Sep 28
Seven famous founders share money mistakes, smart moves
By Laura Petrecca
The crumbling of Wally Amos’ cookie empire taught him how to be a better man, and a better business leader.
The creator of Famous Amos Cookie Co. opened his first cookie shop in 1975. A decade later, the once-growing company faced severe financial trouble, forcing him to sell the company in pieces to outside investors.
USA TODAY reached out to successful business people to hear about their financial foibles, their best business decisions and their lessons learned.
Daymond John: FUBU
John’s apparel prowess began on the streets of Queens, N.Y. Shocked by the expensive prices of “tie-top” hats, he asked his mother to teach him how to sew so he could make his own hats and sell them. A banner sales day in 1992 — $800 in sales — further spurred his entrepreneurial drive.
He worked with a friend to create the FUBU logo (which stands for For Us, By Us) and began to produce sportswear from his home. FUBU is now an international clothing brand, and John is a celebrity judge on the TV show Shark Tank.
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Sep 28
Catch Daymond, along with fellow Shark, Kevin O’Leary, on “Dancing with the Stars” as special house guests tonight at 8pm on ABC.
Sep 28
I can design unique shirts and clothes all day, I can get some people to buy them. I’m 18 and haven’t made a business our of this yet. What are some things you look for on Shark Tank that would set someone in my position apart? Or what advice would you give to point me towards the successful direction? Are there any places I should go for production or printing?
What we look for on Shark Tank, to invest in businesses, is somebody who is generating revenue, and can track and show growth in that revenue. Or somebody who has a brand or identity that can be patent. This does not mean trademarked! This means patent with a proprietary concept that nobody else can do. In regards to production and printing, you should always start off small. There are always local printers and producers in the garment district of your area; I would start there first!
Regards,
Daymond
Sep 28
Hey Daymond, I’m a clothing designer. I design jeans mostly, yet low on capitol so business is at a snails pace at the moment yet my designs are great; lots of good response. What’s the best way to boost my business and gain capitol and exposure, perhaps to find an investor.
Several different questions are asked; In regards to gaining exposure, social networking is probably the best way. You get the purest response from people who do not know you. Putting product into stores so that actual consumers, that do not have any interest just you, go in and pick up your product, solely. After this point, you then move towards making small sales, and when you get up to a sales point where you can show growth and steady revenue income on a small level, you then go after investors, depending on your needs. Most times, investors are not the most important thing, it’s the strategic investor. The person who can not only give u capitol, but someone who understands all aspects of the business.
Good luck
Daymond John
