When Daymond John secured a $300,000 order for his upstart hip-hop clothing start-up FUBU, he was elated.
At the time, it was a big break for his clothing brand, which was little more than a basement operation. The problem was, he realized, now he had to make $300,000 worth of clothes.
He had neither the infrastructure nor the resources. So he went to the bank to get a loan. He was rejected. He went to another bank. He was rejected again.
In total, John went to 27 banks. He was rejected at all of them.