“Understand AI” – Shark Tank star Mark Cuban shares how he’d make money if he were young

The billionaire businessman and regular Shark Tank panelist Mark Cuban, has shared how he would have launched a successful side business if he were sixteen today. In an interview with CNBC's Make It, released on October 22, 2024, Cuban highlighted the importance of artificial intelligence (AI).

He stated that he would initially learn how to create prompts for AI models, such as Google Gemini or OpenAI's ChatGPT, adding:

“Then, I would go to businesses, particularly small- to medium-sized businesses that don’t understand AI yet. Doesn’t matter if I’m 16, I’d be teaching them as well.”

Cuban started his entrepreneurial career long before he became a Shark Tank fame. In a September 2023 interview with GQ, he revealed that when he was twelve he saved money to buy basketball shoes, by selling trash bags door-to-door.

As per CNBC, his endeavors include the innovative radio streaming business Broadcast.com, which Yahoo! purchased for $5.7 billion decades later. Years of experience have molded Cuban's insights, which are still used to mentor budding business owners, particularly on Shark Tank and similar platforms.

---

Shark Tank: Mark Cuban’s strategy for success

Mark Cuban’s proposed side hustle is centred around the emerging field of AI prompt engineering. This involves crafting detailed inputs for AI models to generate the desired results. It’s a skill growing in demand as businesses increasingly adopt AI-driven technologies. Here’s a closer look at Cuban’s step-by-step plan:

1) Adaptability is Key: Whether it’s transitioning from selling software to owning a sports franchise, Cuban underscores the importance of adaptability.

“I was a hustler ... I have always been selling,” he said, highlighting his willingness to embrace change.

2) Share knowledge locally: After mastering the basics, Cuban suggests teaching peers or using AI skills to assist students with tasks like schoolwork. This allows for practical application and income generation.

3) Expand to businesses: Lastly, Cuban suggests focusing on small and medium-sized companies that are not familiar with AI and providing advisory services to assist them in incorporating AI tools into their daily operations.

With entry-level jobs starting at $30,000 per year and seasoned pros earning up to $129,500, AI prompt engineers can make substantial salaries.

---

Cuban’s proven entrepreneurial journey

Before becoming a household name on Shark Tank, Cuban demonstrated a natural knack for identifying opportunities. Cuban’s first major success came with the creation of MicroSolutions, a software company that sold for $6 million in 1990, as per CNBC.

When Cuban paid $285 million to acquire the Dallas Mavericks of the NBA and transformed them into a top club, he demonstrated his business savvy in the realm of sports. His forays into the entertainment industry, such as Magnolia Pictures and AXS TV, further solidified his reputation as an innovator.

Throughout the 111 episodes on Shark Tank, Cuban has invested almost $20 million in 85 firms. Despite admitting on the Full Send Podcast that not all deals were profitable, his broader portfolio reflects a strategy of diversification and calculated risk-taking.

As Shark Tank approaches season 16, Cuban announced plans to leave the show to spend more time with his family. In an interview with TheWrap on October 14, 2024, Mark Cuban revealed his decision to leave the show to focus more on his family.

"I’m leaving just to spend more time with my kids; they’re teenagers now," he said, adding, "I’m tired of missing that."

---

Shark Tank airs every Friday on ABC.