Daymond John is a very famous American entrepreneur, the founder of the popular clothing brand FUBU. He is also an investor and a TV star. Since 2009, he has been participating in the popular reality show ‘Shark Tank’. He is one of the sharks there – 5 famous business managers who decide whether or not to invest money in ideas presented by normal people.
History
Daymond John was born on the 23rd of February, 1969, in Brooklyn, New York (currently 55). As a child, he lived in the Queens neighborhood of New York with his mom and 7 brothers and sisters. His entrepreneurial spirit was evident early on, as he took on various jobs and even started his own small businesses. While he was attending Bayside High School, he participated in a co-op program which made it possible for him to work a full-time job and at the same time to attend school weekly. This was when the business spirit has started growing in him.
FUBU
During the 80s, wool hats with cut tops were very popular among rappers. The big companies sold such for around $20 which was a little high amount of money at that time. This is where John spotted an opportunity. He went home and shared the idea with his friend and neighbor Carl Brown. They both made around 80 hats themselves and went in front of the New York Coliseum in order to sell them. They put a
price tag of $10 for a piece and actually managed to trade all of their products for just a single day. This is how they ended up with $800 in the evening. This was an immediate success. John went home and persuaded his mother to take out a loan, mortgaging their apartment. They borrowed $100 000 in start-up cash and invested the money into the business. This is how FUBU was born. In the beginning, they started sewing the FUBU logo on t-shirts, jackets and other clothes trying to make the brand popular. This didn’t have a great effect and the business wasn’t really booming. John had to work full-time as a waiter in the Red Lobster restaurant. He worked on his business during his spare time. Things were tough, but luckily he had a friend that would later change his life. This friend was the rapper LL Cool J, who was living in the same neighborhood and knew Mr. Daymond for a while. John managed to persuade the rap singer to wear a promotional t-shirt with the FUBU brand on it on some of his videos (around 40). Later, LL Cool J wore a FUBU hat while shooting a short video clip for The Gap. This gave a good initial boost to the company.
In 1994, John exposed his clothing on the popular trade show Magic, held in Las Vegas. Despite FUBU couldn’t even afford to rent a booth, they got orders for around $300 000. They were about to become really popular. In the next years, FUBU signed some decent contracts with big names like NBA, JC Penny, and some others. By the year 1998, the company declared around $350 million in sales. Today, FUBU’s sales are around the jaw breaking $6 billion, Daymond John’s net worth has reached $250 million in 2015.
Books and Motivational Speaking
Daymond John is also a bestselling author. His books offer insights into entrepreneurship, business strategies, and personal development. Some of his notable works include:
- “The Power of Broke”: Discusses how starting with nothing can be an advantage in business.
- “Rise and Grind”: Explores the daily habits and routines of highly successful people.
- “The Brand Within”: Focuses on branding and how it impacts every aspect of life and business.
Key Lessons from Daymond John
The Power of Perseverance
John’s journey highlights the importance of perseverance and hard work. From selling hats on the streets to building a global brand, his story is a testament to the power of persistence.
Importance of Branding
John emphasizes the significance of branding. His success with FUBU shows how creating a strong, relatable brand can drive business growth and customer loyalty.
Financial Discipline
John often talks about the importance of financial discipline, especially for new entrepreneurs. His book “The Power of Broke” underscores how limited resources can drive creativity and innovation.
Adaptability and Learning
John continuously learns and adapts to new trends and markets. His investments in various industries through “Shark Tank” demonstrate his ability to diversify and grow his portfolio.
final Thoughts
Daymond John’s story is an inspiring journey of resilience, innovation, and strategic thinking. From founding FUBU to becoming a successful investor and motivational speaker, his life offers valuable lessons for aspiring entrepreneurs. His ability to turn challenges into opportunities and his commitment to helping others achieve their dreams have solidified his legacy as a transformative figure in the business world.
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