Today, Daymond John is best known as the stylishly dressed “Shark Tank” investor worth $350 million, but he is known for investing just $40 for the urban clothing company he co-founded, FUBU. Started with a budget of $6 billion and has since grown into a $6 billion innovative fashion company. The 55-year-old entrepreneur and mentor has become the face of helping small business owners skyrocket their success, and has earned millions of dollars from his position, including some of the worst business advice he's ever received. I am sharing what I have learned along the way.
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don't cut people off
In a recent interview with The Root, John revealed that the worst advice he ever received was about attitude.
“That person was the kind of person who had money they could afford to lose. A lot of people think that way. No, it's not money they can afford to lose, or someone who's super wealthy It's not because they lost a lot of money. It doesn't matter. I think it's a terrible thing to cut people off.”
Learn financial intelligence early
John admits that on his path to success, he made mistakes, such as not understanding finances and how to manage his affairs faster.
“As African Americans, many of us don't come from traditional wealth. We don't have grandfathers and grandmothers to teach us that,” he said. “By the time I got here, there might have been encyclopedias and other things from 10, 20, 30 years ago. Like today, you can see what's going on in the market right away. Therefore, my information was limited.
He added, “I almost went bankrupt three times because I had no financial knowledge. Twice when I didn't have any money, and once when I did have money.”
Don't blame others for your lack of financial literacy
John believes the importance of teaching others how to manage their finances is very important, stating: we look at them [people say]”Oh, you blew it.”
But he doesn't agree with that idea. “No, they were the best physical specimens in the world, competing against millions of others to become someone we could value and respect. They were not taught financial literacy. There's nothing wrong with what you do. You don't know what you don't know.”
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John is currently on a mission to teach children about financial intelligence with his latest project, Little Daymond Learns to Earn. “This is not about a book. It's about creating a dialogue and watching school systems change in certain areas because of this product and seeing other celebrities and banks and education systems saying, 'Okay, we're going to do that in Atlanta. It's about saying, 'We need to do this.' Let's do it in San Diego,'' John told FOX 5 San Diego.
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This article originally appeared on GOBankingRates.com: 'Shark Tank' star Daymond John: The worst business advice he received
