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Episode #Power

Creating Business Breakthroughs, Entrepreneurship, and the Power of Broke | Daymond John and Jay Abraham

In this Episode, you’ll discover what every entrepreneur should know about success, the 3 ways entrepreneurs limit themselves, what you can do to create breakthroughs in your business, and much more with Joe Polish, Daymond John, and Jay Abraham.  

Here’s a glance at what you’ll learn from Daymond John, Jay Abraham, and Joe Polish in this episode:

  • Daymond John and Jay Abraham reveal what every entrepreneur should know about success
  • 3 ways entrepreneurs limit themselves and what you can do instead to create breakthroughs in your business
  • The Lowdown on Raising Capital: When raising money is dumb and dangerous (and when it makes sense)
  • Jay gives you a smarter, more strategic way of thinking so you can get the most out of every situation
  • Daymond shares the type of businesses he invests in and what he looks for in an investment
  • How to communicate with your market in a way that helps you attract quality buyers, stand out from competitors and gain maximum advantage
  • The Power of Broke: When being resourceful is more powerful than having resources
  • Why Daymond reached out to Jay Abraham to mentor him and how Jay helped Daymond get to the next level
  • The biggest overlooked advantage you have in business that can help you perform better for zero extra time, effort and expense
  • Joe, Jay and Daymond discuss the downside of fame, keeping your ego in check and what’s really most important in life

  • Daymond John and Jay Abraham’s Introduction [00:42]
  • Why did Joe Polish decide to make this available? [01:19]
  • Special half-day session on the Genius Network Event [02:17]
  • Who are Daymond John and Jay Abraham [03:07]
  • Sneak preview of two experiences [03:35]
  • Daymond on Shark Tank for 7 years [05:25]
  • Lessons Daymond has observed [05:35]
    • In an era where people can watch their downside, and avoiding exposure  [05:52]
    • Converting and finding out who your audience is [06:06]
    • By knowing your audience, you can avoid two of your biggest entrepreneurial risks–inventory and marketing [06:18]
  • The Power of Broke [06:55]
  • The whole world is changing [06:56]
  • Jay’s thoughts and observation [07:10]
    • Look at the online presence of a company if you want to see a glimpse of its future [07:23]
    • The laws of Direct Response Marketing are immutable [07:30]
    • “They almost make their website unknowingly inferior.” – Jay Abraham [07:49]
    • Websites multiply in 3 things [08:05]
  • Jay’s 3 universal recurring observations [08:45]
    • Everybody does the same thing, the same way everyone else does it in their industry…and it’s rarely the best way [08:50]
    • Almost nobody is strategic…everyone is tactical [09:08]
    • There are about 50 different impact points in the revenue side [09:24]
  • Frequently asked and unique questions to Daymond and Jay [10:37]
    • How to have employees think like entrepreneurs? [11:00]
      • Innovation is impossible without internal conversation [11:12]
    • How to start up a business (in terms of capital)? [11:45]
      • The earlier you take in capital, the more it costs [11:55]
  • Never winning on raised money [12:04]
    • When is getting money a dumb, dangerous thing? [13:25]
    • Being broke fosters creativity [13:30]
  • Is it better to raise capital or build it from cash flow? [13:42]
    • “I am personally against taking outside investors.” – Daymond John [14:25]
    • “The capital has to take you 3-5x” [15:10]
  • Be very frugal and make sure it’s the right decision [16:42]
  • “The most expensive information in the world, is bad information” – Joe Polish [17:43]
  • The first 3 years of his entrepreneurial venture, Daymond wasn’t making any money [18:55]
  • The right question posed in the right way can save someone 10 years of their life [19:20]
  • The most common question Jay encounters? [20:14]
    • The toughest questions [20:40]
  • The biggest overlooked advantage people have is there – It’s TALENT [23:30]
    • If you can’t hire talent, you build it, cultivate it, grow it  [24:00]
  • Roll with a diversified set of businesses [27:30]
  • How Daymond deals with artists [29:00]
  • Apparel slowed down dramatically with the great recession – What Daymond did instead? [31:10]
  • Constantly modify your business [31:48]
  • Ego undermines success [32:30]
  • Do NOT become promiscuous with your spending [35:00]
  • Jay getting taken to task because of ego [37:30]
    • You communicate to one human being at a time [38:20]
  • How do you live a great life and do it in creative ways [40:08]
  • Jay’s profound insight?–People have different definitions, interpretations, etc. of the exact same language [41:00]
  • Talking about Kiefer Sutherland [45:00]
  • Facebook vs “Fakebook” [46:30]
  • “Don’t compare your blooper reel to someone else’s sizzle reel” – Daymond John [48:45]
  • “Did you sell more or did you decrease costs? — There’s no other way to run a business.” [49:40]
  • Talk to people who have been there and done that because they will put you in your place [50:58]
  • Fall in love with the people that are respectful of you [52:55]
  • When you achieve prominence, you also achieve responsibility [53:45]
  • What is in the best interest of your customer and how does it benefit them? [55:05]
  • “Solving problems for a profit is what we do.” – Joe Polish [56:10]
  • The Power of Broke – [59:15]
    • Two types of entrepreneurs [59:45]
    • If you don’t have inventory, you cover full margin and WIN [01:02:00]
    • When you sell direct to customers, you WIN [01:02:50]
    • The Power of Broke is all about making the most with what you have [01:04:40]
    • On average, wealth disappears after about 2 generations [01:05:35]
  • Discipline creates revenue and revenue creates profit [01:07:37]
  • The driver for Joe getting into marketing? Chance, accident, call it what you what…what it really was, was the power of broke, he needed to eat, to survive [01:10:48]
    • That thing called entitlement? Get rid of it [01:11:50]
  • You have to think different…you can’t achieve greatness for others (and therefore yourself) without being a paradigm-breaker [01:13:40]
  • Ask yourself “What needs solved right now?” [ 01:16:50]
  • Before showing up to the Event, get clarity on what you want [01:18:28]
    • Understand that you can be “successfully stuck” in your business [1:18:40]
    • If you’re asking Jay a question, make it high-impact, make it specific, if you’re asking Daymond a question, make it open ended to facilitate a discussion…keep it fluid [01:20:40]
  • What keeps you up at night? [01:22:24]
    • How to progress in the business…how are you saving time or creating it? [01:22:40]
    • Sooner or later, the business you’re doing in the form you’re doing will be obsolete – What you can do to get in front of it [01:23:30]
    • Great entrepreneurs are offensive not defensive [01:23:40]
  • There is virtually no business that doesn’t have a multitude of elements, brands, etc. that can’t be made to perform better [01:23:34]
    • If you can find 10 things to improve by 5% that’s a total 50% improvement to your business [01:25:35]
  • Anything that eventually becomes an E.L.F. business was not easy in the beginning [01:26:40]
  • @TheSharkDaymond and www.abraham.com/50shades [01:28:35]
  • The President’s Council [01:29:40]
    • Go out and show people how to raise money, scale, and prove to them they can be entrepreneurs [01:30:40]

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