Daymond John is nothing if not tenacious, and it's that determination that allowed the founder of FUBU to take a shoestring budget and wield it to eventually create an urban streetwear brand worth $6 billion.
But the road John traveled en route to becoming a serial entrepreneur and an investor on the hit ABC show Shark Tank was filled with false starts: being $16,000 in the hole after throwing a party on a boat that few people showed up to; losing the first $800 he ever made to pay for car repairs after a crash; sinking nearly $100,000 into a makeshift factory during FUBU's earliest days, while still unsure he could fill his first round of orders.
What John learned as he gradually built a billion-dollar clothing line is that sometimes your best work comes when your back is against the wall, a lesson he distilled into his 2016 book, The Power of Broke. In this case, sometimes literally being broke can be the jump-start an entrepreneur needs.
"It makes you work things out and figure things out and get it done without the tool of money giving you a superficial high," John said.
Today, when he's not considering pitches as the "People's Shark," he's sharing his lessons of business success through a series of online classes called Daymond on Demand. But as John will tell you, the key elements of any successful venture haven't changed, even if times have. He calls them his five SHARK Points, and he said they're just as relevant today as they were when he launched FUBU in the 1990s.