Insights And Inspiration With Daymond John

Episode Summary

In this episode Joe Polish interviews Daymond John about being an entrepreneur, investing, and building a $6 Billion Dollar Brand. Listen in on this conversation as Daymond reveals how he started his first business with a pencil, what he’s learned from Shark Tank, and more.

Here’s a glance at what you’ll learn from Daymond in this episode:

  • The 2 best pieces of business advice Daymond has ever received
  • 3 key elements to building a billion dollar brand
  • Daymond shares how his investments on Shark Tank has played out and how he looks at angel and venture investing
  • How to attract star talent to your team and keep them long term
  • Daymond shares his candid thoughts about Time Management (and why it can be a challenge)
  • 2 strategies for saying “no” to things when people are hitting you up from all angles
  • Daymond reveals his goal setting process and how he stays hungry despite all his success
  • What you can learn from the rap game to transform adversity into success
  • One of the biggest opportunities Daymond is seeing right now in the marketplace that smart entrepreneurs can capitalize on
  • The Dark Side Of Success And Fame: “I think the darkest side of success and fame is…” You have to hear what Daymond says…
  • Who Daymond privately turns to for advice
  • Daymond gives his philosophy for living a successful life

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Show Notes

  • Daymond John’s extensive introduction [01:05]
  • What Daymond thinks of his intro video [05:30]
  • “You can make anything look good.” [06:05]
  • Daymond’s history and his drive to succeed [06:38]
  • He opened his first business when he was 6, making money off of boys’ crushes in school [07:10]
  • A criminal background is a common theme in successful entrepreneurs [08:10]
  • What is was like to borrow money to mortgage a house [08:25]
  • They turned the house into a factory for his business, but he still ran out of money to pay for his home [08:55]
  • His mom took out an ad to get him the money he needed [09:45]
  • Daymond’s best business advice: Don’t spend all your money, kid. [10:30]
  • How he built a 6-billion-dollar brand [11:20]
  • Distribution is key to building your business [11:35]
  • Don’t think your product is new, it’s only different [11:50]
  • Creating strategic partners to understand your audience [12:15]
  • What it would be like to fight Kevin O’Leary [13:35]
  • The secret factors that drive growth and success [14:20]
  • How his investments have worked out on Shark Tank [15:15]
  • How Shark Tank has evolved and investments have gotten better [15:54]
  • What should people invest in today? [16:45]
  • How much Daymond reads [18:00]
  • The key things to developing talent and stars [18:45]
  • You have an obligation to your company, and if you do well enough Daymond will partner with you [19:15]
  • How Daymond manages his time [20:10]
  • He has really struggled with time management, between family, health, and learning new things [20:30]
  • Focusing on daily tasks that need to get done immediately [20:55]
  • The value of a solid form of communication in your business [21:16]
  • The biggest opportunity for entrepreneurs right now [22:00]
  • Today, you communicate directly with a proprietor [22:15]
  • Creating a total movement [23:05]
  • Daymond turns to his kids for advice [23:25]
  • His business model is focused on having fun [24:00]
  • Even in the beginning of FUBU, he knew he had to have fun [24:25]
  • The dark sides of success and fame [25:30]
  • The challenge of not being there in key moments with your family [26:05]
  • The right point to sell, stop, or share your business is the entrepreneurial struggle [26:30]
  • His best businesses required him to think [27:35]
  • Don’t get stuck in a certain business just because someone says you should stay there [28:35]
  • People who tear him down, while begging him for money [28:55]
  • With the people he knows personally, he has learned to become comfortable with his gut [29:35]
  • People have to go through a lot of hoops, and he has learned to stay in a specific area [30:05]
  • Questions from the audience [31:08]
  • He tracks his goals by writing them in his phone and reading long-term goals every night and every morning [31:20]
  • He stays hungry to keep moving forward by surrounding himself with people who keep him on track and believe in him [32:35]
  • Utilizing the haters vs. the people who love you [34:24]

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