FUBU Founder Daymond John's Advice For Launching Multi-Million-Dollar Businesses

There are shelves full of business books that offer intricate case studies, anonymized anecdotes, and bromides based on academic research. What makes this advice from FUBU founder Daymond John so valuable is that every bit of it is based on his own experience. And the lessons can be applied not just to fashion businesses, but to plenty of other startups, too. Who is your customer? What's your price point? Start local. Don't sell out too early. And this bit of advice, which John learned from his own mentor:

"OPM should not be other people's money. It should be other people's mind power, other people's manufacturing, other people's marketing, and a lot of times you can profit from other people's mistakes."

Last week, the founder of Swissmiss, Tina Roth Eisenberg, shared her mantras for success. Before that, author Tim Ferriss gave us the recipe for starting a million dollar side business. This week's video is also part of the Shopify Build-A-Business Competition, which encourages anyone with an idea to start an online business using online tools. This year's winners will each get a $50,000 investment. But what may be even more valuable is the individual mentoring that each of these entrepreneurs will offer the winning startups. You can enter the competition by going here.

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2 Comments

  • Sandra Baptist

    Love the advice to start local. Many people are fascinated by the power of the internet and jump right in to get customers from around the world before deciding (1) if the product or service will sell in their local market or if they truly want a business or just want to play online.

  • gurpalsinghkalra

    i must say that he is one smart chap...starting with a small brand, knowing to keep it small and then scaling is something many entrepreneurs need to look towards.

    Also his method of collaborating with others makes a lot of sense. Do not give away your company unnecessarily, instead look to work with others in partnership, or JV's.