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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 [1]