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

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]