Billionaire entrepreneur Mark Cuban recently acknowledged that luck played a vital role in his success. In a recent Money Mint Media clip, he explained that he would have been just some other guy if he hadn’t been alive at the right time to capitalize on the internet stock market mania.
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Great timing allowed Cuban to become a billionaire by selling Broadcast.com to Yahoo. However, there were many people alive during the internet stock market boom, and not everyone became a billionaire. There’s more to Cuban’s story than luck, although it plays a key role. He mentioned some of the things that allowed him to capitalize on that opportunity when most people missed it.
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Work Harder Than the Competition
Although Cuban was born at the right place and time, his ability to work hard allowed him to profit immensely from this timeframe. If you outwork your competition, you put yourself in a better position when once-in-a-lifetime opportunities become available.
Working harder than the competition means putting in more hours, looking for ways to work smarter, and building your network. When you have a vast network, you learn about more opportunities and can get a head start on any venture.
It’s not easy to work long hours. Most people want to call it a day after coming home from a 9-to-5 job. Some people work a few extra hours after their regular job to launch a new business or get better career opportunities. Short-term pain often comes with long-term gain, but you can get yourself in trouble if you let short-term pleasures pull you away from long-term goals.
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Learn New Skills
Cuban didn’t start with his internet company and tech. In fact, it was quite the opposite. Cuban was originally a carpenter because his parents wanted him to learn a trade. He also had a bunch of side jobs before he became an entrepreneur.
The only reason Cuban could make the pivot was that he was willing to learn new skills. Networking, outworking the competition, and discovering opportunities came later, but knowledge built the foundation that made everything else possible.
It’s easier than ever to learn new skills. You can read books and articles, watch training courses and videos, and listen to podcasts and audiobooks about the skill that you want to learn. If you build your knowledge each day, you will be prepared when a lucky moment comes your way.
You Will Make Mistakes
Everyone makes mistakes in life, and the same truth applies to billionaire entrepreneurs. Cuban had setbacks before getting his big break, and he continues to make the occasional stumble to this day.
However, you can’t let your mistakes define you. Your ability to rebound from mistakes will help you profit from luck and good timing. Many people were born at a similar time to you who also lived in the right place and had good support growing up. Some of those people don’t take big risks after mistakes add up, while others take reckless risks instead of calculated risks.
Short-term blunders don’t have to define long-term results. Continuing to put in the work while expanding your knowledge can get you closer to your lucky break.
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This article originally appeared on GOBankingRates.com: Mark Cuban on How To Use Luck and Timing To Your Advantage
