With the assistance of the founder of Prep Expert and the founder of Spark Skill, Mark Cuban co-authored a book called How Any Kid Can Start a Business.
Shaan Patel and Ian McCue - the founders of Prep Expert and Spark Skill, respectively - have created this book to teach children the fundamentals of entrepreneurship, and hopes to plant the seed of entrepreneurship in them.
The book's goal is to inspire them to consider business as a career option. Here are three pieces of advice for young entrepreneurs that Cuban has mentioned in his book.
1. Start today
You will most definitely be ahead of the competition if you acquire all the habits and skills that most people learn in their starting adult years, sometimes even later.
It isn't necessary to learn entrepreneurial skills for the kid, but it certainly benefits them when they do.
There are lots of children that have the entrepreneurial seed in them, and they're just looking for guidance to start their business. To succeed in your life and career, you don't need outstanding intelligence or excellent breeding or heritage; you need something that creates money - big money.
2. Make as many mistakes as you want
In the life of a more-or-less average youth, you have nothing to lose, but everything to gain.
As adults, we can make companies skyrocket, but we know that they can plummet back down just as easily.
But as a child, the company can be as big as possible, and though there's no guarantee that there won't be those bad days, they can't fall on the macro scales like adults.
It's easy - they simply don't have the resources to.
Kids don't have pending loans or tens of thousands of dollars at stake. Starting small, earning big.
Whenever faced with disappointment, Cuban encourages young entrepreneurs to treat it like any other disappointment, then bounce right back up!
3. Goal setting is a must
Setting business goals affects your life in a big positive way. After all, how will you know what to achieve and what you're striving towards if you don't set a significant, long-term goal?
Cuban has invested in just a few young entrepreneurs so far, and about eighty percent have succeeded to date. Goals without pressing deadlines are dreams - nothing more; business is not a dream.
What ways can you - or a youth you know - implement this advice? Comment below.