These Are the 3 Things That Make Daymond John Want to Give You Money As he opens the fifth annual Black Entrepreneurs Day, superstar investor and entrepreneur Daymond John offers his best advice for getting the support you need.
By Dan Bova
For entrepreneur and investor Daymond John, deciding which projects he chooses to put his time, energy and money behind comes down to one thing: making a positive impact on the world.
In 2020, he created Black Entrepreneurs Day (BED), wanting to do something to uplift Americans who were aching in the aftermath of George Floyd's murder. "People were in the streets burning businesses when I said they should be building them," John told Entrepreneur. "So I called friends in business and some great brands to see what we could do to empower people, and show them how we were able to overcome struggles and find success.
"What started as a virtual call from Daymond's basement has now become an annual in-person event featuring some of the most accomplished people who live at the intersection of business and culture. The 5th Annual Black Entrepreneurs Day is taking place on Friday, November 22 at the Fox Theater in Atlanta, and will feature a slate of guests including Kelly Rowland, Flavor Flav, Charlamagne tha God, Olympic gymnast Jordan Chiles and many others. In-person and streaming tickets are free and can be ordered at blackentrepreneursday.com.
Related: How Daymond John Went From Selling T-Shirts on the Street to Running a $350 Million Company
BED isn't just in the business of inspiring entrepreneurs, it is also in the business of funding them. From October 24 to November 1, entrepreneurs can apply for a $25,000 Powershift Grant. (Apply here.) Along with partners JPMorgan Chase, Hilton, T-Mobile for Business and Constant Contact, a total of $100,000 in grants will be given to small business owners.
So what does it take to earn the trust and support of BED's investors and win one of those grants? We asked and "The People's Shark" himself.
When someone is pitching you, what do you want to hear that makes you say, "I want to give my money to this person"?
You want to hear them ask and answer the three questions: 1. Why me? 2. Why now? 3. And why this? You're going to talk about who you are, what you've been through and why you decided to do this business. You saw a pain in the market or you want to bring somebody joy. And then we want to know that you know your numbers. We want to hear how obsessed you are with your customers. We want to know that you're moving and shaking, you're agile and you're changing with the times. You're working with AI. You're making sure you're employing people from your community. If you have a real passion for it, it's infectious. It's kind of like, "Man, I want to know this person. I want to root for them because they are somebody who's going add value to people's lives."
What advice would you give to a young Daymond John?
I would say to a younger me that you already know the branding. You're obsessed with your culture. You're obsessed with the product. You want to make the best clothes ever. But you won't be able to run this business and keep it sustainable if you don't learn your numbers. What are the costs of goods? Who do you sell to? How many people do you need to employ? What number do you need to get to to be at your margins? Do you have the business structure for someone to be able to invest or are all your receipts in a shoe box? That's what I would have told my younger self.
If you were starting today and had just $1,000 in your bank account to work with, what would you do?
I would start with the homework of asking "What am I trying to solve?" And then I start with the OPMs. That stands for Other People's Mindpower, Manpower, Manufacturing, Marketing, Money. I don't spend my thousand dollars, I'm going to borrow their OPM. And then I'm going to study for six months or a year to figure out how I can get into this market and help solve the problem. And then DM 50 people a day looking for funding, mentorship and collaboration. I'm not going to use my thousand dollars. I'm going to try to use everything else.
Applications for BED's Powershift Grant are being accepted from October 24 to November 1.
