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Daymond John , star of the hit TV show “ Shark Tank ,” told hundreds of viewers watching online during the November 19 Simpkins Series that his hip-hop apparel brand FUBU was not an instant success and took years of hard work and failures before it finally made him a millionaire .
John , who in addition to being
Founder / CEO of FUBU is also CEO of The Shark Group and a Presidential Ambassador for Global Entrepreneurship , shared his tips for success , “ I started FUBU in 1989 . I had to close it three times because I ran out of capital . But that is where I see true success in entrepreneurs , they act , they learn and then they repeat ,” said John during the online conversation .
“ My three other partners came around in 1992 and we lived out of our house , selling clothes in the daytime and I worked at Red Lobster 8 to 10 hours a day and then would sell FUBU for 8 to 10 hours a day and I did that for five years . We finally got some recognition in 1997 after a lot of ups and downs . But I had a passion for it and so I worked at it , but I kept my day job because I had to pay the bills .”
John built his brand before the huge growth of social media and told the audience that he had to rely on a different type of influencer to get FUBU ’ s apparel noticed .
“ Influencers don ’ t necessarily need to be the Kim Kardashians of the world . Every single person watching right now has influence over other people . I only had a couple of dollars left to make shirts . I realized if I gave it to the cool kids in the neighborhood , they may wear it once or twice and throw it away ,” said John , who was living in Hollis , Queens , the New York neighborhood made famous by the rock group Run-DMC .
Foundation Newsletter
Shark Tank Star Was a Virtual Hit for the Fall Simpkins Series
Students and staff involved in EFSC ’ s Minority Male Initiative gather to watch “ Shark Tank ” star Daymond John in a socially distanced gathering organized by Cocoa Campus Associate Provost Michael Cadore .
The “ Shark Tank ” star also listed finding mentors , furthering your education , and developing what he calls financial intelligence as key actions for aspiring entrepreneurs .
“ Whether it is balancing a checkbook at home or balancing a Fortune 100 company , financial intelligence is important ,” John said . “ Business is simple , you either increase sales or reduce costs . Financial intelligence is crucial , they do not teach that when we are in first and second grade so if you are brilliant enough to learn that later , do it . The story of FUBU is great , but I closed it three times and even when I did get some capital I was once again down to $ 500 and about to lose the house because I didn ’ t know how money worked .”
E ’ ala Burgess , a recipient of the Simpkins scholarship , is starting a pet and house-sitting company that will service the Space Coast .
Nicholas Hanks is starting his own online music marketplace called Upscale to help musicians who are creating marketable songs .
Spring Graduation
Thursday , May 13 , 2021
Eastern Florida State College will hold in-person graduation ceremonies for Spring Commencement on May 13 for the first time since the COVID-19 pandemic began . Three ceremonies are planned at 10:30 a . m ., 1 p . m . and 3:30 p . m . at the King Center for the Performing Arts on the Melbourne Campus . More than 1,600 students are eligible to graduate Spring Term . Masks and social distancing requirements will be in place for everyone .
SAVE THE DATE
ANNUAL EFSC FOUNDATION SCHOLARSHIP GOLF CLASSIC FRIDAY , OCTOBER 29 , 2021 8:30 a . m . Shotgun Start ( 321 ) 433-7055
For more information visit efscfoundation . org / golf
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