If you want to start a new side hustle or business, you’ll probably need some money to get it off the ground. Don’t seek out an investor, says billionaire entrepreneur Mark Cuban.
Instead, make sure your idea can be profitable from Day 1, and use the proceeds to grow your venture. “I was always geared towards profitability, not geared towards just getting my next [fund]raise,” Cuban, 64, told the “Bio Eats World” life science podcast on Tuesday.
Cuban — who is, notably, an investor on ABC’s “Shark Tank” — launched his first tech company, a computer systems startup called MicroSolutions, using his own money. At age 32, he sold the business for $6 million in 1990.
In 1994, Cuban and his friend Todd Wagner invested $10,000 in a small startup called Cameron Audio Networks. They later offered the company’s ownership a buyout, absorbing the majority of its equity and turning it into Cuban’s …