Having good ideas with the right partner and knowing when to expand your business is critical for success.
Daymond John is a celebrated African American entrepreneur. He is also the CEO of FUBU. The success of his business has made him an active partner in the world of investments. He advocates for the use of millennial skills to advance business technology.
He has made many investments on Shark Tank, a television investment platform that connects investors with young entrepreneurs. He has been an executive in the show since 2009. Born in Queens, New York on February 23rd, 1969, he had the passion for designing. He established FUBU, which is famous for selling men's hats, and launched his brand.
Like most self-made millionaires, Daymond John also had a humble beginning. He lived in the neighborhood of Queens. At the start of his venture, he didn’t have the full knowledge needed to be successful. The only thing that led to the success of Daymond John was his dedication and strong conviction towards the idea that he will have his own business. He shares his views on the basic principles for business success.
Allow technology to complement your ideas–Daymond John
According to Daymond, it is important for any dreamer to believe in his or her dreams. He said believing that an idea is going to work is necessary for the success of any business.
Daymond John also says that do not assume you are the only one who might have an idea. If you think others too are working on the same idea, it will keep you motivated to innovate and give the idea an extra push that others might be missing. He explains good ideas must, however, be nurtured.
Daymond John observes that, today, everything is executed through the means of technology. The pace of technology is really quite fast to keep up with. In order to do so successfully, having a mentor really seems an exellent idea. Having someone to teach you the basics of everything in business technology is the right way to go if you want to achieve success in your venture. According to him, if you can find a millennial coach, it would be much better as their knowledge of technology is better than the older generation.
Partnership is necessary for success
He advises that, as entrepreneurs, we shouldn’t think we can do just fine on our own without the need of a partner. "Believing that we have more insight about our business than anybody else is an illusion," he said.
"We should keep in mind that other than knowing what our vision is, having a complete knowledge of the market and our competition is much more important. This requires partnership as every stage to manage any business,” he stresses. According to Daymond John, startups ventures should seek people who have enough knowledge needed to get ahead in business and they should maintain trustworthy partners.
Don’t expand too quickly
"At the start of any business, we may see our business flourish. Many people want to expand as soon as possible, but in reality, it is not the time to do so. This is just the start of a process to help you reach the turning point for better opportunities," he opines.
He concludes businesses must wait for the right time to expand. Expanding too quickly without adequate resources and expert knowledge of the target market is a mistake that many entrepreneurs commit.
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