1) DON’T QUIT YOUR DAY JOB.
There are a lot of dissatisfied individuals working in their professions. It’s something that people say to me on a daily basis. Every single day, I get sent emails relating to it.
But it won’t take you a second, a month, or even a year to get your company off the ground.
While Daymond was working to get FUBU off the ground, he supported himself by working at Red Lobster for six years. Because of this, he decided not to take any risks.
Why shouldn’t they? Someone could inquire.
It is terrifying. If you quit your job in order to start a company of your own, but it does not succeed, how will you pay your bills? After I had created my first company, I continued working at HBO for another 18 months until I decided to make the transition full-time. I was trembling with fear.
You should wait to take the plunge until you have eliminated as many potential hazards as you can.
2) DON’T DO WHAT ALL THE COOL KIDS ARE DOING
While Daymond was working at Red Lobster and selling hats on the street, his pals were risking their lives dealing narcotics and eventually taking their own lives as a result.
Recently, I read about Charlie Munger, who is one of the wealthiest people on the planet and works as Warren Buffett’s second-in-command at Berkshire Hathaway.
In 1973, he established a hedge fund of his own. The very worst possible moment to launch a new fund. And if my memory serves me well (and I’m not going to Google it), he ended the first year 20–30% in the red. And then between 20 and 30 percent the next year. After that, he put up a fight and ultimately succeeded in earning his investors a profit.
Bernie Madoff was another individual who was most likely going through a very comparable experience. We do not know the specifics of what took place, but one explanation suggests that when he was in a tough spot, he was too embarrassed to inform anybody, so instead, he perpetrated a major hoax.
The person you are determines who you will become. The decisions you make at this moment will shape your life story in the days to come.
Daymond was certain that he would not be swayed from his course of action by the viewpoints of others. He put forth a lot of effort and continued to labor away at his boring job as he sought his true calling. And made it work.
3) CIVIC ASSOCIATION
Important to Daymond’s progress and success. Make it such that the firm is about more than just you. Focus on the members of the community. If that’s the case, it takes on a life of its own beyond “Daymond John.” When you make anything, other people will want to share it with others.
What was his strategy here?
The name “FUBU” comes from the phrase “for you, by us.” BAM!
Friends: Daymond persuaded his close circle of associates to do it. After that, their pals expressed interest in donning it. And this goes on. This is really marketing in action. If people aren’t already chomping at the bit to talk about your product, you shouldn’t even consider promoting it.
Authority: LL Cool J spent part of his childhood just across the corner from Daymond. Daymond didn’t know him, but he began following him around and asked him to appear in one of his videos wearing a FUBU product. It’s quite unlikely that LL was even familiar with this youngster’s identity. However, he then saw other children wearing the same outfits. And he gave an answer in response to the name. As a result, he began to appear in his films sporting FUBU clothing. BAM!
Daymond began attending all of the hip-hop fashion conferences, sometimes known as “shows.” Las Vegas played host to the annual Magic conference. In the apparel industry, he became acquainted with his contemporaries. They were unfamiliar with him when he was a child in Queens. They were familiar with his stuff. They were aware that LL Cool J was wearing those particular clothes. It was with his contemporaries that he established his network.
Note that in all of the situations described above, he did not pay even ONE DIME on advertisements, yet he received free advertising that was worth millions of dollars.
This is not the result of random occurrences. This is something that develops with time…
4) DOING WHAT YOU LOVE
This is an area where a lot of people go wrong. There is not a single “destiny” that every one of us is supposed to find out and fulfill.
It’s possible that Daymond John was a fan of hip-hop music but not a talented musician. Perhaps he had a passion for fashion. Perhaps he had a passion for selling. Perhaps it gave him great satisfaction to see LL Cool J wearing a hat that he had manufactured.
It’s not very clear to us. There are really too many aspects to consider. We do know, though, that after he got over the difficult aspects of the firm and it really started to roll, he “skipped working every morning,” as Warren Buffett would put it. This is something that we are aware of.
5) Get Set. Fire. Take Aim.
This is the most significant consideration. To date, I have conducted interviews with around two hundred successful individuals for my podcast, and this is the one thing that every single one of them has in common.
Daymond prepared himself (he sewed the garments, he put money aside, he stayed at his work, and he formed a community).
After then, an event occurred that fundamentally altered the course of the game. Anything that completely changes the dynamic of the game will occur if you commit to something for a sufficient amount of time, it continues to develop, and you get the sense that others like what you do.
The order totaled $400,000 and was placed by Macy’s (at the MAGIC fashion show).
Daymond was short on funds at the time.
At this point in time, you are in a position to take some chances. He and his mother took out a loan of $100,000 against his mother’s home. It was required of him to produce 15,000 things. He obtained the textiles. The order for $400,000 was successfully completed after he had his residence flooded by seamstresses.
After then, he gave back the $100,000 that had been taken from the proceeds.
He was working at Red Lobster but decided to leave. He was now engaged in business. He was set up for success in the corporate world.