Whether it’s on Shark Tank, TMZ, through social media or on the street, I get asked some pretty amazing questions about business - the type of questions I wish I had known the answers to when starting FUBU!
Entrepreneurs’ best practices and strategies often stem from the advice of a more experienced entrepreneur - someone who’s lived through all stages of the process! As an experienced entrepreneur myself, I find a sense of purpose in continuing the cycle of great business owners. Just like my mentors passed down critical and life-altering advice to me, I want to pass down some knowledge from all my years in business to you.
I’ve created Shark Bites, a collection of audio files answering all the questions I’m constantly being asked about business. These are all the most popular, helpful questions that I know will give you a head start on your business.
This collection answers burning questions like:
- “How do I get started?”
- “What are the must haves for my business to be successful?”
- “How do I know if my business is working?”
- “When is it time to return to my day job if my business is failing?”
- “How do I balance work and life?”
- “Where should I put my concentration when opening up a business?”
- So many more!
I love sharing my knowledge with you guys (and as a bonus I always end up learning something new in return). That’s why I make sure to connect with you every week - whether I’m going LIVE for Powershift Your Week on Instagram every Monday at 1, or hosting Powertalks with other business owners and influencers every Tuesday at 1. These audio files are just one more way for you to learn from all my experience!
I always want you to leave my blog with more knowledge than you had logging on, so you know I can’t help myself… here’s some of my favorite Q&A’s from this series:
Q: What do you look for in a successful entrepreneur on Shark Tank?
A: I look for people who’ve been through the trials and tribulations of business already. In other words, people who know what not to do because they’ve already failed. I look for people who come back stronger after they’ve failed and still have a passion for what they’re doing - this is called resiliency. I look for problem solvers - people who see problems as just a normal operation of business and will find ten different ways to solve them.
Lastly, I look for people who are great communicators. If you can’t communicate your idea, brand, product, vision, etc. to every single person in the room, then people won’t get it!
Q: What should my margins be?
A: Margins range depending on the industry you’re in. If you’re in electronics, the margins will be lower. If you’re in fragrance, the margins will be very high. The reason is because for something like cologne, it takes very little cost to produce, but it can still be sold for $60. To understand what your margins should be, you need to study and understand the industry standards for whatever industry you’re interested in.
Q: How do I find mentors?
A: Mentors are the most important factor in being a successful entrepreneur. Keep in mind that mentors can be anybody - life is a series of mentors! When you’re trying to find a mentor, don’t shoot for the stars and try to get a celebrity mentor that you can’t reach and wouldn’t be able to access every day.
A mentor is someone who can guide you on a daily basis, which is why mentors in the community are almost always better and more effective than a billionaire mentor. Find someone who’s owned a store or business in your community for 20 years - they have the same experience as someone who owns a giant corporation! You need to have a mentor that you can talk to on a weekly or daily basis, and you also need to know what’s in it for them. Are they passionate about animals? Do you need to volunteer at an animal shelter for a couple hours every week in exchange for them to mentor you?
Q: What’s the biggest piece of advice you’ve ever received?
A: ……..
Unlock the answer to this question, as well as dozens more and 2 surprise gifts here for just $1.99! That’s years worth of experience for less than a cup of coffee! Remember, the best investment you’ll ever make is in yourself.
What other burning questions do you have? Email them to me at daymond@daymondjohn.com.
