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.