Connect with us

Entrepreneurs

Daymond John’s Story & Advice To Entrepreneurs

Avatar

Published

on

Daymond John's Story & Advice To Entrepreneurs

Daymond John at a young age had a vision for his passion of hip-hop and fashion, as he planned to create a brand-line of attire for the culture of hip-hop. It all started with placing his t-shirts into videos. The public believed that FuBu was a huge company, even though he only had 10 t-shirts made up, while working at a restaurant as a day job. His motivation for FuBu was his love and passion for Hip-Hop even though he considers himself a poor rapper and dancer.

His connection for working with LL Cool J as a sandwhich runner and his productivity and ambition to get his product out was the beginning to something greater than he realized.

Daymond John sees “Entrepreneur” as “somebody who is responsible for every single failure that stops at them. They are somebody that needs to figure something out and they are not going to figure it out right away, but sooner or later it will unlock a way for them to be productiveAn Entrepreneur is about taking responsibility  for your own actions and realize that there are many people that will help you in regards to your success, but only you will be the one responsible for your failures.

For Daymond it was easier at the start of his business for him, but now he says “It is easier now to fail”. At his level he feels he has too many options and not enough information. He tends to throw money into projects and 80% – 90% of them don’t work out. But in contrast he also has plenty of resources which allows him to wait and look at other opportunities that some wouldn’t take on.

As an entrepreneur “you never stop learning”. Even though he failed way more than succeeded, he can see his strengths and weaknesses from his failures, that allows him to grow in areas he’s passionate about and thrives in.

Advice On A Worthy Project For Entrepreneurs

Set your goals in order to achieve milestones. Even if you have a side project with a minimum of 7 hours a week, set affordable steps and goals that you feel you can hit. This may help you discern your priorities to apply continual effort towards your project.

Is your priority to make thousands of dollars a week? Or to make a change in the world, in service to someone’s life? What are you in it for?

“At the end of the day, you’re the customer. What are you going to get out of it? My quest right now is to change people’s lives, have one at the same time, and challenge people.” – Daymond John

The Joy In His Workmanship

I wanted at first to empower a culture and I was fortunate enough that many people helped me.” says Daymond John, “I felt bad when I was making a lot of money and I had a lot of people around me but they were around for the wrong reasons” When business spiraled downward, he started seeing how people were.

This made him realize that he wanted to have fun, but also make money with people he admired. The passion for his FuBu project in his early days was about having fun, and bringing something to those around him. To Daymond, it’s more about the lifestyle. The family, friends, health and people around him that can experience his service. Profit of money to him comes after.

It’s Business, Nothing Personal

A line is to be created between business, and personal. Don’t believe that other businessmen are out to cut you down. Daymond himself has fired many friends and humorously said “Are you coming to the barbecue tomorrow?“. The only problem is that they can’t do business together.

Business and personal both require a covenant that must be kept. for example, to a customer, if you’ve made an agreement to provide for that customer, and you break the agreement. That customer will move elsewhere.

It’s the same with friends. If you give your friend a number of hours to work with you. He agrees, but then only works 5 hours a day. The covenant is broken. Both parties must be functioning cooperatively. Daymond from experience has had to let go of many friends in hard positions.

Daymond John personally does not work on something new often, but instead continues striving at what he knows he’s good at, and continues to improve.There are no shortcuts when it comes to attaining goals and results. You either learn the abilities in order to grow, or find someone in that area of expertise.

“I try to partner up, and strategic partners are way more important than money. I’d rather split a dollar in half with somebody and make way more than go try and learn it myself and lose trying to learn a whole other industry.” – Daymond John

Learning From Failures

Even though Fubu’s exposure was globally extensive. There were many mistakes and fall-backs that the company endured. Creatively Daymond John understood his business. But he didn’t know “the business behind it”. They lost about $5 million on an album they were working on with an artist.

At that time he learnt that there is no shortcuts. He didn’t hit a record executive and he wasn’t keeping track of numbers. “Did we get a lot of exposure? Yes! But from the business model, we died.” Daymond also learned that unless you have goals set, you don’t know what you’re doing.

When it comes to salaries, create a formula. “Surround yourself with a mastermind group. What are your liabilities and assets? Take affordable next steps and keep growing and growing.”

What have you learned from Daymond John? What is your favorite quote from Daymond John? Please leave your thoughts in the comment section below!
Advertisement
6 Comments

6 Comments

  1. Avatar

    Billie Myers

    Feb 1, 2017 at 4:17 am

    Great article…

  2. Avatar

    Theresa

    Nov 28, 2016 at 4:22 am

    I admire his wisdom, and the quote that resonates with me is:
    “Change peoples lives have one myself and challenge people! Wisdom!”
    Reason being? I have an idea, but because it revolves around changing peoples lives, I am very careful with whom I am trying to share this idea with. I know that I should use more confluence and step outside of my comfort zone to reach out, but as Daymond John has expressed, there will be people to help you along the way, so I should not let fear overtake me. I admire that he’s tried, and failed and is not afraid to share those experiences.

    So my questions are: what advise can you give someone who firmly believes in their ideas, doesn’t have the slightest idea about how to get it started, but is sure that it will take off? Their is a market in children, and their is a market in faith (which equates to his views of changing peoples lives), how would he recommend someone to encompass those ideas, even if they didn’t have money to get it started.? The money would be a blessing, but the actual chance to change children’s lives around the world, particularly those who come from broken families? Any thoughts? I would love to hear them.

  3. Avatar

    A.Blakely

    Aug 19, 2016 at 12:23 am

    Change peoples lives have one myself and challenge people! Wisdom!

  4. Avatar

    LKNoell

    Jun 8, 2016 at 7:01 pm

    “At the end of the day, you are the customer.” AKA The Golden Rule. Words to live by.
    Thank you Daymond.

  5. Avatar

    ANTONIO GRACIA

    Mar 3, 2016 at 10:21 pm

    This proves that race has nothing to do with success.

  6. Avatar

    callmemsdove

    Feb 19, 2016 at 11:37 pm

    I’d rather split a dollar in half with somebody and make way more than go try and learn it myself and lose trying to learn a whole other industry.” – Daymond John
    Perfect sound advice for entrepreneurs at any level!

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

Entrepreneurs: Here’s the Best Method to Help You Get Your Money Right

Avatar

Published

on

Image Credit: Unsplash

A few years ago, I was called in to help a young tech startup with some important business strategy. They were looking for help with their marketing, and when I found out they had received $350,000 in seed money, I was excited. (more…)

Continue Reading

Entrepreneurs

7 Days to Success: a Weekly Ritual to Become a Successful Entrepreneur

Avatar

Published

on

successful entrepreneur

We’ve often said there is no exact formula for success. While that’s true, there are some definite steps you can take to move your business in the right direction. If we could put this into some orderly sequence and create a system to follow every day, wouldn’t it be nice? (more…)

Continue Reading

Entrepreneurs

3 Reasons You May Need to Urgently Rebrand And Yes, Covid Is One of Them

Avatar

Published

on

Image Credit: Unsplash

Your brand is your fingerprint, your voice, your very essence of business being. It’s the sum total of everything you do, everything you offer, everything you believe, everything you project. Get it right, and your business thrives. Get it wrong, and you could lose customers by the droves. Let’s avoid that at all costs.  (more…)

Continue Reading

Entrepreneurs

Entrepreneurs: 7 Tools For Improving Your Edge

Avatar

Published

on

Image Credit: Unsplash

How can entrepreneurs improve and maintain their edge in business? We can always improve and get better. We can never slack and think we’ve just got it made if we want to keep seeing great results. It may be competitive out there but the key to keep on winning is to find your edge and keep honing it. Here are seven ways to do that. (more…)

Continue Reading

Trending