Daymond John

An entrepreneur must pitch a potential investor for what the company is worth as well as sell the dream on how much of a profit can be made. ”

Five days a week, I read my goals before I go to sleep and when I wake up. There are 10 goals around health, family and business with expiration dates, and I update them every six months. ”

Mentors, by far, are the most important aspects of businesses. ”

In the founders, I look for a person I feel is trustworthy, driven and smart. I invest in the person first, because in the event the business fails, the person and I can move forward and create another business. ”

One of my business partners would remind me that no fashion line lasts forever, that we would hit the down curve eventually, and that we needed to look for new brands that complement the first one. ”

When I first got into business, I made a lot of bad decisions. ”

I never knew anything other than wanting to be an entrepreneur. I tried my first business when I was 6 years old, and I started another business when I was 8. I don't think I knew anything besides that. ”

There really is no shortcut just because you have a name, or you have some kind of access or some way you can solve all the problems. And I think one of the things I learned with FUBU, you have to understand that there's really only two ways of operating a business: more sales, or lower overhead. ”

I consider each business investment based on concept and revenue. ”

Learn as many mistakes and what not to do while your business or product is small. Don't be in such a hurry to grow your brand. Make sure that you and the market can sustain any bumps that may occur down the road. ”