In an interview with CNBC, entrepreneur and investor Mark Cuban discussed the importance of taking risks and not being afraid of failure. Cuban, who has amassed a fortune through his various ventures, stated that “highly successful people aren’t afraid to go broke.”
According to Cuban, taking calculated risks is essential to achieving success. He emphasized that while there are certainly risks associated with starting a business or investing in a new venture, these risks can be managed and minimized through careful planning and preparation. Cuban himself has experienced both success and failure throughout his career, but he credits his willingness to take risks and learn from his mistakes as key factors in his overall success.
“When your back’s against the wall, you’re sleeping on the floor and your buddies are stepping over you to go to their job and you’re starting this company, you realize, ’OK, I’ve only got one direction,” Cuban, a star of ABC’s “Shark Tank,” said during a panel at SXSW last month.
Cuban, who has an estimated net worth of $6.5 billion, referenced his “Shark Tank” co-star Daymond John’s phrase “the power of broke,” saying it’s “one of the defining elements” of any successful business owner.
“You either go, I quit [my job], I’m an entrepreneur … or I can’t do it. I can’t give up that safety,” Cuban said. “There’s no person on this planet who hasn’t had that ‘Oh my god, I got this idea’ [moment].”
Cuban also noted that many people are held back by their fear of failure. He argued that this fear can be particularly detrimental for those who want to start their own business or pursue a non-traditional career path. By being too cautious and risk-averse, individuals may miss out on valuable opportunities for growth and development.
In addition to taking risks, Cuban stressed the importance of being adaptable and willing to change course when necessary. He acknowledged that even the most well-planned ventures may not always succeed, and that it is important to be able to pivot and adjust one’s strategy when things don’t go according to plan. Cuban also emphasized the value of persistence, noting that successful individuals often face setbacks and obstacles along the way, but are able to persevere and stay focused on their goals.
Overall, Cuban’s message is one of empowerment and encouragement. He believes that anyone can achieve success, as long as they are willing to take risks and learn from their failures. While there is always some degree of uncertainty and risk involved in pursuing new opportunities, Cuban argues that these challenges can ultimately lead to greater rewards and fulfillment in life.