Yesterday, I attended an entrepreneur event where Daymond John (FUBU, Shark Tank) spoke about his journey and explained five key areas to focus on.
Here's some of the notes I took while I was there.
His five "shark" points:
Find mentors and team members with common goals as yourself. - you need to be aware of your environment.
Entrepreneurs test themselves and want to be acknowledged for their test. - this makes sense because you're essentially solving a problem (test) and the market acknowledges you for the solution. Of course, you want acknowledgement of a job well done which comes from the value you added to the market.
What's in it for the person you're pitching? - he said that many people pitch ideas but don't consider what the person they're pitching actually wants. He hates when people assume he only wants more money.
Become the king in your area of the market.
Prior to Daymond speaking, there were five business owners answering questions and discussing the questions as a panel.
4 of the 5 recommended starting with a business plan, seeking venture capital or a bank loan, and places to go with ideas to take the next step. It was as if they were only telling the audience what they wanted to hear... yes, it did come out... "do what you love!!!"
In mix of their points of view, there was one entrepreneur who hit the nail on the head. He flat out said he disagreed with some of their points and said, "how about you solve a problem?"
And went on to explain how most new entrepreneurs have this idea stuck in their head that they need to raise money and do all these things before actually having revenue or profit. He recommended to start with your own funds and only seek outside money when it's to scale because you already have a proven acceleration model.
It was great. You could feel the tension in the air from the audience and the other people on the stage.
He owns a ~150 employee company. He talked a bit about hiring and company culture:
After the panel discussion was over, I went up to him and thanked him for shedding light on reality because that's what the audience really needs to hear. He laughed and said that he knew where the direction was going of the discussions so he had to make a point to tell it like it is.
In the end, this event was worth the $10 ticket.
Here's some of the notes I took while I was there.
His five "shark" points:
- Set a goal - if you don't set your own goals, then someone else will set them for you.
- Homework (analytics) - find a new angle, new market, and/or new delivery.
- Amor - love what you do.
- Remember, you are the brand - who are you? Be able to explain it in 2-5 words.
- Keep swimming - fail more than you succeed.
Find mentors and team members with common goals as yourself. - you need to be aware of your environment.
Entrepreneurs test themselves and want to be acknowledged for their test. - this makes sense because you're essentially solving a problem (test) and the market acknowledges you for the solution. Of course, you want acknowledgement of a job well done which comes from the value you added to the market.
What's in it for the person you're pitching? - he said that many people pitch ideas but don't consider what the person they're pitching actually wants. He hates when people assume he only wants more money.
Become the king in your area of the market.
Prior to Daymond speaking, there were five business owners answering questions and discussing the questions as a panel.
4 of the 5 recommended starting with a business plan, seeking venture capital or a bank loan, and places to go with ideas to take the next step. It was as if they were only telling the audience what they wanted to hear... yes, it did come out... "do what you love!!!"
In mix of their points of view, there was one entrepreneur who hit the nail on the head. He flat out said he disagreed with some of their points and said, "how about you solve a problem?"
And went on to explain how most new entrepreneurs have this idea stuck in their head that they need to raise money and do all these things before actually having revenue or profit. He recommended to start with your own funds and only seek outside money when it's to scale because you already have a proven acceleration model.
It was great. You could feel the tension in the air from the audience and the other people on the stage.
He owns a ~150 employee company. He talked a bit about hiring and company culture:
-in a new hire - look for core competency over the actual job description... ask yourself, can this person develop into the max capacity of the job role and beyond?
-the culture gets created by the people you hire... you can't really control the culture as the company grows to 175-200+ people. You just have to focus on your KPI's and accept the culture that gets created. There's a point where you can't control every single aspect as your company grows larger.
-the culture gets created by the people you hire... you can't really control the culture as the company grows to 175-200+ people. You just have to focus on your KPI's and accept the culture that gets created. There's a point where you can't control every single aspect as your company grows larger.
After the panel discussion was over, I went up to him and thanked him for shedding light on reality because that's what the audience really needs to hear. He laughed and said that he knew where the direction was going of the discussions so he had to make a point to tell it like it is.
In the end, this event was worth the $10 ticket.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
