Failing Fast & The Power of Broke

If there’s a formula for turning your dreams into reality, Daymond has it– and it starts with setting ambitious but achievable goals.

Daymond John is a modern renaissance man. As the founder of iconic brand FUBU he first built his name in the apparel business, taking FUBU from a side hustle to over $6 billion in sales. He’s one of the stars of ABC’s Shark Tank and his most recent book The Power Of Broke made him a New York Times bestselling author. He’s the CEO of Shark Branding, which has names like Muhammad Ali, the Kardashians, and Pitbull on its list of clients.

In today’s episode we talk about:

Visualization & Goals. Daymond talks about 10 goals that he reads every morning and night 5 days a week. 7 of the goals expire in 6 months, 2 in 5 years, and 1 in 20 years.
How Daymond took FUBU from a side hustle to over 6 billion in sales
Near the end of the show we discuss life long learning — a subject that’s near and dear to my heart.

Enjoy!

Being around like-minded people and mentors are the number one reason for success.

FOLLOW DAYMOND:
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Watch the Episode

Daymond’s episode was featured in the 30 Days of Genius series of Chase Jarvis Live on CreativeLive. If you like this, join 50,000+ people who are receiving one of these videos everyday.

Listen to the Podcast

Some Questions I Ask:

Can you take us back to the early days of your business career? [2:08]
Help me debunk the myth that everything comes to you on a silver platter. [6:33]
Tell us about working at Red Lobster. [8:48]
Would you say that painting a picture of what success looks like is an important step to your goal setting process? [13:00]
Do you have a particular style of visualization? [15:10]
Do you feel like 30% success is actually failing on 70% of your goals? [16:07]
If we are the average of the five people we spend the most time with, how important is picking your friends? [17:50]
What’s the chapter between husting hats on the street to FUBU that we know today? [19:33]
What was the difference between lack of success and success in starting FUBU? [23:32]
What was the concept behind your newest book, The Power of Broke, and why did it make it to the NYT Best Sellers list? [30:00]
Are there any pivotal moments or milestones in each of those 15 stories from your book that we haven’t talked about already? [32:16]
Talk to me about modern times community and what’s the upside of right now. [33:30]
Do you believe we live in a meritocracy? [35:47]
Are there some things about you that people would be surprised to learn? [36:05]
How has Russell Simmons been influential to you? [37:16]
How were you connected to the RUN-DMC music scene in your neighborhood? [38:04]
Does anyone know that you went to film school? [41:16]
Talk to me about the role of creativity in getting you to where you are right now. [42:54]
How important is being different when you’re looking for investments? [45:20]
What role is technology playing for you? [47:05]
What are your thoughts on Snapchat? [48:55]
Has your role on Shark Tank given you special insight to see what’s around the corner? [51:18]
How many investments are you a part of? [52:17]
Are you now the master of the game or are you still learning? [55:33]
What role do you play in your own education? [57:30]
Any other mentors you want to give a shout out to? [59:00]
What kind of art do you consume? [1:00:36]
How important is a peer group? [1:01:26]
What’s something that I haven’t asked that you’d like to share? [1:03:05]
Can you take us back to the early days of your business career? [2:08]
Help me debunk the myth that everything comes to you on a silver platter. [6:33]
Tell us about working at Red Lobster. [8:48]
Would you say that painting a picture of what success looks like is an important step to your goal setting process? [13:00]
Do you have a particular style of visualization? [15:10]
Do you feel like 30% success is actually failing on 70% of your goals? [16:07]
If we are the average of the five people we spend the most time with, how important is picking your friends? [17:50]
What’s the chapter between husting hats on the street to FUBU that we know today? [19:33]
What was the difference between lack of success and success in starting FUBU? [23:32]
What was the concept behind your newest book, The Power of Broke, and why did it make it to the NYT Best Sellers list? [30:00]
Are there any pivotal moments or milestones in each of those 15 stories from your book that we haven’t talked about already? [32:16]
Talk to me about modern times community and what’s the upside of right now. [33:30]
Do you believe we live in a meritocracy? [35:47]
Are there some things about you that people would be surprised to learn? [36:05]
How has Russell Simmons been influential to you? [37:16]
How were you connected to the RUN-DMC music scene in your neighborhood? [38:04]
Does anyone know that you went to film school? [41:16]
Talk to me about the role of creativity in getting you to where you are right now. [42:54]
How important is being different when you’re looking for investments? [45:20]
What role is technology playing for you? [47:05]
What are your thoughts on Snapchat? [48:55]
Has your role on Shark Tank given you special insight to see what’s around the corner? [51:18]
How many investments are you a part of? [52:17]
Are you now the master of the game or are you still learning? [55:33]
What role do you play in your own education? [57:30]
Any other mentors you want to give a shout out to? [59:00]
What kind of art do you consume? [1:00:36]
How important is a peer group? [1:01:26]
What’s something that I haven’t asked that you’d like to share? [1:03:05]

In This Episode, You Will Learn:

How Daymond saw an opportunity with hip hop. [4:48]
Daymond’s first success in apparel sales. [5:40]
Four out of the six Sharks on Shark Tank are dyslexic. [7:20]
What Daymond’s friends thought about his decision to work a day job while building his fashion side hustle. [9:35]
The formula for entrepreneurial success is to create a steady income that allows you to survive so you can put every ounce of waking energy into the thing that you care about [11:05]
One of the top reasons entrepreneurs fails is overfunding. [12:10]
Daymond’s goal setting protocol. It’s specific, organized, and consistency is key. [15:15]
Daymond closed down FUBU 3 times from running out of capital. [18:09]
Being around like minded people and mentors are one of the top reasons for success. Successful people have people in their corner keeping them accountable and excited for their mission [19:20]
The biggest opportunities have always presented themselves to Daymond when he’s pursuing something he’s passionate about. [23:03]
How Daymond leveraged 6 years of work in hip hop to land and crush a $5 million partnership with Samsung. [24:25]
Daymond’s least favorite Shark Tank participants. [28:28]
Fail fast or learn your mistakes small. [31:55]
Even though the analytics are available and here to help you sell your product, you still have to master the fundamentals of business to be successful. You still have to wake up at 4:59am because those analytics and tools are here for everyone else too. [34:50]
Daymond’s background in breakdancing and who replaced him as a dancer on the Houdini tour.. Jermaine Dupri. [38:50]
The pact that Daymond made with his two friends as children to be the best in their respective fields of fashion, music, and drug dealing. [40:37]
Daymond John’s first creative foray into street marketing. Big win. [43:20]
When you aim for different and you feel traction, the better part comes. Being different is how you get noticed. [44:50]
Daymond’s approach and mantra to learning. [55:38]
Life is a series of mentors. [1:00:21]

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