Daymond John has seen his share of ups and downs in business.
He lived paycheck-to-paycheck while waiting tables, turned his side-business FUBU into a massive success and then nearly lost it all in a series of poor financial decisions. Now, when he's not managing his own $6 billion empire, John invests in others as a judge on ABC's "Shark Tank."
The best business owners, he says, do things differently. In an interview with CNBC, John said that a great business mentor would teach his or her mentee these lessons: