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"Entrepreneurs need to constantly
make an effort to improve branding"
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Many people know Daymond John as one of the tough sharks from ABC's Shark Tank. However, if you know about the multi-million dollar brand FUBU, than Daymond is a household name. Daymond John is the founder, president and CEO of clothing line FUBU. Daymond grew up in the Hollis neighborhood of Queens, NY, mostly known for being the birthplace of Hip-Hop. Daymond first got into apparel industry when he wanted a tie-top hat that he couldn't afford. He then started making hats for himself and friends.
In 1992, after making $800 in one night, Daymond realized that he was on the path to a great business. He recruited some friends and created the logo FUBU. They would sew the logo onto t-shirts, sweatshirts and hockey jerseys. A year later Daymond would hit his big branding break when he asked childhood friend LL Cool J to wear his shirt for a FUBU promotional campaign. He and his mother eventually mortgaged their house for $100,000 in order to have the money for start-up capital. His mother also moved out and the house became the headquarters and makeshift factory of the company.
In 1994, Daymond and his partners officially emerged FUBU and traveled to Las Vega to an industry trade show. They returned to Queens with $300,000 worth of orders and a contract with New York City's department store Macys. By 1998, FUBU's revenue had staggered to $350 million dollars and continues to grow everyday.
According to BlackEnterprise.com in an interview with Daymond, the number one thing entrepreneurs must remember when developing a brand strategy is the brand's three word mantra (Burns, 2010). The three word mantra defines the brand and what it stands for. It is important the public understands the mission statement but the employees must also understand it as well.
Another blogger, Kristen, attended a speaking of Daymond's, where he gave his 5 advice tips of what a beginner entrepreneur should do when starting their company. The 5 tips are as follows:
Set your goals- set goals for what you want to accomplish 6 months to a year from now. Look over the goals everyday and accomplish a step towards it.
Homework is important- do your research within your market and competitors. What appeals to the audience? Do their interests and needs differ depending on the state or country they are in? Who are your competitors? Why are you different? Answering these questions will help eliminate some mistakes along the way
Amore (love) what you do- you have to love and believe in what you are doing in order to keep it for long.
Remember your brand- every brand should be defined in 3-5 words.What words describe and make you different? Make sure to look at your business and personal brand because investors look at both.
Keep trying!- you need to keep trying to become successful.
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"My goal has been to present urban culture in its most true
form to the people who love it and the people who live it." |
Everybody knows Russell Simmons from his businesses Def Jam, Rush Communications, Phat Farm and many more but his road to success continues to inspire young entrepreneurs on the rise.
Russell Simmons was born in Jamaica Queens, NY to graduate parents of Howard University in Washington D.C. When Russell was 18 years old, he begin taking classes at Manhattan City College and found a job at an Orange Julius outlet. Simmons would also go hang out at night clubs, where he sold fake cocaine. After he quit selling fake drugs and leaving college, he began promoting concerts.
He also formed his own management for artist and called it Rush Management. He managed some of the hip-hop legends like Kurtis Blow, Whodini and Run DMC, who featured his brother Rev. Run. After the success of his artist, Russell launched his record label Def Jam in 1985. From then many artists were signed to the infamous label. In the early 1990's, Russell launched Def Comedy Jam, which featured African Americans like Martin Lawrence and Bernie Mac. In the next two years, Russell founded Phat Fashions and launch Rush Communications, the umbrella group for all of Simmons' ventures.
In an article for CNNMoney, Russell talks about businesses that succeed. In the article he also talks about his book "Super Rich: A Guide to Having It All", a guide to spiritual enlightenment, the surest path to wealth.
Simmons offered advice for entrepreneurs, young, old, big and small:
*Do a business you believe in.
*Be passionate about what you do.
*"Stay on your hustle", "Don't quit."
*Give away business products and services for free. "If you are a good giver, you will be a great getter." "The less you need, the more you attract."
*Find businesses that lift people up.
*Don't worry about the results, it distracts the entrepreneur from building his or her business.
Sources:
Daymond John
Burns, Renita. (2010, May 11). FUBU Founder Talks About Building Your Brand. Retrieved
Daymond John. (n.d.). About Daymond. Retrieved from
Kristen. (2011, April 14). Starting a business, advice from Daymond John, founder of FUBU
and Shark Tank investor. Retrieved from
Russell Simmons
Encyclopedia of World Biography. (n.d.). Russell Simmons. Retrieved from
Padgett, Tania. (2011, April 26). Russell Simmons: Getting rich is so simple. Retrieved from
