Billionaire entrepreneur Mark Cuban, known for his success in tech and media, recently shared his advice for anyone looking to start a lucrative side hustle. According to Cuban in a CNBC interview, anyone can earn up to six figures by following three simple steps, which involve creatively leveraging artificial intelligence (AI). If Cuban were to relive his teenage years, he would focus on AI rather than traditional jobs, like mowing lawns or flipping burgers. Here's how he says you can do it.
Step 1: Master Writing AI Prompts
The first step Cuban highlights is mastering the skill of writing prompts for AI tools like ChatGPT or Gemini. These AI language models can produce anything from written content to programming solutions, but they need clear and compelling prompts to deliver optimal results. Writing precise and helpful prompts is like learning a new language, Cuban notes, and businesses are willing to pay well for this ability. In today's world, knowing how to harness AI's potential can put you ahead of the competition.
Step 2: Teach Your Skills to Others
Once you've developed expertise in AI prompt writing, Cuban suggests teaching your skills to others, especially students. AI can be invaluable for completing assignments, essays, and other school-related projects. Not only does this help others, but it reinforces your skills as you solve various problems. According to Cuban, this step spreads knowledge and increases your understanding, leading to even more opportunities.
Step 3: Offer Your Services to Businesses
In the final step, Cuban advises using your prompt-writing skills to approach small and medium-sized businesses. Many businesses are still unaware of the full capabilities of AI, which presents an opportunity for you to step in and offer solutions. Whether it's improving their marketing strategies, customer service, or streamlining operations, your AI expertise could help businesses thrive. This side hustle could grow into a full-fledged six-figure business as you build more clients.
The Potential of AI Prompt Engineering
According to a LendingTree report, over half of Generation Z in the U.S. are already engaged in side hustles. One of the most profitable opportunities in this space is AI prompt engineering—crafting effective prompts to generate specific responses from AI systems. Job platform ZipRecruiter reveals that AI tutors earn around $30,000 annually, while AI prompt engineers can make as much as $129,500 annually.
This trend aligns with the World Economic Forum's 2023 Future of Jobs Report, which predicts that 75 per cent of companies will adopt AI technologies within the next five years. This widespread adoption is expected to revolutionise industries, making AI prompt writing a valuable skill.
No Degree Required, Just Practical Skills
One of the most appealing aspects of AI prompt engineering is that it doesn't require a college degree. Instead, practical experience and certifications are key. Online courses, such as those offered by IBM or Vanderbilt University through platforms like Coursera, can help you get started in just a few weeks. This represents a significant opportunity for those looking to break into the tech space without a traditional educational background.
Cuban's Entrepreneurial Journey
Mark Cuban's current advice on side hustles is informed by his own entrepreneurial journey. From selling garbage bags as a 12-year-old to selling his first company, MicroSolutions, for $6 million in 1990, Cuban's success didn't happen overnight. He went on to co-found Broadcast.com, an audio streaming service, which was sold to Yahoo for $5.7 billion, catapulting him into billionaire status.
Now, Cuban devotes much of his time to his latest venture, Cost Plus Drugs, an online pharmacy that reduces prescription drug costs. His focus on entrepreneurship has never wavered, and he encourages others to take the leap—but with careful preparation.
Cuban's Final Advice for Aspiring Entrepreneurs
For those inspired to follow in Cuban's footsteps, he offers a few critical pieces of advice. "Save your money first. Don't just leave [your job] unless you know what you're doing," Cuban said in a recent interview. He emphasises the importance of having at least six months of living expenses saved up before starting a new venture.
Additionally, Cuban stresses the importance of understanding the industry, honing sales skills, and fully committing to your business idea. Passion and dedication are essential, but so is the ability to adapt and stay informed about market trends.
