As a mogul entrepreneur, venture capitalist, and mentor to Shark Tank participants, Daymond John shared four tips of advice to an audience of academic students and business entrepreneurs in Rome, New York.
Question and Answer Session
Q: How did you get started as an entrepreneur?
A: In 1992, I started a hiphop clothing company called FUBU in my mother’s basement. The company later grew into a million dollar label with items like casual wear, sports wear, eyewear, belts, and shoes.
Q: What do you personally do for marketing?
A: I like to keep my work employees under 150, because I can interact with them more personally. The one-on-one approach is a reasonable size for me to keep active in my business.
Q: When mentoring entrepreneurs what makes you most proud?
A: I like when people can create things of their own that empowers them. Through social media outlets, people can now follow you or your brand because they share the same interest.
Q: What advice do you give entrepreneurs?
A: Respect and value your customers
For the students, a Shark Tank panel was assembled with local leaders and Daymond. The idea was to give three teams practice in presenting innovative ideas to a panel of entrepreneurs who asked questions and gave them advice. The format gave the students the opportunity to discuss and provide reasons why their product line would make a good investment. It also gave students a feel for the real Shark Tank series, while having fun at the same time.