For entrepreneur and investor Daymond John, deciding which projects he chooses to put his time, power and money down comes down to 1 thing: making a affirmative effect connected the world.
In 2020, he created Black Entrepreneurs Day (BED), wanting to do thing to uplift Americans who were aching successful the aftermath of George Floyd's murder. "People were successful the streets burning businesses erstwhile I said they should beryllium building them," John told Entrepreneur. "So I called friends successful business and immoderate awesome brands to spot what we could do to empower people, and show them really we were capable to flooded struggles and find success.
"What started arsenic a virtual telephone from Daymond's basement has now go an yearly in-person arena featuring immoderate of the astir accomplished group who unrecorded astatine the intersection of business and culture. The 5th Annual Black Entrepreneurs Day is taking spot connected Friday, November 22 astatine the Fox Theater successful Atlanta, and will characteristic a slate of guests including Kelly Rowland, Flavor Flav, Charlamagne tha God, Olympic gymnast Jordan Chiles and galore others. In-person and streaming tickets are free and tin beryllium ordered astatine blackentrepreneursday.com.
Related: How Daymond John Went From Selling T-Shirts connected the Street to Running a $350 Million Company
BED isn't conscionable successful the business of inspiring entrepreneurs, it is besides successful the business of backing them. From October 24 to November 1, entrepreneurs tin use for a $25,000 Powershift Grant. (Apply here.) Along pinch partners JPMorgan Chase, Hilton, T-Mobile for Business and Constant Contact, a full of $100,000 successful grants will beryllium fixed to mini business owners.
So what does it return to gain the spot and support of BED's investors and triumph 1 of those grants? We asked and "The People's Shark" himself.
When personification is pitching you, what do you want to perceive that makes you say, "I want to springiness my money to this person"?
You want to perceive them inquire and reply the 3 questions: 1. Why me? 2. Why now? 3. And why this? You're going to talk astir who you are, what you've been done and why you decided to do this business. You saw a symptom successful the marketplace aliases you want to bring personification joy. And past we want to cognize that you cognize your numbers. We want to perceive really obsessed you are pinch your customers. We want to cognize that you're moving and shaking, you're agile and you're changing pinch the times. You're moving pinch AI. You're making judge you're employing group from your community. If you person a existent passion for it, it's infectious. It's benignant of like, "Man, I want to cognize this person. I want to guidelines for them because they are personification who's going adhd worth to people's lives."
What proposal would you springiness to a young Daymond John?
I would opportunity to a younger maine that you already cognize the branding. You're obsessed pinch your culture. You're obsessed pinch the product. You want to make the champion apparel ever. But you won't beryllium capable to tally this business and support it sustainable if you don't study your numbers. What are the costs of goods? Who do you waste to? How galore group do you request to employ? What number do you request to get to to beryllium astatine your margins? Do you person the business building for personification to beryllium capable to put aliases are each your receipts successful a footwear box? That's what I would person told my younger self.
If you were starting coming and had conscionable $1,000 successful your slope relationship to activity with, what would you do?
I would commencement pinch the homework of asking "What americium I trying to solve?" And past I commencement pinch the OPMs. That stands for Other People's Mindpower, Manpower, Manufacturing, Marketing, Money. I don't walk my 1000 dollars, I'm going to get their OPM. And past I'm going to study for six months aliases a twelvemonth to fig retired really I tin get into this marketplace and thief lick the problem. And past DM 50 group a time looking for funding, mentorship and collaboration. I'm not going to usage my 1000 dollars. I'm going to effort to usage everything else.
Applications for BED's Powershift Grant are being accepted from October 24 to November 1.
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