Mark Cuban remembers the exact moment he became a billionaire, and how he celebrated. He did a “little naked billionaire dance,” and bought himself a plane.
The “Shark Tank” investor and technology entrepreneur is the first to admit that reaching billionaire status has a lot to do with a fortunate twist of fate. “Being a billionaire requires a lot of luck, a lot of great timing,” Cuban says during an interview on “The Jamie Weinstein Show” podcast.
But that’s not all it takes.
Cuban has also noticed three traits in billionaires that he’s seen contribute to financial success, according to the podcast. And all three are habits anyone can adopt. Here’s what Cuban’s noted billionaires have in common.
1. They are constant learners
His number one answer? “The desire to always learn.”
On his blog, Cuban writes that he spends “more than three hours almost every day” reading in order to keep an advantage in his field. And, it was something he did to jump start his early career.
“Back in the day when I was that young kid, that’s how I got an edge,” he says on the podcast. “I would stay up nights, you know, teaching myself how to program. I spent seven, almost eight years just writing software for local area networks and it was just part of an ongoing learning process.”
2. They are skilled at sales
Up next, Cuban says billionaires are usually top notch at “knowing how to sell.” To him, no matter what you’re selling, it is crucial to know how to convince people of something’s worth.
“Almost every super wealthy person that has built their own wealth as opposed to inheriting it, they all have the ability to sell their vision, their product, their service,” he says.
If Cuban lost all of his wealth tomorrow, he says he would turn to his talent in sales to rebuild it. To be more persuasive in your own career, try a technique Warren Buffett uses — highlighting a mistake or misstep you’ve made to show vulnerability before the rest of the pitch.
3. They put in the effort
“I tell people all the time, the one thing in life you can control is your effort,” Cuban says. He looks to “Bill Gates back in the day, or Steve Ballmer or Michael Dell,” as examples of success from effort.
He says particularly Michael Dell, the self-made multi-billionaire, founder of Dell Computers and Cuban’s friend, embodies the idea. “He’s driven, he’s focused, he puts in the effort,” Cuban says of Dell. “He doesn’t just assume it is going to happen.”
Fellow billionaire Richard Branson agrees. For him, two of the top rules for success are: “Don’t give up,” and “Keep setting yourself new challenges.”