I recently listened to the Daymond John interview on LIVE with Kelly and Michael about how this high-powered Shark and American entrepreneur started out, and was amazed at how his story sounded so much like many of my clients and other business owners I knew.
I waited to hear the ah-ha advice he had for those looking to expand their business and wasn’t disappointed. Below are some of his tips about becoming a successful business owner, plus his insights on how to get out of debt.
Realistic Tips For A Successful Business Owner
Daymond said in the interview, that if you’re afraid to fail, you might not be passionate about your business. Because when you’re passionate, you may fail, but you’re also going to learn and grow. He had these other tips for business owners who want to be successful at what they do.
1. Surround yourself with good people.
2. Leverage other people to help expand your business, other people’s money, marketing, manpower, and manufacturing when you can.
3. Read your goals every single day, and prepare them for review at six months, five years, and twenty years. Also, be sure to include goals for your health, family, and business.
4. Look to long-time business owners in your community as a mentor. They have been through everything – recessions, gas shortages, and competition.
5. Take affordable steps to move forward rather than large sums of money, especially if you haven’t sold anything yet.
6. Surround yourself with like-minded people.
7. Understand you’re going to fail more than you’re going to succeed.
8. Know that the business you start may not be the same business you end up with.
Tips About Getting Out of Debt
During the interview, Daymond confessed he nearly went broke due to his lack of financial intelligence. Here are several tips he shared for staying out debt and avoiding going broke.
1. Have separate checking accounts for the important parts in your life, such as children, vacation, mortgage, etc.
2. Keep the small things in check. For example, if you buy three coffees every day, that’s maybe $3 – $4 each, that adds up to $10 per day, $50 per week, $200 per month, and $2,400 per year, plus tax, that’s $3,500. If you make just $40,000 per year, that would be eight percent of your annual income – on coffee!
3. Take affordable, small steps and learn along the way. Avoid taking out huge sums of money to pay off debt. Chip away at it.
One of my favorite parts of the interview was when Daymond was talking about failing. He reminded us that you should take affordable steps and learn along the way. That’s exactly what a business is. You’re going to have moments of failure, but you’re going to learn from them and you’re going to grow.
Gather your passion and make the business of your dreams. Use these tips and find a mentor or two along the way to keep you focused, energized, and educated.
What’s your business dream and how do you plan to get there?