Rules for entrepreneurs from Shark Tank’s Daymond John

Rules for Entrepreneurs

I didn’t know much about Daymond John, creator of the FUBU clothing brand and one of the investors on the popular reality TV show “Shark Tank”, so when I came across a “Behind the Brand” interview with him on YouTube, I took the time to watch it.

At one point Daymond articulates his rules for entrepreneurs. Here’s a brief summary.

  1. Start small, and stay small while you learn the industry.
  2. Surround yourself with a great set of people.
  3. The only proof of concept is sales, although Daymond notes that sales can also be non-cash transactions such as page views or likes. Don’t listen to your friends, or rely on their purchases — the only real proof is when someone you don’t know buys your product or service.
  4. Take affordable next steps to grow on that.

You can see the entire 35-minute interview on YouTube here:

About Market Metrics

Market Metrics Inc. helps knowledge-based businesses with strategy, planning and innovation. We offer our clients a unique combination of top-shelf professional skills, competitive pricing, and real-world industry experience in business planning, marketing, and technology.

The consultancy was founded in 2003 by Greg Graham, a seasoned strategic marketing professional. Greg is a Certified Management Consultant (CMC), a Fellow of the Ontario Institute of Management Consultants (FCMC), and an Accredited Small Business Consultant (ASMEC) in the United States. He holds MBA/BEE degrees plus a Certificate in Strategic Management.

Prior to founding Market Metrics, Greg's 21 years of corporate experience encompassed tech start-ups through Fortune 500 companies. He is an expert in subscription-based business models (including SaaS). Greg frequently performs consulting engagements on behalf of the National Research Council's Industrial Research Assistance Program (NRC-IRAP).