744 How to Find a Business You Love with Daymond John

This is five minute Friday.

We've got a great guest on today. His name is Mr. Daymond John and he's the famed founder and CEO of the global fashion brand Fubu and star of ABC's Emmy Award winning TV show Shark Tank, one of my favorite shows to watch. And he's got a new book out that's called the Power of Broke.

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I'm very excited to dive into Damon's story about this book and some fun facts is that Fubu is a $6 billion business and every morning he says rise and grind.

I wouldn't know till, you know, I was about 12 years old. I wouldn't know till probably about another 10 years, 15 years that maybe we should all do something that we love, right? I tried everything else, yeah, but I never thought about fashion. It's kind of like, you know, you bust your butt to go and and work and make a living and then you go out and on the weekend you kind of snowboard and do all stuff like that, but you never thought about busting your butt. Building. Snowboarding or. Yeah, or snowboarding and making money.

Like Rob Dyrdek, your buddy Rob Deerdeck.

Exactly. Rob. Yeah. Rob's in the book as well. Of course.

Yeah. That's interesting. So how old were you when you sold your first article of clothing?

How old was I. How old was. I know the date. I know exactly the date. It was 1989. Good Friday, 3:00 clock in the afternoon, 37 degrees outside. I stood outside the Coliseum Mall in 1989. So I was 20 years old.

Okay.

Yeah.

Well, 20 years old.

20 years old.

When did you have. How old were you when you said you had the passion for.

I had the passion in 10, 11, 12. I had a passion for fashion earlier on in my life prior to that as well. But it was really. My mother was dressing me because we didn't, you know, not really when I was 4 or 5 or 6, because we didn't have money. Enough money to go buy clothes. So she would sell them.

Interesting.

And sometimes the pocket would be hanging up in the back somewhere, but it was okay.

So what gave you.

What.

When did you decide that you had the permission to go create your own things or sew them in the basement and then go sell them? What gave you that, you know, belief in yourself that you can create this?

I. You know what? Again, like. Like most of us start. There was no belief that I could do it. But I remember walking into a store and I started to see cross colors everywhere. And then I walked in the store and I saw this picture of this guy who, like, looked like a young Mike Tyson hanging off a pair of jeans. And it was Carl Kanai. And then it just hit me. I thought prior to that, we always thought that you had to be from Italy and France to design. You had to be older and like a. You know. You know, the guys with the. With the tape around their neck, you know, the tailors, Right. And so. Or whatever the fashion designer had looked like in those days. And I thought, I just. I'm just supposed to buy from them. When I saw that, I was like, wow, that's amazing. Okay, no problem. Then I'm watching a De La Soul video, I remember, and seeing them wearing these hats, it almost looked like a ski cap, but it has, like, a tie on the top. And I couldn't find that hat anywhere in Queens. I finally find one uptown Manhattan. I pay for the. The hat. I come home, I show my mother, I say, look, Ma, you know, I paid. You know, I always say a joke. I paid $6 in gas, $900 in tolls, and $20 for the hat. Check this out. And she goes, that's a piece of crap. But I can statement. I can show you how to sew hats like that. So you can sew as many as you want so you can wear them. You don't have to do that. So go get $40 worth of fabric. I go, $40 worth of fabric. I come home, I give my mother the. The. The stuff. The. To sew the hats. And she said, I'm not sewing this. You're sewing this. I said, oh, crap. Now I gotta work at this. I sew the hats. And then all of a sudden, I have all these hats and only one head. Because it's not like I was too stupid or I wasn't thinking, thank God I didn't buy $40 worth of different fabric. I put $40 worth of the same.

Fabric of one, maybe every three years.

Yeah.

So anyway, so that's when it happened. That's when I went out and sold those hats and the outside on that Good Friday, and I sold $800 of worth of hats in one hour. And that's when it just snapped. It just. I just said to myself, wait a minute. I made this with my own hands. I went and sold this to individuals, and nobody was in my way. I didn't have to get a check from a boss. Nobody told me when or to come to work or go to work. I can't get fired from this because of my color, creed, or whatever the case is. I'm responsible for what's happening here. And I will either fail because every decision I make, I'll say succeed, because every decision I make.

Was that the first time that you made money on your own as an entrepreneur, or were you.

No, no, no, no. I made money on my own and lost money on my own as an entrepreneur. You know, I started my first business. It took me a long time to really decide what I want to do. And what was my first business? It took me forever to decide My first business. My first business. I finally decided what I wanted to do when I was 6 years old. Took me forever, Right? I was selling pencils in. In school. Wow. And then I would. Then I would go ahead and sell candy. And then when it snowed, I would shovel snow in the winter, rake leaves in the fall. And then I remember when I used to shovel snow, I used to go. And kids would want to help me because I started getting everybody in the blocks that I wanted to. I would travel about three miles and take care of it. Kids want to help me. So I would tell them, okay, no problem. Here's what you're going to do. If you're going to help me, I'm going to let you work. I'm going to give you a couple of let's split the money with you. But you got to do a spring cleanup for free so we can go back into spring. And then I would go to the, to the owners of the house and say, well everybody else on the block, if you shovel, if they shove your snow, they charge you $3. If I shovel your snow three times during the the winter, I'm going to give you a free spring cleanup. So I was leveraging all those little guys in the neighborhood.

I love it.

Ah man, that was a great business.

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