Ahmad Ali Alwan, the CEO of Hub71 is joined by Daymond John, a prominent voice in entrepreneurship and the founder of FUBU. They delve into the origins of FUBU, exploring the meaning behind its name, “For Us, By Us,” and how it served as a cultural identifier for hip-hop enthusiasts. Daymond shares the pivotal moment when LL Cool J wore FUBU in a Gap commercial, which became a significant marketing milestone and showcased the importance of understanding one’s target audience.
They discuss the mindset that entrepreneurs should adopt, emphasizing the need for founders to be obsessed with their customers and to continuously learn from their experiences. Daymond highlights the value of customer feedback, particularly complaints, as a crucial tool for improvement and growth.
As they transition into Daymond’s experiences on “Shark Tank”, the entrepreneur reveals insights about the pitching process and the importance of storytelling in successful pitches. He shares that while they close about 60% of deals, the journey to finalize these agreements can take up to nine months. He also notes that successful founders are those who can articulate compelling reasons for their existence.
Throughout the conversation, Daymond stresses the significance of understanding one’s “why” and the personal motivations behind entrepreneurship. He cautions against the pitfalls of chasing money and external validation, advocating instead for a focus on passion and purpose. In closing, Daymond reflects on the moments that remind him of why he started, emphasizing the joy he feels when customers connect with his products.