Mark Cuban’s Success Story
Mark Cuban, the owner of the Dallas Mavericks, is currently worth an estimated $3 billion. Although most of his money mainly came from 2 transactions during the dot com era, he was a natural born leader who had the expertise of an experienced entrepreneur from a young age.
During the 1980’s, he was majoring in Business Administration at Indiana University and was saving up money to buy himself a bar. One of the professors in his school considered this action very brave and risky because he has never seen a student or an MBA student own a business while attending school. Eventually, Mark was able to turn his bar business into a successful student bar in the area. Mark opened up a new business after he completed school called MicroSolutions, a computer company that he sold after 7 years to another company called CompuServe in 1990 for $6 million. He used his money to retire for the next 5 years to travel around the world and partied around.
After Mark’s retirement during the 1990s, he began listening to his former university’s basketball team games. He began another new business with a partner called AudioNet, which eventually spread across hundreds of sports channels and radio programs, as well as product launches and fashion shows. Eventually AudioNet had to rename itself to Broadcast.com and was one of the first internet radio sites in the world. It was then later bought out by Yahoo and Mark took in $1.7 billion in Yahoo stock.
Once the 2000s came out, Mark Cuban became the majority owner of the Dallas Mavericks and bought them for $280 million. The team was considered one of the worst in the league, but because of Mark’s management, he had turned the team into a $1.15 billion team.
Mark Cuban is considered one of the best examples of a business entrepreneur who dedicates himself to becoming a self-made man. Additionally, from being an owner of a media company and a basketball team, he also invests in businesses and product lines.
ARTICLE WRITTEN BY VANESSA PAGE – INVESTOPEDIA.COM
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