September17 , 2021

Mark Cuban – The story of billionaire entrepreneur

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Almost everybody wishes in their life at least once that they were a billionaire. But only  few people get to live the dream of becoming a billionaire. Mark Cuban is one of those few people. He left his hometown with only 60$ in his pocket in 1982. In his own words ‘I left with 60$, a hole in my floorboard,  a floor to sleep on and a case of an oil problem in the trunk of my car;. He is listed as one of the 200 richest people in the world according to Forbes.

Early Life

Mark Cuban was born in 1958 to Norton Cuban and Shirley Cuban. Cuban was brought up in Pittsburgh. He sold garbage bags at the age of 12. He sold stamps at people’s doors to make pocket money. He belonged to a working class family so working hard was not new to him.

Mark chose to skip senior year in high school and instead decided to study in Indiana University to study business. For extra money in college, he did odd jobs. He chose to study in the business institute with the least amount of expense .When he was still in university he had already saved up 15,000 USD by doing odd jobs.

Early Ventures in Business

He used his saved money to buy a small pub with the name of Motley’s. In university owning a pub made him famous amongst the students. The experience of running a pub on his own gave him confidence to do more.

Cuban started investing in different businesses and getting profit throughout the 1890s. From College bars he moved to internet startups and theaters chains. But his actual success was looking forward to him in the 90s.

Mark Cuban’s Success Story

When Cuban moved to Dallas in 1982, he worked as a software salesman then decided to start his own consulting business with the name of ‘Microsolutions’. This tech company turned out to be a success and Cuban sold this start up to CompuServe for a huge amount of  6 million USD in 1990. This was an indication for Cuban that the internet technology will be the future of business.

So, for the next few years Cuban spent in learning the potential of the internet through networking. Cuban himself stated that when he took computer class in university he actually cheated to pass the subject. But when the jobs were so much about technology he was like ‘ I love technology’. He made sure to learn as much as possible so he can make sure that consumers get the best out of the internet.

Foundation of AudioNet

In 1995 Cuban convinced one of his Indiana University class fellows for a startup with the name of AudioNet. This made Cuban one of the pioneers who came up with the idea of live streaming.

Luck was generous with Cuban and timing could not be better for Mark. AudioNet (which was later changed to Broadcast.com) was actually an amalgamation of all three of Cuban’s passions, business management, sports and technology. It was able to cater everyday increasing consumer demand. All of this was happening when the bubble of technology was forming.

Selling Broadcast.com in Stock Market

In 1998 Mark and his partner put Broadcast.com in the market and saw its market value going and up. Cuban says ‘he sat in front of the computer, refreshing the screen multiple times and the demand and stocks went really high.When the stocks reached a certain point it was a great joy for Cuban. The stock prices finally got settled at the price of 200 USD per share. At that point Yahoo came into the scene and bought Broadcat.com for a whopping amount of $6 billion. This made MArk Cuban a billionaire at the age of 41. Mark Cuban states ‘Never in my dreams i thought i would ever be this rich’ There was no looking back afterwards.

Lifestyle

After making a great deal by selling Broadcast.com Cuban bought a 24000 square foot  mansion in Dallas. He in his own words loves to show off his mansion to people. He still lives in the same house with his wife and three kids.

In 1999 he made his famous online purchase of a jet plane for 40 million dollars. This online shopping made its way to Guinness World Record for largest online transaction. He stated that buying a private jet was always on his list. For him time has the most value and by buying a jet he bought time for himself.

Purchase of NBA Team

Around the same time in early 2000 he made the biggest profitable deal of all times for himself. He bought the most stakes of NBA team Dallas Mavericks. He bought the stakes for 285 million dollars. The team won NBA tournaments under him. According to Forbes the value of the team is now around 2.5 billion dollars.

According to Mark he didn’t buy the team for profits, he bought it for his love for the game and the profit just came to him.

Other Businesses of Mark Cuban

At this time Cuban is a part of the media industry too. He owns stakes of popular reality tv show ‘Shark Tank’ where he appears himself too. He also has his own media production company. One of his investment ventures is having around 1 billion dollar worth of stakes in Amazon.

Mark Cuban is an amazing example for new age entrepreneurs. The investment decisions he made throughout his life and the risks he took are a lesson. He always invested in mission driven companies. Cuban always had his hand on the pulse of new trends. He knew when is a great time for technology and when the media industry would be profitable.

Forbes List of Richest People

He has been a constant part of Forbes richest people list for the past few years. In 2019 he was at number 179 but in 2020 he improved to 177 with 4.2 billion dollar net worth.

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