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  • In this episode of MarieTV we do have some adult language.

  •  So if you have little ones around, grab your headphones now.

  • Hey, it’s Marie Forleo and you are watching MarieTV, the place to be to create a business

  • and life you love.

  • And if youve been thinking about starting your own business but you just don't think

  • it’s possible because you don't have enough money, you don't have the right connections,

  • or any other limitation, this episode is for you.

  • Daymond John is an entrepreneur in every sense of the word.

  • He’s the CEO and founder of Fubu, a celebrated global lifestyle brand and a pioneer in the

  • fashion industry with over 6 billion in product sales.

  • He’s also one of the Sharks on the Emmy Award winning TV show Shark Tank.

  • His ability to build successful brands has made him a highly influential consultant and

  • motivational speaker.

  • In 2015 he was named by President Obama as a Presidential Ambassador for Global Entrepreneurship.

  • He’s also the author of the New York Times bestseller, The Power of Broke.

  • Daymond, thank you so much for the time to be here.

  • I am happy.

  • It’s been too long.

  • I know.

  • Weve been wanting to make this come to life.

  • So I want to start off within The Power of Broke you share thatdesperation can

  • breed innovation.”

  • So I want to go back to the early days in Hollis, Queens.

  • From when I was researching you even more, you didn't know that you had dyslexia in school.

  • There’s a little bit of struggle there.

  • Right?

  • Yeah, I didn't know I had dyslexia till I was probably about 35.

  • Because whenat that time prior to that your communication was generally through paper

  • and a teacher marks it up as a zero.

  • Right?

  • Well, when these things called two-way pagers came out and I started communicating with

  • people externally and they started going, “You okay?”

  • I didn't know what they were talking about.

  • But emails and all that stuff, we started communicating externally, and then people

  • started saying, “Why are things backwards?

  • You don't make any sense.”

  • So that’s how I started to really find out about it.

  • So back when you were still in high school and figuring out what you wanted to be when

  • you grew up, was fashion a long-held dream, or was that another entrepreneurial idea?

  • Like you just started coming out?

  • Because I know you sold pencils.

  • I mean, you did so much stuff.

  • Yeah.

  • It was never an entrepreneurial dream, but fashion was my love.

  • You know, because hip-hop really started to take place, you know, and spread right around

  • when I was 10 or 11 years old.

  • Right?

  • And hip-hop at that time, I like to say it was kind of a disruptive technology.

  • It was a way that the kids were communicating through the music very similar to a Twitter

  • or a Snapchat today, because we didn't know what was going on in the streets of Detroit

  • or Compton.

  • You didn't see that on the news.

  • The internet wasn’t out and they weren’t writing about that in the papers.

  • So how was I gonna find out about what was going on over there?

  • It was this new music that was made by kids who didn't have to sing and they didn't have

  • to be able to play an instrument.

  • All they were doing was communicating through it.

  • When they were communicating through it, there was a way to dress, there was a way to walk,

  • to talk, ebonics.

  • There was everything else that came with it, and I had a love for fashion.

  • But I would only think about it as something that I was a consumer of, a purchaser of,

  • because my mind was very closed that, you know what?

  • If youre gonna get fashion, it’s from a funny talking person with a beret on that

  • lives in Paris.

  • Right?

  • That’s the only person that’s gonna make fashion for you.

  • So I didn't have a passion in regards to selling it at the time.

  • I didn’t think I could do it.

  • And so what gave you the inspiration?

  • I think it was caps that you started out with.

  • Right?

  • Yeah, there wasat that time we started to see a lot of brands that were being supported

  • by the hip-hop industry, and they didn't care about us.

  • And I started to see these one caps that were kinda made on the street and I said, “Wait

  • a minute.

  • This is not an Adidas or Avila.

  • This is just regular people making this.”

  • And then there was a company that came out called Cross Colors and another guy named

  • Karl Konai and I started to see that, “wait a minute, these people look like me.

  • They go to the same clubs.

  • They act like me.

  • This is not the Wizard of Oz in Paris who talks funny and eats croissants all the time.”

  • I said, so I can do this myself.

  • And there was a stigmatism too.

  • At that time in our community, they thought that if you did fashion or were a fashion

  • designer, you were gay.

  • And I wasn’t.

  • And all my friends were drug dealers.

  • So when I started telling my friends I’m gonna go sell hats on the corner, they kinda

  • like pushed me aside and said, “Hey, youre one of those.”

  • And I said “I don't know what youre talking about.

  • I’m just selling hats.”

  • But it wasn’t easy.

  • It was the kind of, you know, I got kinda like pushed out of my group.

  • Your social circle.

  • But I found a new group, which that’s what happens when you find something that you have

  • a passion about, a goal.

  • You find the group that has the same goals.

  • Right?

  • I felt that way when I was like working at magazines and having the steady paycheck,

  • and all my friends were climbing the corporate ladder and doing all that stuff, and I wanted

  • to do my own thing, but I felt like a freak because no one else I knew was doing their

  • own thing.

  • And it is so important to find that crew that gets what youre trying to create.

  • And at every single level.

  • A friend of my mother’s is somebody who’s in the interior design sector, and she’s

  • about 55 years old.

  • She’s not doing that well in interior design right now, and unlike our history of our parents

  • growing up and they really didn't have to re-educate themselves in their current business.

  • Today you have to re-educate yourself.

  • And I said to her, I said, “Well, why aren’t you understanding about technology and Instagram?”

  • And she said, “Well, all my friends who are doing bad, we can’t believe that anybody

  • will ever hire an interior decorator off of Instagram.”

  • And I said, “That’s why you have the problem you have right now.

  • Youre doing exactly the same thing youve been doing since ‘08.

  • You think somebody in the world, government, something or that is going to save you, and

  • youre not changing at all and youre not finding new friends that are doing things

  • a different way.”

  • So it’s not about no longer when we were kids, when we were 18 years old.

  • It’s about everybody in the world has to reprogram the way they think.

  • Yeah.

  • And constantly reinvent yourself.

  • Absolutely.

  • Yeah.

  • Because what worked evenespecially I think as technology continues to advance at

  • more increasing and rapid rates, you have to reinvent quicker and quicker.

  • You have to.

  • This is no longer the days when you were doing one jobyou know what?

  • It’s like a doctor in the 1900’s trying to be a doctor right now.

  • If you show up at my house with a hacksaw and some opium to cut off my arm, there’s

  • a differentthere’s a problem we have right now.

  • You know, why don't you just give me an x-ray first?

  • Yes.

  • So I want to go back to the point where when you were, again, in the early days, at one

  • point you only had 10 shirts.

  • How did you utilize the power of broke to get the word out?

  • So when youJay Abraham, who is really my mentor.

  • He loves to say OPM is other people’s manufacturing, manpower, marketing, mentors, and you can

  • make money off of other people's mistakes.

  • And I took inventory on myself and I knew I wanted to get into this area of business,

  • but my inventory was that my liabilities were I knew nothing about manufacturing.

  • But my assets were that everybody was shooting these little videos around the neighborhood.

  • They weren’t like these big Diddy videos at a million dollars.

  • I mean, this guy, this was like a guy with a little camcorder or something.

  • And I knew that these people wanted, they needed clothing.

  • And when they would have the Nike send stuff to them, Nike didn't appreciate them.

  • So I would go to the set and see an LL Cool J, and I would ... I would sit on the set

  • 18 hours, I’d get kicked off of three or four of those sets, but the one time that

  • somebody allowed me to put a shirt on them, I’d put a shirt on them and then I’d take

  • it back.

  • And I’d keep putting it on different rappers and different rappers and taking it back,

  • and I made sure that I didn't dry clean these things, so they made sure they gave them back

  • because they stank.

  • Right?

  • So I knew that

  • You gave some stanky ass shirts.

  • I gave them some stanky ass shirts.

  • Youre goddamn right.

  • Now

  • I love it.

  • But these videos started to rotate and corporate America didn't understand the power of videos

  • at that time.

  • And I started becoming known as a huge clothing company.

  • Meanwhile, I’m still a waiter in Baldwin, Long Island and I have these 10 little stinky

  • t-shirts in my basement.

  • But I was doing something I loved.

  • I wouldve went on those video sets for free.

  • I was talking to a video chick, I was eating the free food over there, I was watching Old

  • Dirty Bastard be Old Dirty Bastard.

  • So, you know, I wouldve paid to be on those sets.

  • I was doing something I loved.

  • Yeah.

  • Oh, my God.

  • Youre bringing me back.

  • I still cannot get past how much I love the hip-hop of the 90’s and early days.

  • And that’s what – I actually want to talk about this, because a lot of people in our

  • audience and I’ll meet entrepreneurs out, they have this idea that even when they start

  • getting their business out there and maybe have some modicum of success, that they should

  • be able to do it full time.

  • And for you, when LL Cool J and some famous artists started to wear your clothes, you

  • were still full time at Red Lobster.

  • I was full time, you know, because weve seen too many movies where it saysgo balls

  • to the wall, burn every bridge.

  • Oh, by the way, other people’s money, it’s wreckable.”

  • That’s bullshit.

  • Right?

  • Totally.

  • The bottom line is don't quit your day job.

  • Alright?

  • Because here’s what was happening.

  • As a waiter at Red Lobster, maybe I made 30 or 40 thousand dollars.

  • Right?

  • But if I did that, which I did for 5 years, and I would work my 60 hours at Red Lobster,

  • then I’d put in another maybe 15 or 20 hours working on Fubu.

  • But if I had to pay myself for those 5 years, that wouldve been 200 thousand dollars.

  • Now I’m 200 thousand – I had 200 thousand dollars, I had medical, I was eating as many

  • shrimp as I would like, I was using my network at Red Lobster to get things.

  • I was learning from the network, the Red Lobster network of their corporation, their books,

  • on how they do business.

  • And I was able to do my business longer and go through the pitfalls of it, and the business

  • started to call me.

  • I started to now work 20% on the business, 80% on Red Lobster, then all of a sudden 80%

  • on the business and 20% there.

  • But all these people who hear all those stories about take out large loans and just go for

  • it?

  • It’s a lie.

  • They should never do that.

  • I didn't do that.

  • I always tell people, I don't know what I was thinking, but I’m real happy I did it.

  • When I started my coaching business at 23, which was nuts, I bartended and waited tables

  • and taught fitness and taught all kinds of things for seven years before I had the confidence

  • and the revenue to be able to say, “Okay, now I’m gonna shift and go full time online,”

  • and it's been almost 20 years.

  • But so many people, they want these instant results and it’s like that’s not the way

  • to do it.

  • Listen, every overnight success has taken 15 years, and that’s just the way it goes.

  • And theyve just watched too many peopleyou know who tells them all this?

  • The people that are trying to take their money.

  • You know?

  • The people that are trying to take your money work twice as hard so they go, “Take this

  • pill.

  • Youre gonna lose weight.

  • I’m gonna educate you, just come to my seminar and buy 100 thousand dollar…”

  • Those are the people that are full of crap, and other people who are out there that don't

  • want to put in the work, unfortunately nobody’s gonna help you.

  • Yeah.

  • So I also read that there was a time when 27 banks rejected you.

  • Yeah.

  • And your mom and her advice won the day.

  • Yeah, so the 27 banks rejected me, and they did it for a good reason.

  • Because I didn't have any financial intelligence and I didn't know what I was doing to fill

  • out the right application and express what I was going to do the right way.

  • Plus I had no collateral.

  • My mother and I, we had always had a house that we kept contributing to.

  • I was contributing, she was as well.

  • And I had $300,000 in orders.

  • That’s an important part.

  • It wasn’t good, old mom with just mortgage and the house.

  • I had $300,000 in orders and she said, “If you have $300,000 in orders, here’s what

  • were gonna do.

  • Were going to take as much money as we can out of the house, youre gonna go make

  • and sell the clothes and deliver the clothes, and put the money back in the house.”