Claire Corlett

Fish Food, Fish Tanks, and More
Daymond John Shares His Entrepreneurship Advice

Daymond John Shares His Entrepreneurship Advice


[RUNNING WATER]>>Daymond John: Oh, this is not
going to fit my head. I got a pretty big head. I’m not sitting in the chair?>>Probably a bad idea.
[Probably a bad idea.] [SQUEAK]>>Daymond John: You know, I am a real fisherman. [Fishing for Advice with
Daymond John: The People’s Shark] [SQUEAK] What’s the one thing nobody tells
you about pitching an investor? [What’s the one thing that
nobody tells you about pitching an investor?] The one thing people don’t tell
you about pitching an investor is often people pitch the
absolutely wrong person. [Daymond John, CEO, FUBU AARP
BRAND AMBASSADOR] You know, when people come to
me with clothing lines, they line up to pitch me
with clothing lines. But if they really did their
homework on me, they would understand I have
10 clothing lines, and two of them are dead. That’s the last thing that I
ever want in my life, is another clothing line. Find out what they are looking for,
because talking to an investor, number one, that doesn’t want to
be in the business is a waste of your time. And talking to an investor that
knows nothing about your business is actually worse. You’ve just given up a certain
percentage of your company to people that cannot help you
in any other way. Uhh, I’m good at what I do. Oop, maybe not be as good as I
thought. [BUBBLES POPPING] Oh wait, I think I got that! Ha-ha! You’ve got to celebrate the
small accomplishments. What’s the biggest business
mistake you’ve made, and what did you learn? [What’s the biggest business
mistake you’ve made and what did you learn?] Not having financial
intelligence when I started my first business. And what did I learn? I learned that I wasn’t that bright
because I would go ahead and make that same mistake five times
all the way till the time when I actually did have significant
amount of resources at risk. And I realized that financial
intelligence is key. Every single transaction that
happens, somebody makes money. Will it be you? And if you know how money
operates, then you’re going to be able to
make much wiser decisions. All right, what do we have here? Another one!
[BUBBLES POPPING] I’m really enjoying this. I
might get this in my house. How do you get over the fear of
failing? [How do you get over the fear
of failing?] Well, half the time, it’s by
failing. True entrepreneurs and
intrapreneurs, they act, they learn and then they repeat. They fail small. They fail
fast. And there are failures that
they can recover from. [BUBBLES POPPING] [RUNNING WATER] Almost got him. Man, these little green ones
are the hardest ones to get. You know, that’s exactly
failure. You see? You’ve got to find
another way to go around it. There you go. Look what I did there. What would you tell someone who
worries it’s too late to start over? [What would you tell someone
who worries it’s too late to start over?]>>Daymond John: Don’t just
drop everything, burn all the bridges and start over. Put a small investment
in starting over. You know, 10 percent of your time, 20 percent of your time. Get some new people around
you. Start going to different places that you’ve never
gone to before. When I decided to start over,
I was at the lowest part of my life. I was working at Red Lobster,
I didn’t go to college, and I said to myself, “You know, I’m
going to sell a couple of hats on the corner.” And selling
hats on the corner took up 10 percent of my time, and then it
took up 30 percent of my time. [SELLING HATS=10%]
[SELLING HATS=30%] [SELLING HATS=100%] And I started to realize
what I love to do. But I did it for five years, but I had to
sacrifice. Remember, sacrifice is
giving up something of lesser value for something
of greater value. [BUBBLES POPPING]
[SQUEAK] Do you know any
fish tank jokes? Why did the baby crab
not want to share his food? Because he was
a little shellfish. [SQUEAK] So, I hope you learned
something today. Please consider subscribing to the AARP
YouTube channel, where there are plenty of
more videos like this.

4 comments on “Daymond John Shares His Entrepreneurship Advice

  1. Thanks for watching "Fishing for Advice"! For more personal finance tips, visit https://www.aarp.org/money/

  2. If u had only 100 dollars and u need to turn it in to more what would u do invest or buy stocks and bonds what would u do to make it into more without fail

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