In his book The Power of Broke, Summit 2017 closing keynote speaker Daymond John writes about successful entrepreneurs who started at the bottom and were forced to be creative and leverage their resources more efficiently than their competitors:
“Let’s face it, when you’re up against all odds, when you’ve exhausted every opportunity, when you’re down to your last dime…that’s when you’ve got no choice but to succeed. You’re out of options, man.”
As someone who built a lifestyle brand from the ground up into a $6 billion business, Daymond is well placed to offer this advice. Beginning with sewing hats in his mother’s basement and selling them in front of the Jamaica Colosseum Mall in New York City, Daymond made FUBU (for us, by us) into a hip-hop culture icon. He described to the Summit audience in Las Vegas how a Run-DMC show on Good Friday 1989 was a revelation for him: “It was that moment that my world turned from black-and-white into color.”
From there, Daymond knew the culture and audience he wanted to belong and appeal to. But success was not immediate or without its challenges. From almost missing out on an endorsement deal with LL Cool J to being turned down by 27 banks before he could find an investor, he had to learn and survive to make FUBU into the widely recognized brand it is today.
As he walked the Summit audience of sales, marketing and product leaders through his story, Daymond laid out his five “SHARK points”:
Nowadays, Daymond shares his life lessons and insights with TV audiences as part of the cast of Shark Tank, a business reality show where he and other successful entrepreneurs vet new business ideas and decide whether to make an investment. Known as “The People’s Shark,” Daymond is known for bringing a down-to-earth, human touch that reflects his experience growing from humble beginnings.
Connecting the Summit audience to his hit TV show, Daymond mentioned why he can relate to many of the challenges b-to-b leaders face: “After I buy all that crap on Shark Tank, I’ve got to find a way to sell and market that stuff!”
Drew Zalucky is an Editor at SiriusDecisions and has nearly 10 years of professional experience in editorial, publishing, management consulting roles and independent journalism.