I am a huge fan of Shark Tank and can’t wait for the new season to start up. What I love about this show is that it’s not all smiles and pats on the back. Whether they choose to invest or not, the sharks ask the tough questions and tell the hard truth when evaluating if a business idea is profitable. One of my favorite Sharks, the multi-million/billion dollar entrepreneurs who can make or break start-up entrepreneurs by investing in them, is Daymond John of FUBU.
My connection with the FUBU CEO goes back to my college days. I started college as a fashion design major and remember reading about his commitment to his business. He understood branding before it became the buzz that all of us new entrepreneurs clamor for. Even then some 20 years ago, he was an inspiration for me. Funny, how he’s become a bit of an inspiration again but for a bit of a different reason. I am proud to say that Daymond John was an EmployedPreneur. He launched FUBU while working at Red Lobster.
Thanks to Vau’ve Anais Davis, a member of our Facebook group (Employedpreneurs – FT Employee/PT Entrepreneur) for sharing an article by Tim Ferris of the Four Hour Work Week. Here are a few highlights of Ferriss’ interview:
- When to give up your day job: “In entrepreneurship, you decide to give up your day job at the point where either (A) the hobby/new business is at least making some form of ends meet, or (B) you feel that you need to dedicate yourself for a certain amount of time to it and give yourself the last hoorah.”
- On getting started: ” Like most entrepreneurs, the initial struggle was to go past the point of imagination and make it a point of conception… Everyone has an idea, but it’s taking those first steps toward turning that idea into a reality that are always the toughest.”
- On growing your business: “It’s the basic lesson of starting a company: If you don’t know how to do something, find someone who does.”
- And don’t miss the section on what The Sharks look for in a product they decide to invest in.
You can read the full article here: The Making of FUBU – An Interview with Daymond John
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