This Is Why You're Stuck & Not Getting The Results You Want | Shark Tank Investor Daymond John | Summary and Q&A

Transcript

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Summary

In this video, Damon John, founder and CEO of FUBU and star of ABC's Shark Tank, discusses various topics related to entrepreneurship and negotiation. He shares personal stories, insights, and advice on building influence, finding your why, negotiation, personal branding, recruiting, and more.

Questions & Answers

Q: What's the latest adventure Damon John has been on with his daughter?

Damon John recently bought two donkeys named Felicia and Debo. His daughter loves seeing them from a distance but is hesitant to touch them. Damon wants to get her to overcome her fear and interact with the animals.

Q: What is one of the biggest lessons Damon John has learned from being a father?

Damon John has learned that children are naturally skilled negotiators. They learn how to manipulate and figure things out from a very young age. He shares an example of his daughter using crying as a tactic, but acknowledges that he has to set boundaries and not give in to her every demand.

Q: What is Damon John's biggest challenge when it comes to negotiation?

Damon John admits that his biggest challenge is trusting people too much. He tries to give people the benefit of the doubt and believes in their words, even when they may be lying. He values trust and optimism, which can sometimes lead to disappointment when others don't live up to his expectations.

Q: How has Damon John's why changed over time?

Damon John's why has evolved over time, but the core value of wanting to serve others has remained consistent. Initially, he wanted to dress hip-hop artists and celebrate the hip-hop culture. However, as he expanded his brand and influence, he realized that his purpose was to empower a larger community and make a positive impact in people's lives.

Q: What surprised Damon John the most about negotiation from his research?

Damon John was surprised to learn that negotiation doesn't start at the table but rather begins long before that. It starts with building influence and trust, even in a 90-second elevator pitch. He emphasizes the importance of doing due diligence on the person you're negotiating with and nurturing the relationship after the initial deal, as the initial deal is only a small part of the overall benefits that can come from the relationship.

Q: How does Damon John recommend building influence?

Damon John recommends starting with smaller influencers or people who genuinely value your brand. By creating a base of ambassadors who genuinely appreciate your brand, you can generate buzz and eventually get the attention of larger influencers. He advises against going straight to big influencers, as they may be hesitant to invest in your brand if no one else has.

Q: What is the biggest mistake people make when building a personal brand?

The biggest mistake people make is projecting an image that is not authentic or real. Damon John believes in keeping it real and being true to oneself. Brands can be built on authenticity, even if they don't conform to societal expectations. Transparency is vital because social media can quickly reveal any inconsistencies or lack of integrity.

Q: How does Damon John approach recruitment and hiring?

Damon John prefers hiring interns or third-party vendors because he gets to see their problem-solving skills and how they work before making a long-term commitment. Likability is essential to him, as he wants to be able to work with the person for several years. He also values individuals who take responsibility for their actions and have a track record of accountability.

Q: How does Damon John determine whether someone is a good fit during the recruitment process?

Damon John asks questions to gauge whether the person takes responsibility for their actions and how they handle situations beyond their control. He also considers whether he can imagine spending hours with the person every day for years. He looks for problem solvers, likable personalities, and individuals who align with his core values and goals.

Q: How did Damon John negotiate with himself when faced with a cancer diagnosis?

Damon John had to negotiate with himself before deciding how to approach his cancer diagnosis. He contemplated the potential risks, including a long and challenging recovery process, as well as the impact it would have on his family. He considered both the option of living life to the fullest and prioritizing his health and family. Ultimately, he chose to approach it from a positive and determined mindset, not letting the cancer beat him.

Q: What advice does Damon John have for entrepreneurs in terms of recruitment and building a personal brand?

Damon John advises entrepreneurs to consider the compatibility factor before making long-term commitments with employees. He emphasizes the importance of authenticity and likability when building a personal brand. Additionally, he suggests taking inventory and understanding one's why and priorities, as this will help guide decision-making during the recruitment process.

Takeaways

Damon John's insights provide valuable lessons for entrepreneurs and individuals looking to build personal brands, negotiate effectively, and make meaningful decisions. Building influence starts before the negotiation table, and it's crucial to nurture relationships and consider the long-term benefits beyond the initial deal. Recruitment involves not only assessing skills but also likability and compatibility. Understanding one's why and negotiating with oneself are integral parts of making impactful choices. Authenticity and taking responsibility are essential for successful personal branding. Overall, these takeaways encourage individuals to be intentional, genuine, and accountable in their actions and decision-making processes.