Television personality, investor, and entrepreneur Mark Cuban has it all. The self-made billionaire Is ranked 179 on the 2019 Forbes 400 list. He is the owner of the NBA team, the Dallas Mavericks, and is one of the main sharks on the ABC reality show Shark Tank. As of 2021, Mark Cuban has a net worth of 4.4 billion dollars. In this post, we break down everything that he did to achieve his massive net worth and how you can do the same.
Cuban was born in Pittsburgh Pennsylvania on July 31st, 1958. He grew up in a working-class Jewish family. Cuban started his entrepreneurship journey at just the age of 12. At this age, he started selling garbage bags in his neighborhood to pay for basketball shoes. He later went on to sell other items like stamps and coins, and even became a newspaper boy where he would run paper from Cleveland to Pittsburgh.
Cuban never finished high school and in his senior year, he enrolled full-time at the University of Pittsburgh. After one year at the University of Pittsburgh be transferred to Indiana University and graduated with a Bachelor of Science in Management.
While in college, he stayed entrepreneurial and started many business ventures such as a bar, disco lessons, and a chain letter company. Upon graduation, he went back to Pennsylvania and took a job with Mellon Bank where he studied machines and networking.
He stayed at Mellon Bank for a year and in 1982 Cuban moved to Dallas. While in Dallas he became a bartender and then a salesperson for a company called Your Business Software. Your Business Software was one of the earliest PC software retailers in Dallas. As a salesman for the company, Cuban was always trying to land new deals.
Being an aggressive salesman bolds well for most people, but it didn’t for Cuban. Within one year at his job, he got fired for meeting with a client that he wasn’t authorized to speak with.
Mark Cuban Microsolutions
After being fired, Cuban decided to start his own company Microsolutions. Microsolutions was a system integrator and software reseller. Cuban landed his first few clients by stealing clients from his old company, Your Business Software. By 1990, 7 years after starting Microsolutions, the company was making more than 30 million dollars a year in revenue. Cuban sold the company two CompuServe for 6 million dollars, netting him $2 million after taxes.
In 1995, Cuban and a friend from Indiana University joined Audionet, an internet radio company that covered sports games. In 1998, just three years later, they rebranded to Braodcast.com. By 1999 Broadcast.com had grown to over 330 employees and had approximately $100 million in revenue.
In its brief history, Broadcast.com never turned a profit. However, that didn’t stop Yahoo! from acquiring the company for 5.7 billion dollars in 1999. For today’s standards, acquiring a company for 57 times revenue is insane. Back in 1999, at the peak of the dot com boom, this was normal.
Mark Cuban Purchases The Mavs
In 2000, Cuban purchased a majority stake in the Dallas Mavericks for 285 million dollars. This would be one of Cuban’s best investments yet. Before buying the team, the Mavericks had only won 40% of their games over the last 20 years. In the 10 years following Cuban’s purchase, the team would go on to win 69% of their regular-season games. They also went on to reach the playoffs in every season except for one.
For the first time in team history, they reached the NBA finals in 2006 where they would lose to the Miami Heat. They would end up redeeming themselves in 2011 when they beat the Heat and become NBA champions. With the Maverick’s success, they are now worth an estimated 2.4 billion dollars according to Forbes.
Mark Cuban On Shark Tank
By 2011, Cuban had been a successful investor in many start-ups and had been featured on multiple television shows and entrepreneurship magazines. Mark Cuban would soon become a household name when he was casted as a Shark on ABCs hit tv show, Shark Tank. As of May 2015, Cuban had invested over $20 million across 85 deals.
Mark Cuban Net Worth 2021
In 2021, Mark Cuban at the net worth of 4.4 billion dollars. Whether it is investments in technology, sports, or media Cuban always finds a way to strike a good deal.
- Leverage your network: After getting fired from his sales job Cuban decided to open up a competitor and steal his former job’s clients. Cuban knew what his customers wanted and knew how to deliver. By finding room for improvement, you can spot potential business opportunities. To learn more about how to spot a business opportunity, check out our post where we show you how.
- If you throw enough stuff at the wall something will stick: Cuban is famous for saying, “It doesn’t matter how many times you fail. You only have to be right once and then everyone can tell you that you are an overnight success.” Cuban was never afraid to start a business in which he didn’t know much about. Many people use inexperience as an excuse not to start. Cuban on the other hand invites inexperience as it is an opportunity to approach business from a different perspective.
- Invest in what you know: Cuban only knew about three things more than most people: radio, technology, and sports. Still, by just knowing those three things, he was able to create and invest in businesses around those topics. When trying to build wealth, it is prudent that you do so around things that you understand. Cuban understood there was a booming technology market. He was then able to create a technology company that sold for billions of dollars to Yahoo. By understanding basketball, Cuban was able to see the low valuation of the Dallas Mavericks and the potential that they held. By understanding the markets in which you put your money, you give yourself an unfair advantage.