Rules for entrepreneurs from Shark Tank’s Daymond John

Rules for Entrepreneurs

I didn’t know much about Daymond John, creator of the FUBU clothing brand and one of the investors on the popular reality TV show “Shark Tank”, so when I came across a “Behind the Brand” interview with him on YouTube, I took the time to watch it.

At one point Daymond articulates his rules for entrepreneurs. Here’s a brief summary.

  1. Start small, and stay small while you learn the industry.
  2. Surround yourself with a great set of people.
  3. The only proof of concept is sales, although Daymond notes that sales can also be non-cash transactions such as page views or likes. Don’t listen to your friends, or rely on their purchases — the only real proof is when someone you don’t know buys your product or service.
  4. Take affordable next steps to grow on that.

You can see the entire 35-minute interview on YouTube here: http://www.youtube.com/watch?v=Uff4661PV_Q

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    Market Metrics Inc. helps knowledge-based businesses with strategy, planning and innovation and was founded in 2003 by Greg Graham, a seasoned marketing professional. Greg is a Certified Management Consultant (CMC), an Accredited Small Business Consultant (ASMEC), a member of the American Marketing Association, and holds MBA/BEE degrees as well as a Certificate in Strategic Management. He frequently performs consulting engagements on behalf of the Government of Canada's Industrial Research Assistance Program (IRAP). Prior to Market Metrics, Greg's 21 years of corporate experience encompassed tech start-ups through Fortune 500 companies.

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