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Daymond John: How to Use the Power of Broke to Build Your Business

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This story originally appeared on Lewis Howes

One of my favorite things about being the host of  The School of Greatness is that I get to learn from the best minds in the world about stuff I am fascinated by.

Daymond John | Official Website

Yes, it’s as awesome as it sounds.

There are few things I geek out about as much as smart ways to make money and build successful businesses.

So when I got the chance to sit down with Daymond John, of Shark Tankfame, I was stoked.

If you don’t know him already, Daymond is the real deal.

He started his first business when he was 6 years old, selling pencils at his school and hasn’t let up since.

Overcoming any and all odds most entrepreneurs face, Daymond has built massively successful brands, including his fashion line FUBU.

He recently got appointed to a national entrepreneurial position which took him to the White House, and he is a current entrepreneurial advisor on the hit show Shark Tank.

He also just came out with a new book, The Power of Broke, in which he tells the truth about the importance of earning your way to the top.

That’s right, hustle is the way to the top (my favorite).

Daymond and I talk about all parts of entrepreneurship, the ins and outs of building a successful startup, and the lessons he’s learned in his own journey.

No matter where you’re at in your business, Episode 279 with Daymond John is a must-hear for you.

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Some questions I ask:

  • What’s the craziest thing that’s happened to you since coming on Shark Tank?
  • What got you interested in the fashion world?
  • Where did your belief that you could succeed in the fashion business come from?
  • What was your biggest challenge in scaling once your brand took off?
  • What’s the first step of understanding building your business from scratch?
  • Who is the most inspiring person who has come on Shark Tank in your opinion?
  • Why do you set six month, five year, and 20 year goals?
  • What do extremely wealthy people do differently than most people?
  • If you could be mentored by anyone in the world right now (who you aren’t already being mentored by) who would it be?

In this episode, you will learn:

  • Why being broke helps you learn the ins and outs of your business
  • How much money and time it takes to launch a standard clothing line
  • How easy it is to test your concept nowadays before you invest too much in it
  • Why Daymond reads his goals five days a week, morning and night
  • Daymond’s rules for finding or being a mentor
Lewis Howes

Written By

Lewis Howes is a New York Times bestselling author of The School of Greatness and The Mask of Masculinity. He is a lifestyle entrepreneur, high performance business coach and keynote speaker. A former professional football player and two-sport All-American, he is a current USA Men’s National Handball Team athlete. He hosts a top 100 iTunes ranked Apple podcast, The School of Greatness. Howes was recognized by the White House and President Obama as one of the top 100 entrepreneurs in the country under 30. Details magazine called him one of “5 Internet Guru’s that can Make You Rich.”  Howes has been featured on Ellen, Good Morning America, The Today Show, The New York Times, People, ESPN, Sports Illustrated, Men’s Health and other major media outlets.