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Mark Cuban, entrepreneur and investor on Shark Tank, recently shared his perspective on how he would approach making money if he were 16. Cuban’s advice reflects the changing landscape of entrepreneurship, particularly for younger generations. During an interview with CNBC Make It on October 22, 2024, Cuban explained:
“So if I was a 16 year old kid and I needed to start a side hustle to make some money, there's a couple things that I would do.”
Cuban further outlined a three-step process focused on mastering artificial intelligence (AI) and using that knowledge to teach peers and small businesses about AI applications. Cuban’s insights offer a modern blueprint for young individuals looking to dive into technology-driven side hustles that can be both lucrative and impactful.
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Shark Tank investor Mark Cuban's strategy for starting a side hustle at 16
Mark Cuban's three-step side hustle plan
The Shark Tank investor's proposed side hustle centers around AI and language models such as OpenAI’s ChatGPT and Google’s Gemini. He described a clear, three-step approach.
1) Learn AI Prompt Engineering
Cuban emphasized the importance of gaining expertise in AI prompt engineering. This involves crafting specific instructions or prompts that AI language models can respond to effectively.
"I would be all in on large language models like chat GPT and Gemini, meta and the like, and learning how to prompt," he said.
He highlighted that learning to interact with these models is crucial for achieving desired results.
2) Teach peers how to use AI for school papers
After mastering the skill of prompting AI models, Cuban explained that he would teach his friends how to use these tools for their school assignments.
"Go into my friends and teaching them how to do prompts for all their papers," he said.
He underscored that AI could help students streamline academic tasks and improve efficiency in their work.
3) Introduce AI to small businesses
The Shark Tank investor noted that many small to medium-sized businesses are not yet familiar with AI. He explained that, even as a 16-year-old, he would approach these businesses to teach them how to use AI to improve their operations and productivity.
"And then I would go to businesses because businesses, particularly small to medium-sized businesses, don't understand AI yet." he said.
He emphasized that AI can be valuable to businesses looking to modernize and stay competitive.
The growing demand for AI expertise
Cuban spoke about the growing interest in AI capabilities. He pointed out that more than half of Gen Z in the U.S. now have a side hustle, according to a February 2024 report by LendingTree. As AI prompt engineering becomes one of the most in-demand skills, Cuban is inviting young individuals to explore opportunities within this evolving field.
As reported by ZipRecruiter, the typical annual salary for AI tutors begins at approximately $30,000, while full-time AI prompt engineers have the potential to earn as much as $129,500. Cuban's hypothetical side hustle fits into a larger trend in the workforce where AI-related expertise is highly sought after.
The Shark Tank investor's approach describes how the perfect mastery of AI can unlock income-earning opportunities, particularly for proactive folks who are seeking to learn, apply, and master such a skill.
No college degree required
Cuban's strategy for side hustles emphasizes an important benefit: work in AI-related fields typically does not demand a traditional college degree. He pointed out that while a general understanding of technology is essential, formal education is not necessary to succeed in this field.
For those interested in delving deeper into AI, the Shark Tank investor underscored that additional practice and further certifications may be necessary. However, he noted that the increasing availability of online resources has made learning AI more attainable than ever before.
Cuban’s first job compared to his AI-inspired side hustle
Cuban's suggested side hustle contrasts sharply with the first job he ever had when he was 12 years old, selling garbage bags door-to-door in his neighborhood outside of Pittsburgh. The impetus behind this early entrepreneurial activity was his desire to save money for basketball shoes.
The Shark Tank investor also generated income from a job selling collectibles that included baseball cards, stamps, and coins. He financed his college education at Indiana University through such work. Eventually, he began working as a bartender, hosting parties, and teaching dance.
Today, Cuban’s business ventures have made him a billionaire, with a net worth of $5.7 billion, according to Forbes. His entrepreneurial journey includes selling his software startup MicroSolutions to CompuServe for $6 million in 1990 and later selling Broadcast.com to Yahoo for $5.7 billion in 1999.
Don't miss out on the new episodes of Shark Tank air on ABC on Fridays at 8 PM ET and are available to stream on Hulu. Tune in to see more of Mark Cuban and other entrepreneurs in action on Shark Tank!
