Success. Investing. STAYING HUNGRY.

Success. Investing. STAYING HUNGRY.

Great people are very hard to keep and sooner or later they will either leave and be your competition or they will just leave or they will be they’ll be they’ll they will be such a large cost so if you make them a partner here you basically take them off the market you increase your margin your revenue they start teaching everybody else down the line and it becomes a pyramid and domino effect and that’s the way that i’ve always run my business i’ve always been driven to succeed i’ve always been driven to create some form of an income but the income was really the afterthought of creating some form of an uh an idea that was executed from beginning to end so uh you know i opened my first business when i was six years old it was um uh in the first grade um i would uh you know the boys the boys when they liked girls in the first grade they would uh they would kick them they’d pull their hair so i i saw a way to make a profit off of this and uh i’ll go and i would find pencils and i’ll spray scrape the paint off the pencils and i’d paint the names of the prettiest girls in school on the pencils and then i’ll say don’t kick her sell you know i would sell the pencils to them to then give to the girls and um you know that was going pretty well actually the girls because women are so vain they bought all the pencils of their own names but i was making a lot of money and then my principal made me close the business after like one month i think because uh he didn’t have any vision um he found out that i was stealing the pencils from the guys i hated in school as well so my cost of goods was zero right that was my first business and i always wanted after that i just kept going you know it’s funny when you if people that are willing to admit it there’s always kind of a little criminal background in the in in many successful entrepreneurs absolutely yeah yeah you know until you kind of learn integrity or at least learn that once you know how to do things you can actually it’s more sustainable yeah you know so borrowing money to mortgage the house doing that sort of stuff i mean did it almost not work it did almost not work you know um it was one of those uh you know us entrepreneurs take affordable next steps and we we dream big and and i was one of the people who were fortunate enough to come out of it but that was a very dangerous time in my life i got turned down by 27 banks and i didn’t have any financial intelligence but i had orders for 300 000 worth of goods not knowing that cash is a huge choke and the credit system and everything else like that uh we took out a mortgage on the house for a hundred thousand dollars you know moved out everything slept in sleeping bags and turned the house into a factory and that was all good right and we figured we’d sell the 300 000 with the goods and we put the extra we put the 100 back into the house but of course you know about six months later i’m looking at three months later on the mortgage they’re about to take the take the house from me i have 500 in the bank i’m selling the goods but my lack of financial intelligence at that time you know i didn’t understand that paying three months in advance for royal goods to come from overseas was going to take that cash and paying for my utilities and my staff and shipping and everything was going to take that cash and i had to give the stores terms of 60 90 120 days so my ignorance in that sense i was fortunate enough to take out my mother took out an ad in the paper for strategic partners and she said money is always available sales aren’t available so she took out an order uh uh took on an ad and said something uh to the effect of million dollars in orders need financing and um uh of course she know how to romance the truth of the little herself i’m not saying that i was a thief and my mother was a liar but maybe that’s what it was but 33 people people call that ad and one was samsung and um 30 of them were loan sharks and three of them were real and one was samsung’s textile division okay you know it’s fine dan sullivan who’s in the audience uh says that there’s two things you need when starting a business uh ignorance and courage yeah yeah because this so uh what’s the best piece of business advice you’ve ever received and how did it change your business path and your direction um i think it was um well i received a couple of them first the first one was somebody said uh don’t spend all your money kid because it’s really really hard to make money and it’s ten times harder to keep it i think that was one of them and i think the other one was uh you know it’s all about the numbers uh there’s only two ways to do business increase sales or decrease costs that’s it um and don’t do anything because it’s a it’s an ego play increase you know sales or decrease costs that’s it and those things probably have been the ones and everybody else knows all the other ones of course do what you love of course do your research and everything else but the room knows that already so fubu has it’s had 6 billion in global sales what are the key elements secrets and requirements of building like a six billion dollar brand that people here can utilize well in the days that we built it i think that there are a couple of things first of all you know um in business it’s purely about distribution i think that you can have the greatest idea in company or whatever the case is but you don’t have a way to distribute it it’s a it’s a pipeline it’s it’s a challenge i think that to understand and then don’t fall in love with a product where you think that you’re creating something new because we will never create anything new it will only be a new position or a new angle on it a new price you know um i always say twitter was a as i shared with you before it was a it was a note on a pigeon’s leg a million years ago and i put three sleeves on a t-shirt i just created a movement around it so it’s always a different positioning um and i think those are ways and then after you get to a certain level where you have brand equity i think is creating a large amount of really amazing strategic partners you know licensing whether it’s a territory or licensing a different angle of your products is important i’m not going to understand what they necessarily want in japan even though they want fubu in japan it’s a different culture um as well as i can do my men’s business but you and i were two guys if you were 32 and i wear 32 there’s two sides 32 there’s 32 long 32 short if i sell a a pair of seven or a pair of eight jeans to a female they’re 17 sizes because the thighs are too big the butts to this the gaps over here so i would license that business to an expert in that area because i don’t have a lifetime to learn the ladies business as well so i think that strategic partners are very valuable okay in 2009 you joined shark tank how have your investments worked out on the show and uh you know if a business owner these are the questions i have doing over a million a year was going to investor wealth what would you recommend they look at analyze and try to do so all right so in the investments on the show i want to make this quick so the first three three years i think i lost 750 the first year 500 the second and i think i made it all uh i lost about 200 the third and i made it all back in the fourth year off of one deal called uh jamba juice uh talbot tease we sold to jamba juice here’s the reasoning um you know people really didn’t know what shark tank was at first so the deal flow was poor second of all the producers are really producers so in the first season of vetting people whatever people said was whatever people said and the producers didn’t know any better after sitting on sets for three years watching you know 150 people per year pitching two two-hour pitches the producers became more savvy towards this so the deal flow became much better and the closing ratio went from only closing 30 percent to now we close approximately 95 percent also the sharks themselves that uh have become very astute we’ve all put the right resources around us after making those mistakes so um so i didn’t make anything up until that point and then only one deal itself paid for everything and now we have found ways to convert um sales and you know i’ve had a licensing division everything else go taking that and going into the model of having a million dollars you want to know what was where should somebody invest that yeah like if they were going to invest the wealth what would you recommend they look at analyze deals and try to do so we’re not talking about going to public markets or anything and we’re talking about looking at venture that’s out there in the market and angel things of that nature correct yeah tell you if it was if it was me um first of all i would invest in what i’m seeing is a large shift in business where many people in this room are doing this already in regards to online curriculums and things of that nature but i’m seeing that there are kids at home and people at home they’re going into these networks and into these uh forums and they’re speaking the voice of other people and people are prepaying for goods or whatever it is and they’re doing two five seven ten million dollars worth of business the entire business model is shifting now you know so they always say retail is messed up or or or bad or let’s say my business is 20 billion it’s not a 20 it’s not that it’s not a 20 billion dollar business no more it’s just that these big guys like us aren’t doing it it’s a ten thousand kids doing a million dollars out of their home so that is how business is shifting and it’s about social media and it’s about continuity and transparency uh you read a lot uh i read a lot but i don’t i don’t get to read a large amount because i’m dyslexic so reading a lot means three pages to me but it may take uh two years and usually the three pages of one of j abraham’s emails [Applause] that is actually funny with every adjective every now and then so i’m reading that then i gotta go the dictionary i gotta read that go back to the dictionary what the hell did he say what no i mean he has the most expansive vocabulary of any human being i’ve ever had he’s like the muslim guys that come out of jail with kids and they just start saying everything because they study the dictionary every day no i always let jay’s like talk about engineer reciprocity and stuff like that amazing but that’s why he’s my mentor yeah yeah so what are the key things to look for and do when growing and developing talent and stars in an organization uh good idea i mean i i you know when i when i speak i can only speak of my experiences and what’s worked best for me so no so so people can’t object what i’ve learned for about in talent is first of all i don’t pay a high price for talent coming aboard i want people who are willing to bust their butt and prove themselves and i think we both then are a little uncomfortable and this is how that i structure with anybody in my company number one you have an obligation to the team that you uh must do and this is in your silo number two is if you are able to contribute to part of the team there is a some form of compensation a percentage or whatever cases and number three if you do well enough we will start this business together and we will be partners now why do i do that number one you have to have a dedication to something number two you have to show that you’re a team player but you’re compensated and number three is great people are very hard to keep and sooner or later they will either leave and be your competition or they will just leave or they will be uh they’ll be they’ll they will be such a large cost so if you make them a partner here you basically take them off the market you increase your margin and your revenue they start teaching everybody else down the line and it becomes a pyramid and domino effect and that’s the way that i’ve always run my business okay cool cool uh so this is uh always a complex one how do you manage your time and what’s the biggest uh time management lesson you could share with the super busy entrepreneurs which is most people here that is that is going to be the biggest challenge ever um and i am you know i think that i’m in a room full of uh you know people just like myself and i’ve been having an enormously hard time with that this past year about time management and that’s the biggest struggle i think we all have because you have the time management challenge of first of all being with the ones you love because that’s why we work you have the time management challenge of staying up with your health and then you have the time management challenge of not going out and putting out fires but starting fire so learning the new way that things are shifting and time management is very very hard so my basic practice as much as i can has been to put the work out in the uh and and get the things out of the way daily that needs to be done immediately i have a goal setting process to keep me on schedule um and those have been the biggest challenge i’m having a big challenge with it now i was just sharing that with you and where i think the biggest challenge i have is if you don’t create a solid form of communication i’ve noticed the 20 40 60 rule is getting worse every day no matter what i say to my team if they say to somebody else 20 is going they say to somebody else 40 is gone by the time you know it you are adding on two three four hours to your day of fixing things you said and you thought it was done and the two aspects the problem is this am i gonna talk to somebody like a child and say do this this this this this this or am i going to fire them if they do something wrong or am i doing something wrong and it’s just it is a big big challenge and i know somebody in here probably has a book or a curriculum i can fix that and talk to me later about that okay so what do you see is the biggest opportunity right now in the marketplace that you may not want to fully share but you just know there’s huge opportunity for entrepreneurs who can take advantage of it that would be worth you know 10 times the 10 000 to 25 000 people invested to be in this room i think that and i don’t mind sharing i think that there are influencers and people all around the world right now that have become you know pseudo celebrities and i think that we are going back to the days of the proprietor you feel like you’re dealing directly with the proprietor no longer is there three uh three forms of separation between you and something you’re consuming you can consume something from a proprietor and i think that the days that i grew up i’m needing the the rappers and the artists to wear something and talk to the manager and do this and that and then needing the tv to air it i think is a different time now where there are kids in the middle of australia sitting there on instagram with 10 million followers but they’re not moving anything but content and then if you have something else whether it’s a pen a jacket a book a cup or something like that and you brand that you brand it to that kid and the average is a half percent or one percent go ahead and converts you can sell something every single week and if you end up creating a infrastructure where you have 5 10 15 20 30 of those kids you can create a total movement awesome hey i hope you’re enjoying this video and i want to let you know that i have a new book that’s come out and if you’d like to get it absolutely free there’s a link below in the description or you can wait till the end of this video or you can simply go to joesfreebook.com and you can get a copy there so who do you privately turn to for advice uh if anyone and uh why you jay um who else um you know i turn to my kids because uh you know i’ve gotten to the point where you know these these little brats of mine were on snapchat they were they were talking about uber they were talking about this and that and as adults went going what the hell are you doing you should go no uh what the hell are you doing because you know that’s just where it is you know that’s actually really good okay what’s your what is your business model and model for living as successful of a life that you can and what’s the most critical single element you focus on within it having fun um by far and i’ve gotten to that place in my life where it is and many people in this room they say well you know you have enough money to have to have fun uh what you’re doing but i really look back at the days and even when i started fubu when i started fubu even due to the frustration of um the fact that we felt nobody wanted to support this community most of my friends where i grew up were drug dealers and things of that nature and at that time to be a designer in 1989 1990 the perception of a designer was they either italian older white caucasian individuals or they were gay and and i have no no issue with anybody’s sexual uh preference um so but i decided that i loved to dress and i wanted to do it and i had fun doing it so now even when i’m at this stage in my life of of having fun i’m excited about people i work with and people i have fun fun with it’s not because i have the wealth because once i stop chasing my friends and hanging out and wanting to be cool and make the money and get the girls and i just stopped and told some tell a bunch of rough guys hey i want to make a couple of little hats it wasn’t easy but when i did that when i did that i found success and i found peace and then uh you know and that’s just why i operate business and hopefully that answered it and i’m sure everybody up here has said the same thing what what are what are the biggest dark sides of success in fame i mean you have people that write scathing things about you if you become famous you know that crit criticism i think the darkest side of success and fame is uh number one you don’t change but the people around you say that you’ve changed and they they you know they they certain people around you have said you change and you can’t be yourself no longer with your friends and some of your family i think that the the challenge of knowing that um you haven’t watched your daughters grow or your you know you weren’t there for your wife when something happened and you weren’t physically there due to the lack of time you never know what that costs you now i do know individuals who are making minimum wage who still are not home like i’m not home so it all is the balance of i’m not there but i can i can afford the finest doctors and the things for you in life um i think also the other the other challenge of success and fame is if you’re a true entrepreneur and you’re a business person when you get home can you cut it off no matter what are you talking to your husband or wife like they are somebody who’s employed by you and your children and can you can you can you get that soft side of you back and i think that those and again that becomes a time management situation time’s the only thing that we can’t change yeah got you so knowing uh everything you know and have experienced what’s the one question i didn’t ask that i should have and uh what would your answer have been no um you know i think that i think that all of us are probably workaholics by nature and i think that one of the biggest challenges are at what point do you either sell the business stop the business share the business with somebody else or you know at what point do you make that transition that that tends to be the entrepreneur’s struggle can i make more should i sell out should i bring on partners and i found that the businesses that i was more successful at or the businesses that i didn’t miss were the businesses that i actually had to think about what to do with the business i wasn’t excited i wouldn’t say what are you crazy you know we love sharing information and you know you said to me come on out here and hang out and i said all right and then it turned into me speaking and then it turned in a bunch of other stuff and i was happy um if if it was about something else i you know if i had to think man do i want to do this i should stop doing that all all together so it’s just that that pivotal moment of when do we pivot and and use what we have to still be successful because i’ve learned in my time in my life that people thought i was a designer i’m not a designer i’m a distributor and a manufacturer so i don’t love designing i love the art of distributing manufacturing and branding and a lot of times we get stuck in the area of no we’re supposed to do this and this is our business that may not be your business yeah yeah so you have to say no a lot especially when you reach a certain level of of fame and it’s interesting what the world uh who the world admires and how they you know put some people on a pedestal and and and the sheer volume of people that are simultaneously trying to you know tear you down while beg from you for money yeah i mean it’s it’s it’s interesting to see you know it’s very much of an anti-capitalistic society too a lot of jealousy a lot of envy uh how do you cut that stuff stuff off how do you mentally deal with it how do you say no to things when people are just you know hitting you from all angles and i know it’s hard i mean there’s not a perfect answer for this well first of all you know um well if it’s somebody that i don’t know um uh and they come and pitch me uh you know all black guys look the same so i tell them i’m either ceelo or ashley larry from the chapel show they stop pitching me right so i’m not worried about that does that actually work yeah it works okay um the challenge is uh the ones you do know the issue is i’ve been i’ve learned to become very comfortable with my gut and the first couple of years of success and money um i’ve handed out a lot of money and i lost a lot of friends that never got it back so i’m very uh you know i’m very quick to say hey this is what i believe in um number two is that um i just i i i’ve now created something where people have to go through a lot of hoops uh and not not to demean them they have to make sure that what they’re bringing me is so special and it’s thought out so right that it works for me and then i’ve also learned to say no to other things and say guys i tried it i lost money i don’t know that area no yes you do i’m trust me i don’t know i just i’ve just learned to not become you know not drown an opportunity and think i know everything i know i know a very specific area and i try to stay there no you’re very good about that i’ve noticed that a lot about you i have some joe polish stickers from my stickerface.com this guy does and i was thinking this could be a really hot item and i wanted to pitch you on it i’m kidding i’ll give you a sticker though if you want me for your iphone or something we can you can work something out i think those nothing puts a smile on a kid’s face you have some of the stupidest crap that i’ve seen you do i love it though i love it i love it i love it all right um what i’d like to do two you’re willing to take two questions only from the audience only two so if anyone has a question for damon come up to the mic right now we’re going to take two of them make it snappy all right you said earlier you have goal-setting processes obviously there’s off-the-shelf programs to do all that do you have anything special on how you track your goals kpis that sort of thing no i don’t um it’s it’s a general process so my theory my thing at night is i uh i try to load all my thoughts into my blackberry at night so i feel like i’m downloading myself and i’ll revisit them in the morning i have a set of goals that i read at night which are they they go they expire they’re about eight eight goals the short terms they all expire in about six months and then you have i have two or three more that expire in five years and then 20. i in 20 years i read them all because i feel that that’s the last thing that i’m going to think about when going to sleep and then i read them back when i wake up in the morning um the only thing that i feel in regards to the goals that i feel is when that let’s say they all expire july 27th i feel this huge weight of animosity on me right around july like 15th and i don’t know why until i reset them so that’s that’s my process and i and i started initially from reading think and grow rich as a kid as a kid and that was what that is what inspired me as well as uh brian tracy awesome right on hey damon mat boggs with all the success man how do you stay hungry to keep moving forward to keep growing to keep building it goes back to the my theory of first of all doing what you love but i i surround myself with a bunch of people that you know in my company if you really look at i probably hired about 35 people that i’ve known since i was 12 or 15 years old so at any given time i get out of place they they remind me um but that whole partnership and theory program of those people when they come aboard and you may you know one of my guys right here cliff where you at cliff is my guy uh you know i i was entrepreneur residents at babson um university and um he didn’t show up for the first day of class and uh and we taught him for a while and then all of a sudden you know he moved to uh various different areas and he was willing to intern now this guy can make being a college grad he was only 30 years old he can make he averaged out 120 150 000 a year but he said he was going to scrap all that and put in as long long time long uh as much time as he wanted and i want him to intern until he found the way to make money now he’s obviously making way more than that now but he bet it on me and in return i’m hungry because i bet on him i can’t i can’t have a lot of people running out going oh yeah i bet on dave and it’s like and i have i have 15 20 clips like that in my life and i think that makes me hungry i’m excited i lived through him awesome and alcohol since you flew a long way to be here you can ask the question yeah um what are the lessons from the rap game that you use in business from what game from the rap game from hip-hop what lessons from the rap game i’ve learned to use in business yeah because um yeah or to pick up women no from the rap game what i’ve learned using business is they utilize the haters the people that hate them more than they utilize the people that love them um they make sure that those people who hate them will talk about them constantly um so they play off of that and the one the successful ones are kanye west and 50 cents um i’ve learned that they are all about that little piece you see on the camera is what it is most of the successful pre uh rappers at the end of the day you see how rough and how their killers and all that stuff they were nerds in school playing music you know in band trust me they weren’t rappers like that right so i’ve learned that they’ve they’ve able to you know perception becomes reality from these guys okay i hope you found that video awesome and useful so if you want to get a free copy of my book i want you to click here and if you want to watch some more videos that will be useful and awesome click here go ahead they’re over here do it now come on thank you watch

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