Daymond John is nothing but fearless, and it’s that determination that enabled the FUBU founder to take a limited budget and wield it to eventually create a $6 billion urban streetwear brand. Here are Daymond John’s 5 principles that can guide anyone to become a millionaire:
1. Set goals to know where you’re headed
At age 16 John had convinced himself that at age 30 he should be a millionaire. Yet when he turned 22, he went broke when he started buying and selling cars.
“I didn’t know how to properly execute goal-setting. It’s not just visualizing of a number or a certain age,”
When the idea for FUBU came along he decided to reshape the goal he set in high school for himself. Rather than committing to making a million dollars by age 30, instead John made it his goal to integrate the hip-hop culture. Designing a clothing line became less about earning money and more about dedicating oneself to a community — one he thought would change the clothing industry forever.
“My goal became doing the best I can for the company I love,” John said. “The goal changed to my dedication: I want to dress people and enrich their lives, and in return, I will hopefully be compensated.”
2. Find your passion, success will follow
A successful entrepreneur loves what he’s doing. It’s the passion that drives people to do better and learn from past mistakes. This is a lesson that Daymond wants to impart on everyone.
The truth is, success rarely follows entrepreneurs who do not love what they are doing. Using his brand as an example. Daymond wanted to do what he loves the most. He spent nights sewing apparel without any concrete idea of what could happen next. Three months after running FUBU, he has sold $30 million in clothing. He said in an interview with CNBC:
“Do what you love, and success will follow. Money may follow; I can’t promise that it will. But money’s more likely to follow when you’re doing something you love because you’ll do it for 10 years or 20 years.”
3. Keep grinding
This is what you’ll hear from all entrepreneurs. While it’s great to mark milestones in your venture, never forget the grind. Those who endlessly grind to see their business succeed is on track of achieving more compared to those who are extremely complacent with their business.
As we have kept on repeating throughout our articles, Rome was never built overnight. This applies to your business too. You will face challenges along the way, keep on grinding. Focus on your goals because the success will follow soon.
Do you love Shark Tank? Read some of their tips to success here.
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