Founder, President and CEO of FUBU and star of ABC’s Shark Tank Daymond John reveals his biggest success stories in his new book The Power of Broke.
He talks to the Tom Joyner Morning Show about viable money tips and what entrepreneurs really need to know about going into business for themselves.
“You can’t buy your way into things the way people think. The number one reasons why startups fail is over spending. All of a sudden after the money is gone, the friends are gone and the money is gone and you’re out of business.”
What should a person do that wants to become an entrepreneur?
“Take half of the savings and get a financial adviser. Then get some digital literacy and get a local business mentor. Then get a another job.
Click the link above to hear the entire interview.
Making History: Top 10 Richest Black Actors
1. Tyler Perry - estimated worth $450M1 of 10
2. Bill Cosby - estimated worth $380MSource:AP 2 of 10
3. Will Smith - estimated worth $240MSource:AP 3 of 10
4. Samuel L. Jackson - estimated worth $170MSource:PR 4 of 10
5. Morgan Freeman - estimated worth $150MSource:AP 5 of 10
6. Denzel Washington - estimated worth $140MSource:PR 6 of 10
7. Ice Cube - estimated worth $140MSource:PRPhotos.com 7 of 10
8. Martin Lawrence - estimated worth $110MSource:PR 8 of 10
9. LL Cool J - estimated worth $100MSource:AP 9 of 10
10. Eddie Murphy - estimated worth $85MSource:AP 10 of 10
(Photo Source: Courtesy/ABC)