Billionaire: To create a successful business, follow these steps

American billionaire Mark Cuban advised young people that a number of things should be taken into account before starting a business, especially that before he became a billionaire, he started his working life at a young age, almost 12 years old.

There’s one simple thing you need to think about if you really want to do this, Cuban said.

“The key to starting a business when you’re young is doing things you can do on your own — things you can do on your own time,” Cuban said, during a meeting with a group of high school students at Louisville High School in Texas. It was taken up by “Al-Arabiya”.

He pointed out that this means starting with what you know

“If it’s productive, do something that’s easy for you to get and easy for you to sell,” Cuban said. “It comes down to one simple thing. The best jobs are the things you can control and do on your own. This is what being an entrepreneur is all about.”

Cuban is reputed to have started learning how to run his own business early as a teenager selling garbage bags door-to-door in a suburb of Pittsburgh. Later, he sold a variety of collectibles, from baseball cards to coins and stamps, saying the proceeds helped pay his college tuition.

In each of these cases, Cuban used household items and collectibles that were within reach of the children and sold them for a profit – following his own advice for today’s teens.

Similarly, as a college student, he worked as a waiter to earn extra money. And his skill in dancing appeared, by appearing on the “Dancing with the Stars” program in 2007, and he ranked eighth in the competition.

Cuban emphasized that children and teens should build around “something they can make or a service they can provide to friends, family, and neighbors,” according to what he told CNBC.

Easier said than done, one might say, as nearly 20% of new businesses fail within a year of launching, according to data from the US Bureau of Labor Statistics.

But Cuban commented, “Being an entrepreneur and starting a business doesn’t mean it’s going to be easy and suddenly you’re going to make a lot of money.” “Being an entrepreneur is the hardest way.”

He added that if it were easy, my place as an inspiring person on the “Shark Tank” program would be contested by many.

The billionaire stressed that the road is long and difficult, as you must look at your business plan and potential competition, financing, and create alternative plans to allow for flexibility if you need to adapt quickly.