“Shark Tank” is a popular TV Show that features “Sharks” who are famous entrepreneurs such as Daymond John, Kevin O’Leary, Barbara Corcoran, Lori Greiner & Mark Cuban. On Shark Tank, budding entrepreneurs pitch their product ideas and businesses to the “Sharks” who decide if the pitch is investment worthy. Each of the sharks is immensely successful and has a unique story about how they got this far.
We will discuss the story of one of the “Sharks” today – Daymond John, who prefers to call himself “The People’s Shark” and learn some key points from his success journey. Daymond is the Co-Founder, CEO of “FUBU” the $6B fashion brand that sells T-Shirts, Hats etc with the “For us by us (FUBU)” logo. Daymond’s journey to success started with the launch of FUBU in 1992 with $40 and a line of hats that Daymond and his partners sold on a street corner in Queens, New York. FUBU was built into a leading fashion brand through years of perseverance through hardship and creative marketing. His mother was a huge role model for him and taught him the key principles of success “Think big and Work hard”. This principle is common to other successful entrepreneurs like Grant Cardone. I talk about #10X think to achieve massive goals in my post: How to achieve #10X results in your life and career.
Daymond published a book a few years ago called “The Power of broke: How empty pockets, a tight budget, and a hunger for success can become your greatest competitive advantage” where he presented his thoughts on “How to think like a Shark”. He calls them the “Shark Points” and they are as follows:
S- Set a goal – “If you don’t set goals, they will be set for you”. Early on in his life, Daymond set goals to meet his hip-hop idols and he achieved that and much more. It’s easy to set goals, but how do you ensure you keep hitting them consistently? I wrote a post on this recently – How to consistently achieve your goals.
H- Homework-Do yours – Know your customers potential hiring managers etc through your due diligence.
A- Adore what you do – Love what you do for a living. It should be powerful and make you want to get up early in the morning to start your grind. Daymond loved hip-hop and he grew FUBU through his association with FUBU.
R- Remember, you are the brand – Daymond talks about how Shark tank doesn’t invest in companies, they invest in people- Specifically, “Unstoppable People”. I wrote a post earlier on “What it takes to be unstoppable”. He recommends that people/companies understand their value and learn to pitch/communicate this effectively.
K- Keep Swimming – In the early days, the FUBU team including Daymond had to go through extreme struggle where they had to sleep in sleeping bags and turn Daymond’s mom’s house into their factory after taking a second mortgage on the house. This did not deter Daymond and his team and they “kept swimming” till they reach the shore of success.
Daymond recently published his best seller :“Rise and Grind”. The book is based on his experience growing up in Queens, raised by a single mom. He discusses his early “hustles” and the daily “grind” he had to go through to keep his head above the water. He also presented his GRIND framework for success:
G- Get on it- While it’s great to think big, unless you take that first step, the dream isn’t going to happen.
R -Repeat – Get disciplined about a daily routine and developing good habits and stick with it.
I – Insist – On your very best and the very best from your team. Set high standards and make it non-negotiable.
N- Navigate- Success will require you to navigate through choppy waters and move with speed and precision even through choppy waters like a Shark.
D – Desire, drive and determination- Don’t be put off by naysayers in your path and those who don’t believe in you. Believe in yourself and your determination to succeed. Be determined to blow past any expectations and low-standards you have had and set the bar really high so you have ample room to spare.
Be a Shark, Enjoy your swim !
I always tried to align myself with strategic partners, friends, and information to help me with the things that I did not know, and ultimately, I made it – Daymond John