Mark Cuban, the charismatic billionaire and “Shark Tank” staple, is an intriguing figure. He’s also a gold mine of financial wisdom, especially for entrepreneurs who are looking to make it big in the world of business.
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Two such entrepreneurs, Shaan Patel and Erik Severinghaus, took Cuban’s advice and ran with it. Now they credit Cuban for helping them get on their way to joining the millionaire club.
Here’s how they followed Cuban’s advice and are on track to become millionaires.
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Tech Is Your Friend
Shaan Patel, who runs Prep Expert, got a $250,000 investment from Cuban on “Shark Tank.” He said Cuban’s big on using tech to grow your business.
“One of the most impactful pieces of advice Mark Cuban has given me is to focus on scalability and leverage technology to grow the business,” Patel said. “Mark emphasized the importance of creating systems and processes that allow the business to expand without being limited by physical or logistical constraints. This advice has been pivotal in transforming Prep Expert from a small operation into a nationally recognized brand.”
Listen to Your Customers
Cuban told Patel to pay attention to what his customers were saying. It paid off big-time.
“Mark also stressed the importance of customer feedback and iteration,” Patel said. “By continually listening to our students and their parents, we have been able to refine our offerings and improve the effectiveness of our courses. This customer-centric approach has helped us maintain high satisfaction rates and foster strong word-of-mouth referrals.”
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Don’t Be Afraid To Shake Things Up
Cuban’s not one to play it safe, and he pushed Patel to take risks too.
“Another key piece of advice from Mark was to be relentless in pursuing excellence and innovation. He encouraged me to always stay ahead of industry trends and to not be afraid of making bold decisions that could differentiate Prep Expert from competitors,” he said.
Watch Those Small Expenses
Erik Severinghaus, who co-founded Bloomfilter, took Cuban’s advice on cutting costs to heart.
“Cuban’s suggestion about removing extra expenses was very significant for me,” Severinghaus said. “In the past, I usually did not see how small everyday costs could increase as time passes. But after I look at my spending habits very closely, I manage to put more money into investments that show good chances for real growth. It is amazing how those small changes can make a big difference over time.”
Automate Your Savings
Severinghaus also followed Cuban’s tip on making saving a no-brainer.
“Automating savings and investments was [an] important change for me,” he said. “When I set up automatic transfers to my investment accounts, it helps me grow wealth regularly without wanting to spend money on things I don’t need. It is a simple yet effective strategy that matches well with Cuban’s belief in regular, disciplined saving.”
Don’t Put All Your Eggs in One Basket
Cuban’s big on having multiple income streams, and Severinghaus took note.
“Diversifying income sources is also very important. Besides my job at Bloomfilter, I invest money in real estate and other businesses. This not only gives more money but also lowers risk. This way, supported by Cuban, makes me feel safe with my finances even when times are uncertain,” he said.
It’s Who You Know
Cuban’s connections in the business world were a source of help and encouragement for Patel.
“Mark’s expertise in business strategy and his expansive network opened doors that I could never have accessed on my own,” Patel said. “From day one, Mark was hands-on, providing advice and resources that significantly impacted our growth and success.”
As you climb the entrepreneurial ladder, make friends and colleagues along the way who will look out for you — and you’ll do the same.
Keep Your Eye on the Prize
Both men say Cuban taught them to think long term and not give up when things get tough.
“Looking forward, as I face the ups and downs of being an entrepreneur, his suggestions help me stay focused on important things: steady growth, new ideas and making long-lasting positive changes. I am having hope about reaching my financial goals while staying loyal to my values and dreams,” Severinghaus said.
Patel agreed. “Following Mark Cuban’s advice has been instrumental in the growth and success of Prep Expert, and I am grateful for his mentorship and support,” he said.
The Bottom Line
By following Cuban’s playbook — using tech, listening to customers, taking smart risks, cutting costs, saving automatically, diversifying income and thinking long term — Patel and Severinghaus are on the fast track to millionaire status.
As Severinghaus put it, “Mark Cuban’s ideas have very much shifted things for me in my quest to become a millionaire. His tips are not just about earning money; they also involve having a strong mindset, thinking wisely and always picking up new knowledge. No matter if you are just starting or already on your way, following these rules can bring financial freedom and more.”
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This article originally appeared on GOBankingRates.com: I Followed Mark Cuban’s Genius Advice and Am on Track To Become a Millionaire
