Wednesday, November 19, 2014
Shark Tank's Daymond John Says, "Nooo!! Don't Do These 5 Things in Business!"
Daymond John is a successful entrepreneur, investor, television personality, author and motivational speaker. He was best known in the 1990's as the founder of FUBU apparel, but now he's well known as one of the star investors on the hit ABC reality TV series Shark Tank.
Because of his success, John has a huge following of both aspiring and existing entrepreneurs that look to him for business insight and advice. In a recent article on BET.com, he shared the following five things that you shouldn't do
#1 - Don't underestimate having a mentor:
"I think the bottom line is we all need mentors. My mother mentored me. My mom was my main supporter. She was the person who educated me from the age of 6 that my day job is just going to pay me, but my night job will make me rich. My mother was the one to tell me to do everything that I love. "
#2 - Don't underestimate having the right contacts:
"FUBU was aligned with two amazing brands at the same time. We did the biggest deal that any private corporation ever did with Vibe magazine. We gave that publication its first $1 million check. And we did the first biggest deal of any private company with BET when we brought over $2 million dollars in advertising. Those $2 million on BET was worth $20 million dollars. We attribute BET, VIBE and LL Cool J for our success."
#3 - Don't sell what people don't need:
"Find your voice and the passion you love. When you’re talking to people, especially when you do social media, find a way to convert that to sales. If you’re a mom-preneur and you’re selling something, go into the mom-preneur scene and talk to other mothers. Tell them, 'Hey I’m selling this, I know it satisfies a need.' And sell it to them."
#4 - Don't like it; Love it:
"Find something you are absolutely obsessed about and love. Because even if you don’t succeed, in monetary success, you will still have an amazing time. Here’s an example. Suppose you run a pet shop because you just love pets and the joy they bring to people's lives. Then, what if you go out of business in 10 years. You’ll never say, “I hated what I was doing.” Also, educate yourself in your industry and take affordable next steps. Don’t mortgage the house. Start and sell one, then go back and sell two."
#5 - Don't get yourself into a financial disaster:
"After we’ve made it, we always look at how do you save it? How do you save on taxes, and I’m not talking about cheating on taxes. But how do you make the best financial decisions on your credit score and interest rates? Don’t get something at 8 percent interest rate, get it at 3 percent. Don’t pay off your main house because you really want the tax write-off, the interest of your main home. It’s really hard to make money, but it’s 10 times harder to keep it."
For more details about Daymond John, visit www.daymondjohn.com