Learning from the Experts

Learning from the Experts

Credit: Google Images

Over the past several months I have researched a lot of different very successful businessmen and women. I have learned a lot from each one of them and a few really stuck with me. I was very impressed in Daymond John who is the founder of FUBU clothing. He took an idea and took chances and has become one of the most successful fashion icons to date. Daymond has also become a motivational speaker and helps entrepreneurs understand how to boost sales, and keep a great moral.

            One key part that made Daymond’s idea a great success was that he wasn’t afraid to take a risk. He looked at his idea and the target market that he had to work with and seen that there was a great need and want for a product like his, so he took the risk with his own money to start his clothing business in his house. This brings up another great point that I will take from my research is that you must be willing to show investors that you are willing to put your own money into your idea or product. If you were not willing to risk your own money then why would an investor want to invest their money into you and your idea?

            Since doing the research I have made changes to the way I have approached my business plan. I have looked more in depth on how I have prepared the target market section. This helps me see before hand if my idea will be a success. I also have looked deeply into the financial statements more than I was before my research. Daymond made some good points how to plan ahead so that you won’t be surprised when issues or problems arise. Preplanning will make my life a lot easier since I have looked at all the areas of my financial planning.

Sources:

www.daymondjohn.com

http://www.youtube.com/watch?v=sgmq1f93vZI

http://en.wikipedia.org/wiki/Daymond_John

http://www.entrepreneur.com/blog/222663