• last year
BY BEATRICE DIXON, CO-FOUNDER AND CEO, THE HONEY POT COMPANY

FUBU founder and Shark Tank investor Daymond John shares advice for founders at any stage of business.
Transcript
00:00Damon John may be best known for his success investing in hundreds of startups as an investor
00:11on Shark Tank, as well as his experience building FUBU into a clothing brand that has grossed
00:16more than $6 billion.
00:18Despite that, Damon John is very honest about his limitations.
00:22I can't help every business.
00:24If that were the case, FUBU would be Nike.
00:27Knowing your own limitations is nearly as important as knowing what makes you successful,
00:31and Damon John has four tips that apply to founders at every stage of building and running
00:36their companies.
00:38Number one, never stop learning.
00:40During the COVID-19 pandemic, John spent his time taking as many digital courses as he
00:45could, saying, I need to know better the cost of customer acquisition these days.
00:50I need to make more informed decisions.
00:52As an investor, he delves into whatever he can find on internet marketing, digital conversion
00:57tactics, and more.
00:59Never stop learning.
01:00That's what true entrepreneurs do.
01:02They learn slowly, and they're in it for the long haul.
01:05Number two, always take care of current customers before trying to find new ones.
01:10John said he learned this tip from spending time with billionaires who've built their
01:13wealth over time.
01:15When he advises companies, he always favors ones that are looking to scale versus those
01:19that are trying to move into new markets.
01:22He likens it to the McDonald's tactic of supersizing a customer's prize.
01:27It's very hard to acquire new customers rather than upsetting them.
01:31Before you look for new customers, take care of your customer complaints.
01:34They're raising their hands and saying, I need more love.
01:37Take care of them, and they'll be your new ambassadors.
01:40Number three, investigate the root of your failures.
01:44Damon John still finds himself reevaluating missteps he made over his career.
01:48This honest self-reflection has helped him realize that his failures typically happened
01:52for one of three different reasons.
01:54In the beginning, his lack of financial intelligence was mostly to blame.
01:58But then once he remedied that shortcoming, he threw his money at too many businesses
02:03without really peeling back the layers to understand them.
02:06Finally, ego can get in the way.
02:08There were times when he thought, because I'm Damon John, obviously I can help because
02:12you stamped my name on a business.
02:14The reality is, Damon John has to get up and get his ass to work like everyone else.
02:19Being honest with himself has meant that he's very careful about how many things he says
02:22yes to.
02:24Number four, understand what makes you successful.
02:27The most fruitful experiences John has had, both as a founder and an investor, share a
02:31common theme, passion.
02:34If I don't truly love an idea, I don't spend time doing the homework to understand it.
02:38And I can't understand who's the best strategic partner.
02:42I don't invest in people I don't have strong passion for.
02:45It has to feel like Christmas every day when we find out a new way of operating the business.
02:51Look for the common theme among your successes and apply that to all of your projects.