Mark Cuban knows the value of good advice. He's a self-made billionaire who frequently strikes tough business deals on ABC's Shark Tank.

On Thursday, Cuban gave a group of students three valuable lessons about college--for free. He spoke with Dallas Mayor Mike Rawlings at an Engage Dallas event, according to The Dallas Business Journal, and covered topics like leadership, challenges, and supporting the city.

Here's what he had to say about reaching collegiate success:

1. Make a smart investment

Cuban said being fiscally responsible when it came to school selection was "probably the most important [tip]." The graduate of Indiana University Bloomington told the crowd that the difference between a private and public university is negligible, but how much student debt one carries is life changing.

As someone who is worth $3.4 billion, by Forbes's estimates, he naturally has a lot to say about student debt and its crisis. "Anything that's not an absolute necessity, kids coming out of school today can't spend their money on," Cuban said in an interview with Inc. in 2014. "I think that's a real problem for the economy, and that bubble is going to burst."

2. Explore your options

It's OK to be unsure of your major when entering college, Cuban told students. "See what you like," he advised. "See what you're good at."

Cuban did something similar with his career: After he and Todd Wagner sold the video portal to Yahoo for $5.7 billion in 1999, he went on to buy or invest in an array of ventures. He now owns the Dallas Mavericks and has stakes in Magnolia Pictures, Landmark Theaters, and AXS TV.

3. Don't be afraid to fail

His third piece of advice is within the same vein: Enroll in a variety of classes to broaden their horizons. When you're young, he explained, no one cares if you didn't "get it right the first 15 times." The number failures is irrelevant.

Cuban himself was fired from a job at age 25. He started his own company MicroSolutions, which he called "the foundation of my later career." The company grew and started making $30 million in revenue. When he sold it, he used the money to start AudioNet, which became

"You just have to be right once, and then they call you an overnight success, and you just smile," said Cuban, knowing a thing or two about that.