Tuesday, May 3, 2016
From Broke to Multi-Millonaire - How Daymond John Became Daymond John
Daymond John has become a household name by his appearance as a co-star on ABC's Shark Tank. But there is much more to know about this entrepreneur, author, fashion mogul and motivational speaker - like for instance, how he turned $40 into a $6 billion-dollar fashion enterprise.
"The Power of Broke"
In his latest best-selling book, "The Power of Broke," (his third book, by the way) 47-year old Daymond discusses "How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage." And he knows what he is talking about!
He had a total of $40 when he started selling his T-shirts on the streets of Brooklyn. That was in 1989 when Daymond was just 20 years old. But through creative thinking, belief in himself, and a fierce drive to succeed, he pressed on and succeeded in founding his own billion-dollar company, FUBU.
From broke to entrepreneur
FUBU ("For Us, By Us") is Daymond's hip-hop apparel line. The company sells casual wear, sports wear, eyewear, suits, belts, and shoes that appeal to the African-American and rapper community. FUBU is also wildy popular overseas in Korea, Japan, and the Philippines. As a result of his success, Daymond has received over 35 awards such as Marketing 1000 Award for Outstanding Ad Campaign from Advertising Age, Brandweek Marketer of the Year, and the New York Entrepreneur of the Year Award from accounting powerhouse Ernst & Young.
So how did he do it?
It was genius, really! It was while selling T-shirts and hats that he came up with his branding idea. During his free hours (he was also working at Red Lobster at the time), he visited music video sets and convinced rappers to try his products. Rappers began wearing his clothing in music videos. But when LL Cool J wore one of his hats during a Gap commercial (Gap didn't notice until a month later), orders for products skyrocketed.
Nowadays though, he's more than just FUBU. He has tons of other profitable companies as well.
For more details, visit his official web site at www.DaymondJohn.com
Or follow him on Facebook at www.facebook.com/TheSharkDaymond