Shark Tank’s Daymond John Shares 5 Tips for Success — in Business and in Life!

Daymond John is back where his fashion business began more than 30 years ago, doing what he does best – celebrating black jobs and inspiring the next generation of entrepreneurs.

The Aquarium for sharks star hosted the fourth annual Black Entrepreneur Day at the historic Apollo Theater in Harlem, New York on October 21.

The live-streamed event aims to “inspire, educate and provide the all-important financial support” to black entrepreneurs through a host of talks, live competitions and hip-hop performances, all curated by the FUBU founder himself.

Daymond John launches Black Entrepreneur Day, provides $25,000 grant to select business owners

Day of Black Entrepreneurs

This year, the 54-year-old businessman welcomed cultural icons such as Whoopi Goldberg, Shaquille O’Neal, Anthony Anderson and Cedric the Entertainer to the iconic stage in a series of Game Changer Conversations.

The investor also moderated Shopify’s Pitch competition in a parallel segment Aquarium for sharks — ABC’s show that recently launched its 15th season, starring John as a “shark” alongside entrepreneurs Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec and Kevin O’Leary.

18 Aquarium for sharks Rules you didn’t know entrepreneurs had to follow (exclusive)

The event deviated from its usual formula when New York City Mayor Eric Adams surprised John on stage with an official proclamation, naming October 21st Black Entrepreneur Day.

Rappers Ice-T and Flavor Flav also appeared at the event, with the latter joining Rick Ross for his performance at the end of the event in celebration of hip-hop’s 50th anniversary.

As in previous years, the television personality gave $250,000 to black entrepreneurs in partnership with the NAACP and the show’s sponsors.

Day of Black Entrepreneurs

As he spoke to a packed audience, John recalled how his single mother, who worked multiple jobs, took out a mortgage on her home to fund the roots of her now multi-million dollar clothing company.

As a kid growing up near Queens, he exclusively told PEOPLE in 2015 how rising crime has affected his community.

“A lot of kids looked up to drug dealers because we had no other images,” John told PEOPLE. “I had a great relationship with my mom — I couldn’t let her down.”

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So FUBU started right outside the Apollo venue, John said.

“I used to sell hats right in front of this Apollo Theater and this iconic door right here on 125th Street,” the TV personality said on stage. “Eventually, that little boy Brown who stood outside and sold a few hats could rent out the entire Apollo Theater and inspire the next generation of people.”

“We are the American dream,” John continued. “It’s black entrepreneurs — we’re the American dream, just like any other culture.”

Day of Black Entrepreneurs

Daymond John says ‘Shark Tank’ represents the ‘American dream’ amid legal battle with former entrepreneurs

Although John worked his way up to CEO and Aquarium for sharks investor, said he still deals with as many “business failures” as any aspiring entrepreneur.

For example, in July 2023 John obtained a permanent restraining order against the owners of Bubba’s Q Boneless Baby Back Ribs — a company the Shark invested in when former NFL defensive lineman Al “Bubba” Baker, his wife Sabrina and daughter Brittani appeared in show in 2014.

Contestants claimed John had denied them earnings and made “disparaging” comments on social media, detailing their dealings with the investor and accusing him of trying to take over their rib business.

After “repeated attempts” to allow the Bakers to “rectify their wrongdoings,” according to John’s spokesman Zach Rosenfield, John filed for a temporary restraining order.

“This temporary restraining order is due to Baker’s clear actions to undermine the business partnership and legal parameters they agreed to four years ago,” Rosenfield told PEOPLE in a statement. “Their belief that they can solve bad business decisions with defamatory posts and articles on social media will no longer be tolerated.”

Christopher Willard/ABC via Getty

Daymond John from ‘Shark Tank’ says ‘Don’t tell people your problems’ if you want them to invest

To that end, the businessman told PEOPLE some of the lessons he’s learned about dealing with business failures and negative public perception.

While recalling how he “screwed up” at a past public appearance, John talked about how he learned to let public perception “challenge” him, but not be so “serious” about himself.

“I went to the bathroom and there were two gentlemen there [who said] ‘Oh, he was at that speech last time – painful,’ said the motivational speaker. “Then you know what they were like? ‘So what about the Knicks?’”

“I realized they didn’t care,” John continued. “It was the end of my life as far as I’m concerned, but those guys are thinking about the Knicks two minutes later. So I’m telling you, don’t take yourself too seriously because nobody else does.”

Christopher Willard/ABC via Getty

However, Shark still spoke about the importance of choosing the right partners for cooperation. His criteria have always been “the same” since the beginning of his journey: “I look at anyone who wanted to step in and tell me where I’m wrong and add the value they have because they were better than me in other areas.”

“These are the same people who will test me, who will tell me ‘Shut up,’ who will tell me I’m wrong,” John added.

John said he also pays attention to his gut, or what he would call “God’s little direct line to your belly button.” Learning to trust his gut and reduce his ego, even when things “look good on paper or as a person,” are lessons that took him “years to grasp.”

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As he built his success story, John mentioned how he often didn’t listen to his body’s needs.

It wasn’t until he was diagnosed with second-stage thyroid cancer in 2017 that he realized “I’m human, I’m not a superhero.”

“Three years after that, COVID would show us that we are not [super] human,” he told PEOPLE exclusively in April 2023. “At the time my daughter was one, my newest daughter in my life, she made me want to change a lot of things that I wouldn’t say I was neglecting, but I should have been more aggressive about the personal aspects of my life or more aggressive than I was about work.”

Daymond John praises his ‘two great partners’ for helping him raise his three daughters

Today, John says he always makes room in his schedule for commitments outside of work. It also includes spending time as a father to three daughters – Minke Jagger, who he shares with wife Heather Taras, and two other daughters, Yasmeen and Destiny, from a previous relationship.

“I take very personal time for myself working on my health every day – just like entrepreneurship,” said John.

Being “the man” also shows in John’s commitment to “be soft” as an entrepreneur despite the narrative that “as African Americans, we have to have a thick coat.”

“You should be vulnerable, which means when you walk into a room, you should say, ‘I don’t know this, but if you can help me, I can help you with this,’” John advised. “This is something that entrepreneurs have to understand, because if you see us on Aquarium for sharks and you say, ‘Well, I’m fine. I had a great time here, then I’ll go here,’ then I’ll say, ‘Why the hell are you here?'”

“Don’t walk around the room brazenly—nobody’s going to talk to you,” he continued. “But if you walk into a room saying, ‘I’m really confident in what I’m doing and I can’t wait to be of value to everybody in this damn room,’ you’re going to have to beat them out of yourself. ”

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This year’s free, global Black Entrepreneur Day 2023 live stream is available Wednesday at 7:00 PM ET on the Black Entrepreneur Day website, YouTube, Facebook and other locations.

Categories: Trends
Source: HIS Education