Started From The Bottom: 5 Tips on Building a Wealthy Brand from Daymond John, Entrepreneur & Founder of FUBU
By Tashima Jones of TashimaJones.com
Check out this Video Link. Daymond John, the founder of fashion brand FUBU and an investor on reality television show Shark Tank, sits down with Behind the Brand host Bryan Elliott to discuss his background and business philosophy.
It’s refreshing to see Daymond John in this interview with Bryan Elliott on Behind the Brand. It’s FULL of gems on how to build a strong and wealthy brand. You just have to watch it yourself. Check it out here and see some of the lessons I learned from the CEO & Founder of FUBU, star of ABC’s business reality show Shark Tank, and world-renowned marketer, and a creative I hope to chat with!
Build a Brand You Love
Anything birthed out of love will last. Building your brand around a cause or idea you’re passionate about assures success because dedication beats talent, employs patience, and breeds courage. All qualities needed to stand up to the challenges that come with business. Daymond’s appreciation of fashion and desire to see clothes made for us gave birth to FUBU (For Us By Us).
There’s No Shortcuts
This is a huge reason Brand New Money exists. I see many urban entrepreneurs try to bypass the business side of…business. Or they simply just don’t know. It’s one thing to have talent and another to create wealth. A successful company or “personality” is a combination of skill and logistics or the administrative and back-end of building a brand. Daymond’s example of producing an album is a prime example of this.
Split A Dollar
Surrounding yourself with people who know what you don’t know is priceless. Actually it can make a difference in the return on your investment. It’s better to split a dollar with a person who can effectively handle what you can’t versus overspending time and money and still not coming through with a quality product or service. Daymond does an awesome job explaining this concept using an example with fragrances.
Don’t Sell to Your Friends
This includes family members too. There are a few reasons friends and family make bad clientele. They may buy just because of your relationship. This doesn’t help in terms of understanding the quality of your product or service. Or they may not buy for that very reason. They may even try to talk you out of your vision. Daymond suggests putting yourself in front of to those who don’t know you; see if strangers will reach into their wallets and exchange their hard-earned money for your creation.
At times numbers do lie. We often look to amounts to tell whether or not our brand is worth the time, attention, and money of others. But we forget goods like one-of-a-kind paintings selling for millions of dollars. The truth is quality, not quantity, should be your goal. When you are doing your best to create quality the rewards will come. Daymond speaks about a kid in a Harvard dorm room who just wanted a couple of friends and now he has billions – head nod to 30-year-old millionaire, @MarkZuckerberg of Facebook.
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