Saturday, February 13, 2016
How Daymond John Turned $40 Dollars into $6 Billion
Do you really need money to make money? Daymond John says "No." This entrepreneur, best known for his appearance as one of the investors on Shark Tank, should know; he turned a $40 investment into a $6 billion company.
How did he do it?
John grew up in Queens, New York, the only child of a single mother. With only $40, he and his three friends began sewing urban streetwear that he knew would appeal to the hip hop crowd. When he began, he was waiting tables at Red Lobster and sewing shirts at night. But eventually all his hard work paid off. His company, FUBU, which means For Us By Us, eventually grew into a $6 billion company.
Being poor was an incentive
Although many people feel you need to have money to make money, John feels just the opposite. He calls it The Power of Broke, meaning the lack of money can drive creativity. In addition, he says that his dream of becoming an entrepreneur was never about money. He attributes this to the example set by his mother, who worked as a flight attendant for American Airlines. She taught him about self-worth which he says helped him make it through tough times.
His advice to others
".. try, try harder. Keep trying," he explains. In addition, look at failure as a good thing because it teaches you what works and what does not work for your business. John refers to it as "'succeed, succeed, fail, succeed.'"
For more details about Daymond John, visit www.daymondjohn.com