FBC – 444 – The REAL reason why Mark Cuban became a billionaire

The REAL reason why Mark Cuban became a billionaire.

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Have you ever wondered how people like Mark Cuban made their money?

There have been many speculations about how Mark Cuban actually made his money.

You might have your idea on the subject and chances are that you could be wrong

In today’s episode I am going to reveal the truth about how and why he made his money.

You will also learn how other people built empires during the financial crisis

Make sure to tune in

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Here is one of my favorite quotes:

“The fastest way to change yourself is to hang out with people who are already the way you want to be.”
– Reid Hoffman, co-founder LinkedIn

OK, so remember I told you that I watched this very interesting video about the main reasons for start-up success, right?

Where this guy studied hundreds of companies and then he realized that people think it's either the idea that the people had or the people who were there or something else.

So you might think that, man, it's the idea. And no, it's actually not the idea. Because some businesses are actually very successful and they didn't reinvent the wheel. They just did something that already existed. So it's not necessarily the idea. It will contribute, obviously, but it's not the idea.

So timing is actually the biggest key to start-up success. As amazing as this might sound, it is actually timing.

And you’ve probably heard the phrase, oh, you were in the right place at the right time. OK, so we all know about these stories of entrepreneurs where someone made so much money because they were in the right place at the right time.

I remember reading Mark Cuban's book.  Or maybe it was in an interview or something like this, you know, and you know that Mark Cuban, he made he made quite a lot of money by selling his company during the dotcom era.

He was saying that, well, a lot of people are telling me that, oh, man, you just got lucky. You were in the right place at the right time. But what if I told you that you're wrong about the whole thing?

You know, people are wrong about Mark Cuban, right? Well, was the timing good? Yes. But was he in the right place at the right time just like that? Not really. And you know why?

The REAL reason why Mark Cuban became a billionaire.

Here's the thing. So it is very unlikely that Mark Cuban was in the market where there was one person. It was just him because if it was like that, it would have meant that the market sucked and there was no money to be made there.

So if you were able to make a big pile of money at the right time, it means that you were in the market where there was a lot of money circulating there and a lot of other people. OK, which brings me to my point.

My point is that there were other people, too. So in the case of Mark Cuban, it wasn't the only one on the market. But why is it that some people were in that market and they didn't make as much money as he did? Because they were in the right place at the right time as well.

So, you know that logic of it was just in the right place at the right time. It doesn't work, right. Because you do not find a business that someone will buy for a few billions where on the market there is only one person. Nobody will do that.

There were a lot of other competitors and stuff like that. But somehow these people didn't make the cut. So how do you explain that? So what was the person? Just lucky?

He put in the work. If you don't have the business, then you don't get the money. So you can't just say that, oh, he was like he was there, right? No, he was there at the right time with a business that he grew all the way to attracting investors.

That's one thing. He had a freaking business! And he made the business high profile enough that some people were ready to pay him billions to acquire that business. Good for you Mark!