If you are a fan of the show Shark Tank then you are no stranger to Daymond John, the fashion mastermind who took a local urban brand and turned it into a worldwide name worth $6 billion dollars.
For many of us we have dreams of living a financial worry free life but do not possess the knowledge to get there. Here is what I know about success, it is doing a little every day until your reach that goal, it does not happen overnight and does not come easy.
If you don’t believe me hear it from someone who’s net worth is $250 million, Daymond states that if you want to become a millionaire then you must follow these 5 principles:
The 5 Principles That Will Help You Become a Millionaire!
1. Set Goals – The goal shouldn’t just be to make money, why are you doing what you are doing if there is no meaningful purpose then you will receive no meaningful return.
Daymond on FUBU "My goal became doing the best I can for the company I love. The goal changed to my dedication: I want to dress people and enrich their lives, and in return I will hopefully be compensated."
2. Do your Homework – Knowledge is power and the more you know the better equipped you are especially in business. In simpler terms, research your industry, find out what works and why it works, and know the market. The world is changing daily so you must be aware of what is happening in your space.
Dayomond on Homework “I have to see sales and some proof of concept, and what they learned when they sold 100 units so they can come back and sell 1,000 units," John said. "I need to see somebody at some level where their idea isn't just a theory, because if it's only a theory, then you're using my money as tuition."
3. Love What You Do – This is a piggyback off of point number one, whatever you are doing it must be your passion. Michael Jordan the greatest basketball player in the history of the sport said that he would have played the game for free. The love will keep you going because if you are not making money most likely you will scrap the project.
Daymond on Loving what you do. “Do what you love, and success will follow. Money may follow; I can't promise that it will," he said. "But money's more likely to follow when you're doing something you love, because you'll do it for 10 years or 20 years."
4. Business + Brand – You are solely not a business you are a brand as well. Yes we all want to do good business but we also want to connect with the people. If you do not make a real connection with the people then your business will fail – people support because of the connection and them identifying themselves with the brand.
Daymond on Brand + Business "Be very honest with yourself, especially today with social media. At any given time, your employees can see you," John said. "So you have to know what the DNA of the brand is. It only takes your employees two weeks to treat your customers the same way they're being treated."
5. Keep Swimming - Consistency is the key with everything, when you are starting a business, when your business is up and running, when you are dieting, when you are in a relationship, CONSISTENCY IS EVERYTHING – KEEP GOING AND NEVER STOP.