Entrepreneur and TV personality Daymond John made a stop at my old stomping grounds at Oklahoma State University in Stillwater. He was there by invitation of the OSU Speakers Board. I made the hour trek through the snow just to hear him speak.
John, the fashion industry pioneer behind the rise of the clothing brand FUBU, is a “shark” on the four-time Emmy Award-winning ABC show “Shark Tank,” as well as a New York Times best-selling author, branding consultant and motivational speaker.
As “The People’s Shark”, John has made an impact on hopeful entrepreneurs, as well as millions of weekly viewers, through his relatable story and journey to success that continues to both motivate and inspire. His relentless pursuit to educate future entrepreneurs has reached beyond the borders of the U.S., as well, and he was recently named a Presidential Ambassador for Global Entrepreneurship.
I’ve been a huge fan of “Shark Tank” since the beginning. I also enjoy hearing the stories of how entrepreneurs made it to where they are. This was the perfect combination of the two.
There was a full crowd of students and business people on hand to hear John speak. He mixed his entrepreneurial story with humor and music to make a very entertaining presentation. He even had a DJ controlling the background music with a fun slide show that helped weave the story from one decade to the next.
John described his start with $40 worth of fabric that he turned into hats. With the help of his mother and friends he turned a simple idea into the $6 billion urban street-wear brand, FUBU (For Us, By Us). His story of hustle and timing is an inspiration to anyone wanting to become an entrepreneur.
There were a few breaks along the way but breaks don’t come unless you’ve positioned yourself to take advantage of them when they arise. That is exactly what John had done throughout his journey.
After creating his fortune, working excessively and losing his family, John made a commitment to help others along their entrepreneurial path. That promise is one of the reasons he now spends much of his time giving back.
John gave the audience five primary lessons to building wealth, the first letters of which spell out the acronym “SHARK.” These are the five secret ingredients for success in a very brief form.
1. Set a goal. You can’t achieve a goal you can’t see. John set a goal of being a part of the Hip-Hop community even though he says he can’t sing or dance. John realized his way in would be to dress the Hip-Hop community. If you don’t know where you are going, you will never get there.
2. Homework. You have to do your homework. You need to put in the research and know the costs.
3. Amor. You have to love what you do. Every single successful person loves what they do.
4. Remember, you are the brand. Summarize yourself in two-to-five words. Investors don’t invest in companies, they invest in people. Having a strong personal brand is more important now than ever. For John, the words are, “I am on a quest.”
5. Keep swimming. Don’t give up. You have to find solutions in moments where it would be more reasonable to give up.
John did a Q&A session afterwards and gave more great advice. He talked about investing in yourself and the need to keep learning. He said it was important to understand the fundamentals of how your business works.
Knowing your “why” is also important when you become rich. If you don’t have a purpose you can easily lose everything that you’ve made. Making a million dollars and keeping it is not as easy as athletes and lottery winners might think.
John is easy to find on social media and does respond to questions and comments. I was giving a talk to young entrepreneurs in Enid and reached out to John on Twitter. I asked him for advice that would help young entrepreneurs in e-commerce. He gave me three great points.
1. Don’t spread yourself too thin. Concentrate on excelling at selling one thing before expanding
2. Get to know everything you can about your customers so you know how to better serve them
3. Customer service > everything. Provide follow up and ask their opinions.
Learn more about Daymond John and his courses at LearnLikeAShark.com. You can also follow him on his Twitter account @TheSharkDaymond.
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