Daymond John thinks the entrepreneurship community has a knowledge deficit.
While good business ideas are plentiful, many entrepreneurs struggle to understand payroll taxes, health care and other thorny issues, says John, the founder of apparel brand FUBU and one of the star investors on ABC’s startup pitch show Shark Tank. In other words, they don’t have the financial literacy to scale their businesses and attract investors.
What they need, says John, are mentors — trusted advisors who have been there and done that, and can guide the new entrepreneurs through their next phase of growth. “Mentors, by far, are the most important aspects of businesses,” he says.