Daymond John, FUBU creator, and entrepreneur gives advice to entrepreneurs who are starting up their business. He initiates the conversation by saying, “Someone’s waking up trying to eat your lunch tomorrow.”
“Don’t Quit Your Day Job”: Maintaining your day job is the smartest way to begin the process of beginning your business. While your business is still in its growth stage, you need to be accumulating income in the background consistently to manage your new expenses alongside the ones that are current.
Another tip is allowing your business to progress without too high of an expectation. John says, “you won’t start feeling the rhythm of the business until about 3-4 years, about won’t see major success until about 6-7 years.” Time and perseverance are the main components of the success of a business. It is not a race to the finish line, but rather an opportunity to watch your business skyrocket. Even when people knock your idea, it is your job to strive forward and remain motivated to enhance your business.
Lastly, John explains the generational gaps between consumers and producers. There needs to be an understanding of the market from both parties in order to fully understand the needs of the customer, and sell a relevant product. What do consumers want to know about their brand? Once you gather the fundamentals of their requests, along with your knowledge of the product, you “become a new platform.” Expanding your brand, what it offers, and how it offers its services is subject to change often due to societal changes.
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