Happy Friday!! Welcome to another edition of educational Fridays, where we will post up material (videos, infographics, links, etc) to help you learn more about passive income and investing.
This video below, by Evan Carmichael, highlights the best rules for success from Mark Cuban.
Mark Cuban’s Top 10 Rules For Success:
1. Now is the time
His first step into the business world was at age 12, when he sold garbage bags to pay for a pair of expensive basketball shoes.
2. Be passionate
Rather than attend high school for his senior year, he enrolled at the University of Pittsburgh. During college, he had various business ventures, including a pub, disco lessons, and a chain letter.
3. Don’t make excuses
He was fired as a software salesman less than a year after being hired, after meeting with a client to procure new business instead of opening the store.
4. Learn from history
Cuban started a company, MicroSolutions. In 1990, he sold it to CompuServe—then a subsidiary of H&R Block—for $6 million.
5. Enjoy competing
In 1995, Cuban started Audionet. With a single server and an ISDN line, Audionet became Broadcast.com in 1998.
6. Know your business
By 1999, Broadcast.com had grown to 330 employees and $13.5 million in revenue. In 1999, during the dot com boom, Broadcast.com was acquired by Yahoo! for $5.7 billion in Yahoo! stock.
7. Be brutally honest with yourself
The Guinness Book of Records credits Cuban with the “largest single e-commerce transaction”, after he paid $40 million for his Gulfstream V jet in October 1999.
8. Know your strengths and weaknesses
On January 4, 2000, Cuban purchased a majority stake in the NBA’s Dallas Mavericks for $285 million.
9. Be unique
He’s also a “shark” investor on the television series Shark Tank.
10. Be yourself
Cuban wrote an e-book, How to Win at the Sport of Business, in which he chronicles his life experiences in business and sports.
My favorite rule is #2, “be passionate,” because success is not easy, and you need passion to get through all the tough times. Which rule do you like the most?