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Daymond John

Daymond John

How do you develop a great business idea?

 The essence of a great business idea is something that solves a problem, answers a need, and stops a pain. It also is an idea of how you are going to deliver it to the market and who exactly is that customer and why do they think that that adds value to their life. Before you ever think about laying out hard capital in regards to inventory or creating something, study what you're trying to do. Network, create a group of focused people, like-minded people around you. Find a mentor. And then take small steps, very small steps. Act, learn, and repeat. Set a goal. Don't quit your day job, and put in five hours a week until six months. If it compounds and you feel you've gotten to a level where you want to be, I'm going to put in 10 hours a week and keep growing from there.  I mean there will be setbacks. You're going to find out over a course of time if you're really built for this, if this is something that you want to do or if it's something you can't live without doing. But it's a slow and long process.

 What is a big challenge for fashion businesses?

 The largest challenges to running business long term, especially for fashion companies, of course, staying on trend and on key. You can be too forward or you could look like, you know, what people were wearing yesterday. So how do you get forecasting and trends? How do you bring in young, smart people who understand the vision of the brand? And also, how do you keep supplying your customers where they're starting to go. It's always really having your finger on

 

How do you refine your personal brand?

How can they describe themselves? I like to say, can you describe yourself in two to five words, right? What are you passionate about? Whether it's Nike Just Do It or FUBU For Us By Us, what do you… describe yourself.  Also, on your social media platform, way before you get to the interview process, people are looking at you through there. And are those two to five words consistent there? Are there negative things there? Then, make sure that you study the target or interviews or people you're going out to, to see if you really fit within their system, and what do they want.

Overview

Entrepreneur and Shark Tank investor Daymond John reveals the essence of a great business idea and how to develop your personal brand.