Billionaire Mark Cuban was only 12 years old when he launched his first side hustle, so he knows what it takes to begin a business at a young age.
And, he says there’s one easy thing you’ll want to consider if you ought to do it, too.
“The important thing to starting a business once you’re young is doing things that you would be able to do yourself — things you possibly can do along with your own time,” Cuban recently told a bunch of highschool students at Lewisville High School in Texas.
Which means starting with what , he noted.
“If it is a product, do something that is easy so that you can get and simple so that you can sell,” Cuban said, adding: “It really comes all the way down to one easy thing. The perfect businesses are things you possibly can control and do yourself. That is what being an entrepreneur is all about.”
Cuban famously got an early start learning to run his own business as a pre-teen selling garbage bags door-to-door in a Pittsburgh suburb. Later, he sold quite a lot of collectibles, from baseball cards to coins and stamps, saying the proceeds helped pay for his college tuition.
In each of those cases, Cuban used home goods and collectibles that were accessible to a child and sell them for a profit — following his own advice for teenagers today.
Similarly, as a university student, he worked as a bartender and taught dance lessons to make extra cash. Cuban later showed off his dance skills publicly by appearing on “Dancing With the Stars” in 2007, ending eighth within the competition.
“I used to be a hustler … I even have at all times been selling. I at all times had something happening. That was just my nature,” Cuban said during a 2016 episode of ABC’s “Shark Tank.”
Now, Cuban says he repeatedly tells kids and teenagers seeking to start their very own businesses to do what he did. Construct around “something they’ll make or a service they’ll offer to friends, family and neighbors,” he told CNBC Make It in September.
That is easier said than done, in fact: Successfully launching and growing your personal business is infamously difficult. Roughly 20% of latest businesses fail inside a 12 months of launching, in line with data from the U.S. Bureau of Labor Statistics.
“Being an entrepreneur and starting a business doesn’t suggest it is going to be easy and hastily you make loads of money,” Cuban told the scholars at Lewisville High School. “Being an entrepreneur is the harder way.”
If it was easy, he added, “you all would already be doing it and coming on ‘Shark Tank’ and taking my place.”
Finding something you possibly can control and do yourself is tough enough. Becoming great at it — which, incidentally, is Cuban’s No. 1 rule for being profitable — is so much harder.
It involves extensively researching your small business plan and potential competition, in search of out funding, and creating backup plans to permit for flexibility if you’ll want to adjust on the fly, the billionaire has previously said.
So long as you do not mind putting in that work, especially after you select your small business opportunity, a world of opportunity can open up for you, Cuban told the highschool students.
“If you happen to’re willing to take the initiative and begin a business, anything is feasible,” he said.
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”
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