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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]
- How to have employees think like entrepreneurs? [11:00]
- 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]
About Daymond John:
Daymond John is an entrepreneur, investor, and TV personality best known as the founder, president, and CEO of FUBU. He also appears as an investor on the ABC reality television series Shark Tank.
About Jay Abraham:
Jay Abraham is Founder and CEO of Abraham Group. Jay has spent his entire career solving problems and fixing businesses. He has significantly increased the bottom lines of over 10,000 clients in more than 400 industries and over 7,200 sub industries, worldwide.
About Joe Polish:
Joe fell in love with Marketing when he realized as a 4 year old sitting on the counter of his father’s locksmith shop that if he smiled nicely… people would give him TIPS. He parlayed that into his famous “I’m trying to win a trip to Disneyland” Newspaper subscription sales method… and evolved THAT into the name-dropping, self-aggrandizing, super-generous style we all LOVE about Joe.
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