This is a YouTube video titled "Daymond John's Key to Investing | Daymond John x Dave Asprey" featuring a conversation between Daymond John and Dave Asprey recorded in 2024. The discussion centers on trust, intuition, and relationship dynamics in business and investing, with Daymond John sharing insights from his experience on Shark Tank about evaluating entrepreneurs and the importance of gut feeling in business partnerships.
We die by what they call paper cuts due to these small things like lying, having false relationships, doing things because others need to approve of that, you know, and obviously eating the wrong and taking in the wrong things. That is a shortcut, but it's not really. It then takes more of your life to fix, to get back to where you want to be.
That's some profound wisdom.
Thank you.
One of the things that I work on teaching younger people when I'm talking about relationships, I've even had this conversation with my kids. If you spend time with someone, you go on a date or just time with a new friend, it's how you feel afterwards that tells you whether they're trustworthy. So if you went on that date or, you know, you met this person, you had a really good time. But afterwards, you get that icky feeling. Those are the kind of people you got to listen to that signal. And it's intuition. What I used to do is I would just kind of quash that signal and say, well, I'm just going to be logical about it. But then you end up, you know, surrounding yourself with people who don't have your best interests at heart and will lie to your face and smile while they're doing it. So it's hard to notice. One of the things you do on Shark Tank is you're making a rapid assessment of entrepreneurs.
Yeah.
And of course, they have their business model, but I don't think you're looking at that. You're looking at the people, right? What do you look for? Like, do you. Do you, like, feel it in your gut? Do you feel it in your heart?
You're spot on. I think it's your gut. You know, I'm looking at, you know, when I'm on Shark Tank, so. By the way, we don't know those people. We don't even get a piece of paper on those people. That guy Maury. Stand up, Maury. He was on Shark Tank. There you go. Say hello to more. He had Han at the treetopper on Shark Tank. Average pitch is one hour long. Sixteen cameras shooting that pitch. So you have 16 hours of footage for you to see. Eight minutes. Takes us six to nine months to close the deals. We close about 60, 70% of the deals. But you're right, I'm looking at the company because I want to hear the entrepreneurial story. When an entrepreneur tells you the story, they almost tell you the story, such as, the train's leaving the station. Whether you like it or not, I want you on the train. But this train's leaving the station, and they're excited about how they're solving a person's problem or they're bringing them joy. I look at the numbers, and if I like the product, I'll just buy one of your sponges. But I want to like you. It is my gut in you. Because if this business works out or not, then we'll start another business together. You see, if I want to make money, I send my money over to the market. Well, they don't dust off Steve Jobs from the dead, and he ask me to fix computers. I either make money or lose money. So if I'm going to do business with you, I have to like you. I have to want to talk to you every single day for the next five or ten years. And I want to learn from you and with you. And it's my gut about the person.
