his ain proposal for teenagers today.

Similarly, arsenic a assemblage student, helium worked arsenic a bartender and taught creation lessons to marque other money. Cuban aboriginal showed disconnected his creation skills publically by appearing connected "Dancing With the Stars" successful 2007, finishing 8th successful the competition.

"I was a hustler ... I person ever been selling. I ever had thing going on. That was conscionable my nature," Cuban said during a 2016 episode of ABC's "Shark Tank."

Now, Cuban says helium regularly tells kids and teenagers looking to commencement their ain businesses to bash what helium did. Build astir "something they tin marque oregon a work they tin connection to friends, household and neighbors," helium told CNBC Make It successful September.

That's easier said than done, of course: Successfully launching and increasing your ain concern is infamously challenging. Roughly 20% of caller businesses neglect wrong a twelvemonth of launching, according to information from the U.S. Bureau of Labor Statistics.

"Being an entrepreneur and starting a concern doesn't mean it's going to beryllium casual and each of a abrupt you marque a batch of money," Cuban told the students astatine Lewisville High School. "Being an entrepreneur is the harder way."

If it was easy, helium added, "you each would already beryllium doing it and coming connected 'Shark Tank' and taking my place."

Finding thing you tin power and bash yourself is hard enough. Becoming large astatine it — which, incidentally, is Cuban's No. 1 rule for making wealth — is simply a batch harder.

It involves extensively researching your concern program and imaginable competition, seeking retired funding, and creating backup plans to let for flexibility if you request to set connected the fly, the billionaire has previously said.

As agelong arsenic you don't caput putting successful that work, particularly aft you take your concern opportunity, a satellite of accidental tin unfastened up for you, Cuban told the precocious schoolhouse students.

"If you're consenting to instrumentality the inaugural and commencement a business, thing is possible," helium said.

Disclosure: CNBC owns the exclusive off-network cablegram rights to "Shark Tank."

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