4.8 • 705 Ratings
🗓️ 23 February 2024
⏱️ 53 minutes
🧾️ Download transcript
Daymond John is an American businessman, investor, television personality, and hip-hop fashion designer. He is best known as the founder and CEO of FUBU, a global lifestyle brand. He is also widely recognized for his hit ABC reality TV series Shark Tank and as the CEO of The Shark Group.
In this episode, we talked about investment opportunities, profitable deals, bartering…
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0:00.0 | I'm going to ask the person, what do they want for me? |
0:02.3 | They want money for me. |
0:03.4 | They want services, time, energy, what do they want for me? |
0:06.9 | So I break down the business and try to understand, like, I think we talk about, you'll |
0:10.4 | always find untapped value in it. |
0:13.5 | But let's really think about business. |
0:15.3 | It's super simple. |
0:17.3 | Increase sales, reduce costs, right? |
0:19.9 | Only three ways to ever deal with a customer. Acquire a new one, |
0:23.0 | upsell a current one, make one buy more frequently. Yeah, only three ways. That's it, right? So when |
0:28.4 | you start looking at these forms of how you're doing it, well, is your margins big, big enough |
0:34.8 | and you are, are you talking directly to your customer or are you seven |
0:38.4 | steps away from your customer, right? Because when I first started in business, I was seven steps |
0:42.6 | away. I made a line. Hopefully at apartment store bought the line. If they bought the line, then I would |
0:48.9 | hopefully get it in on time. Once I get it in on time, hopefully the kid took it out of the |
0:52.3 | distribution center or the distribution center in time time took it out of the back. |
0:55.8 | The kid who's so busy on Instagram looking now for college and girls or boys, right? |
1:01.1 | Then when they put it on the rack, who bought? |
1:03.1 | Did the mother buy it for herself? |
1:04.4 | Did she buy it for as a gift? |
1:06.7 | And if she didn't buy it, why didn't she buy it? |
1:08.7 | And if she went home, why did she return it? |
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