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Transcript of “Daymond John: Financial Intelligence

& Learning from Failure - #279”

Bulletproof Radio podcast #279

Bulletproof Radio Podcast #279, Daymond John

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DaveAsprey: Hey,it'sDaveAsprey.Beforewegetstartedwithtoday'sshow,let'stalkaboutCasperMattresses.ThestartupguysatCasperarewinningdesignawards,gettingpropsforreinventingthehumblemattressandturningtheindustryupsidedown.Theystartedwithasimplemission-tocreateaperfectlyengineeredmattressthatyoucouldtryinthecomfortofyourownhome.Caspershipsthemattresstoyouforfreeandgivesyou100nightstotryit,again,riskfree.They'llcomepickitupifyoudon'tloveitandrefundyoueverything-noquestionsasked.

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Announcer: BulletproofRadio:astateofhighperformance.

DaveAsprey: Hey,it'sDaveAspreywithBulletproofRadio.Today'scoolfactofthedayisthatdollarbillsaregrossbecausetheyoftencarrytracesofsalmonellaandE.Coli,andthere'ssomerecentstudiesthatshowthattheolderthebillsare,themorecontaminatedtheyare,specificallywiththosebacteria.Moneythat'sprintedoncottonmaterialhasthehighestlevelsofbacteriaasopposedto


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thosecreatedonthenewer,slickerplastic-basedmoney,whichhastheleast.Ofcourseifweweregonnadothisrightwecouldjustprintitonhempandnooneknowswhatwouldhappentherebecausethatwouldjustbetooefficientandmaketoomuchsensenow,wouldn'tit?

Itallstartswithyourwebsite.Bulletproofexec.comiswhereIstarted.Thewebsite'simmenselyimportanttoBulletproofbecausethat'showwehelpmillionsofpeopleeverymonth.Growingyourbusinessstartswithastunningwebsite.Nomatterwhatbusinessyou'rein,Wix.comwillhavesomethingtohelpyoucreateakickasswebsite.Wix.comisacloud-baseddevelopmentplatformthat'susedbymorethan70millionpeoplethroughouttheworld.Youcandoityourself.Youdon'tneedtobeaprogrammerordesigner,andtheyhavehundredsofdesigner-made,customizabletemplatestochoosefrom.Thereareeasydraganddropfeatureswithnocodingneeded,andyoucangetyourwebsitelivetodaywithmobileoptimization,securehosting,SEO,24/7supportandmoretohelpyoubuildyourcompanythewayIdid.It'seasyandtheresultisstunning.AlsocheckoutthestoriesonWIX.comtoseerealsuccessstoriesofpeoplewhohaveusedWIXtobuildgreatwebsites.

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Today'sguestofthedayisaguywhoprobablyneedsnointroduction,atleastifyou'reconscious.Justkidding.Uh,thisisDaymondJohn.He'sabestsellingauthor,abrandingguru,andareallysoughtaftermotivationalspeaker.He'sthefounderofFUBU,theAmericanclothingandhiphopapparelcompany.Hegrewitfrom$40intoa$6billionbrandandjustcameoutwithareallyinsightfulbookcalledThePowerofBrokewherehelooksatdifferentpeoplewho'velaunchedtheirownbrandsandcareersfromaplaceofdesperation,ratherthanfromaplaceofabundance,whichisanothercoolplacetohangout.(laughs)Sothere'snothinglikesayingIgotnothing,nothingelseleft.


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InMayof2015,justthislastyear,theWhiteHouseappointed,uh,himGlobalAmbassadorofEntrepreneurshipaspartofthePageProgram,andyou'vecertainlyseenhimonSharkTankonABC.SoDaymond,welcometotheshow.

DaymondJohn: Thankyou.Thanksforhavingme.

DaveAsprey: Well,it,it's,it'sactuallyagreathonorbecauseamutualfriendofours,uh,JayAbrahamintroducesus.Jay'soneofthe,themarketinggurusofmarketinggurus,andIwas,uh,Iwasprettystokedwhenhesaid,"Dave,youshouldtalktoDaymond."I'mlike,that'sfunny,'causeI'vebeenwantingtotalkwithDaymond.SoI,I'mgratefulthatyou'rehere.

DaymondJohn: Iamtoo,andJay,um,youknow,IsoughtoutJayas,uh,youknow,tobeamentorofminemanyyearsagobecauseIknewthat,uh,youknow,Icalleditlifeasaseriesofmentors.And,um,he'sbeenreally,reallyamazing.

DaveAsprey: AndsoJayalsomentorsmeandwealsohavea,afriend,JoePolishincommon.Sothefirst,thereasonI'mbringingthisupisalotofpeoplewhoarewatchingthisprobablydon'tunderstandhowinterconnectedalotofentrepreneursreallyareandthere'safewofthesesuperconnectorguyswho,whoreallymakeitpossibletospendtime,uh,with,withotherpeoplewhoareperformingatthesecrazylevels.

SoIthinkpeoplelisteningtothisshowwanttounderstandacouplethings.Oneofthemisaboutthetopicof,ofyourbookThePowerof,ofBroke,youknow,what,whatistheroleofdesperation.BuIthinktheyalsowanttoknow,like,whatdoyoudotokicksomuchass?Sowe'regonnastartoutwiththepowerofdesperationbecauseyou'renotdesperateanymore,andyou'restillkickingass.

DaymondJohn: Right.

DaveAsprey: SoIwanttoknowhowyoudothat.(laughs)


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DaymondJohn: Well,youknow,I,Ithink,Ithinkthatbringsupagoodpoint.So,youknow,asIwrotethePowerofBroke,Ialso,uh,madesurethatthesubtitlewas,washopefullyselfexplanatory:"HowEmptyPockets,aTightBudgetandaHungerforSuccessCan,CanBecomeYourgreatest...

DaveAsprey: Yeah.

DaymondJohn: Um,CompetitiveAdvantage"becauseIfiguredpeople,youknow,alotofpeoplewilljustjudgethebookbyitscover.TheywillsayThePowerofBroke.Well,firstofall,Idon'twantto,youknow,Idon'twantto,youknow,concentrateonbeingbrokeorIdon'twanttohearaboutDaymondwhenhewasbroke,'causehe'snotbrokeanylonger.Andneitheroneofthoseare,youknow,exactlywhatthebookisfor.Thebookisfor,uh,showingpeoplethatthereisthisadvantagethatyouhavewhenyou'rebroke.I'mnotglamorizingbeingbrokeandnothavingresources'causeofcourse,weallneedto,uh,orshouldhaveaccesstothebestmedicalandthethingsofthatnature.Butifyouhappentobebrokeatthetimeanddon'thavealotofresources,theny-,y-,youneedtodosomethinganyway.SoItrytoputthatinhere,whatthatis,butthepeoplewhouseThePowerofBrokemorethananybodyelsearethepeoplewhogettoalevelofsuccessandtheyknowthattheyhavetotapintothathungermorethananythingelsebecausetheycannotbuywheretheywanttogo,nomatterhowmuchmoneyyouhave.Andth-,andthat'sthetheoryofthebook.

DaveAsprey: Well,that,thatsaysalotbecauseuh,uh,youcertainlyknowalotofpeoplewhocanbuyjustaboutanyphysicalassetontheplanet.Andwhenyou'reinthatkindofaposition,you'resayingyoustillcan'tbuywhereyouwanttogo.Whatdoyoumeanbythat?

DaymondJohn: Well,becausewhen,whensomebodylikeaMarkBurnettwho'sinmybookherewhois,youknow,my,uh,the,theproducerofSharkTank.WhenMarkBurnettcameoverhere,hewasoneoftheSpecialForces,uh,typeofindividualsoverinthe,theBritish,


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uh,theBritish,uh,military.Hecameoverhereandhegotajobasananny.The(laughs)thistoughguygotajobasananny,right?

Thenhegoesoffandhesellsacouplet-shirtson,youknow,on,onVeniceBeach.Andnowbeingthetop,oneofthetoprealityproducersintheworldwithshowslikeTheVoice,Contender,Apprenticeandallthosetypeofthings,whenhefoundthislittleshowthatwasalreadydoing,youknow,goodnumbersinJapanandLondonandCanadacalledDragon'sDen,hesaidI'mgonnabringittoAmerica.Nowhecould'vewentoutandputabunchofindividualsontheshowthataream-,wildlysuccessfulandwildlyfamous,buthedidn'tdothat.HewentoutandgotaDaymondJohn,aBarbaraCorcoran,aRobertHerjavec,aKevinO'Leary,andMarkCubanwasn'tevenontheshowatthattime,andanotherguynamedKevinHarrington.HesaidI'mgonnauseThePowerofBroke,andthePowerofBrokeisthis-IcanaffordanybodyIwant.Icanputontherem-,musicstarsandeverythingelselikethatlikealltheothershowsdo,butthegeneralAmericanpublicwillnotbelievethatthisbigrockstarthat'sonthatshowisreallygonnagooutthere,rolluptheirsleevesandgetdowninthetrencheswiththeseentrepreneursand,andhelpoperatethesebusinesses.

Andwhenhedidthat,whenhe,whenhedecidedtoputthebandofbasicallynobodiesatthetimeonABConthatshow,everybodysaidnobody'sgonnawatchtheshow.Whydon'tyouhaveabunchofrockstarsandathletesupthere?AndhesaidIamnotgonnadothat.Irefusetodothat.Andtheywereabouttocanceltheshow.HeusedThePowerofBrokebasically'causehecouldaboughtanythinghewantedto.AndI,I,Ihavedozensanddozensofexamplesofthingslikethatinthebook.WhenI,whenever,whenIstartanewcompany,Idon'tgooutanddowhat,uh,youknow,peoplethinktheyshoulddo.Itcostabout100,000,anywherefrom$70,000-$100,000tocreateafulllineof,uh,samplesfor...

DaveAsprey: Yeah.

DaymondJohn: Topresent-wellcutandsewnsampleseverythingelselikethat.Andittakesaboutninemonthstogetthosesamplesin.Idon'tdo


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that.Igotoatailor.Imakeoneortwopieces.IputitonanInstagramstarorsomebodyonavideo,andIpaymaybe$2000or$3000or$4000,andIwaittoseeifthephoneringsafterthat,toseeifpeoplelikethatgarment.Iftheydon'tlikethatgarment,I'lltryitagain.I'lltryitonemoretimethenafterthatImighthavetocutbait'causeguesswhat,Idon'thaveagoodidea.

DaveAsprey: Andyousavedyourselfabout,oh,$95,000intheprocess.

DaymondJohn: Yeah,$95,000andninemonthsofwork.

DaveAsprey: Yeah.

DaymondJohn: Whichonewouldcostmore,right?Soit'soper-,weoperatelikethatallthetime.

DaveAsprey: S-,sodidyougetthatbecauseyoustartedout,infact,it'sreallyinteresting.YoustartedoutsellingyourhomesewnshirtsinQueens.MarkBurnettgotstartedoutinshirts.Alotofpeopledon'tknowthis.Mytuitionwentupby,uh,Ithoughtitwas$1500%;itactuallywentup1200%.IwentbackanddidmathwhenIwasat,inuniversity.IwasworkinginBaskinRobbinsscoopingicecream,andI'mlikeIcan'taffordformycollege,Ican'taffordcollegeanymore,soIstartedat-shirtcompanythatturnedouttobethefirste-commercecompanyever,andIpaidmytuition...

DaymondJohn: Wow.

DaveAsprey: Withthis,like,thefirstproductsoldovertheinternet.Itsaid"Caffeine:mydrugofchoice",andIsolditto12countriesfrommydormroom

DaymondJohn: (laughs)

DaveAsprey: Right?Butlike,whyisitthat,like,peoplethatare,like,Ihavenomoney(laughs)whyarethe-shirtsattractive?Soit'sbizarrethat'sthere's,like,threeofusinthesamecirclehere.


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DaymondJohn: (laughs)Um,youknowwhat,Ithinkthatweall(laughs)it'ssomethingsimple.

DaveAsprey: Yeah.

DaymondJohn: Ithinkalsotheexpressionofwhatitisisusuallysomethingthat'ssonearanddeartous,youknow,andIguesswhenyouwereincollege,caffeine(laughs)...

DaveAsprey: Yeah.

DaymondJohn: Wasit,youknow.Um,that's,andit'sfairlyeasy,Imean,everybody,it'seasytogetat-shirt,andit'seasytoscreenprintwhetheroneor1000and,andpeoplelove,uh,youknow,theylovetostatethings,youknow.AndIstatedForUsByUs.YoustatedCaffeine,andIdon'tknowwhatMarkexactlyhadonhis.Maybeitwaslike"Hey,Dud,where,youknow,hanging".Youneverknow.

DaveAsprey: W-,whydidyoupickForUsByUs.

DaymondJohn: IpickedForUsByUsbecauseatthetimewhen,um,hiphopwasreallyjuststartingto,youknow,becomepopular,um,wewouldalwayshavetogoandbuyclothesthat,youknow,wefindouttherethatwethinkareattractive,youknow.A$700skijacketwithGore-Texinitwhenwejustneedanicecolorfuljacketandwedidn'tneedaskijacket,sowecanmakeonefor$300,youknow,buyonefor$300.Butmoreimportantly,allthedesignersthatwelovedandcherished,westartedhearingrumorsthattheydon'tlikewhetherAfrican-Americansorrappersor...

DaveAsprey: Mm-hmm(affirmative).

DaymondJohn: Youknow,thecitykidswearingtheirproduct.And,youknow,IgotfrustratedandIwentand,uh,withmyfriendsandwesaidwhenissomebodyjustgonnabehappyaboutthepeoplethatsupportthemandlovethembecauseI'mspendingeverysingledimethatIhave...


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DaveAsprey: (laughs)Yeah.

DaymondJohn: Onclothing.Andhonestly,knowingthosedesignersnow,theywerereallyrumors.Mostofthosedesignersdidnotsaythat.

DaveAsprey: Yeah.

DaymondJohn: ButforwhateverreasontherumorsgottousandwejustgotfrustratedandwesaidForUsByUs.Andit'saboutaculture;itwasn'taboutacolor.

DaveAsprey: Soyou're,you'reaprettyfamousguynow.Um,howmany,uh,howmuchofwhat'sreportedaboutyoudoyouthinkisactuallytrue?Like,ifyouweretojustpickapercentage?(laughs)

DaymondJohn: What,well,what'sreportedaboutmethatIsayis100%true.

DaveAsprey: Oh,ofcourse.

DaymondJohn: Whatisreportedthatpeopleassumeisnot.I,youknow,Ihearallthetime,um,yeah,Daymond,youknow,uh,-,howdoesitfeeltobeabillionaire?AndIsay,Idon'tknow,youknow,I'mnotabillionaire.

DaveAsprey: Yeah.

DaymondJohn: Youknow,uh,youknow.AndIthinkthatcomefromhesold$6billionworthofproduct.Thatdoesn'tmeanItook$6billionhome.Ihavepartners,youknow,taxes.Acoupleofthingshappeninlife,right?And,andthat$6billionwasover15yearsor10years,whateveritis.

DaveAsprey: Yeah.

DaymondJohn: Um,andthenIthinkmaybeontheshow,um,youknow,itsays,youknow,you'reabouttofaceapanelofmillionairesandbillionaires.There'sonlyonebillionaireontheshowasfarasIknowunless,well,youknow,Kevincanprobablyjustnotpayany


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taxes.Hehasabillionunderneathhismattress.Soanyway,butanywaythat's,there'sonlyonebillionaireontheshow.

DaveAsprey: Uh,it's,uh,it'sfunny.OnetimeI'vebeencalledabillionairetoo,whichissoincrediblyfarfromthetruth.Um(laughs)itdoesn'teven,itdoesn'tevenmakesense.Uh,butit's...

DaymondJohn: Yeah.

DaveAsprey: Uh,it'sfunnybecauseI'mlearningaspeoplehavebeenlearningmoreaboutBulletproofthatthere'sallsortsofstuffgoingon.Like,apparently,Ihavediabetes.Ididn'tknowthatandIdon'tactuallyhavediabetesbutit'sreportedouttherelike...

DaymondJohn: Oh,thankGod.

DaveAsprey: I'mlikeokay,whatever,(laughs)butthestuffpeopleassume...

DaymondJohn: Yeah.

DaveAsprey: Isoftentimesreallyfunny.

DaymondJohn: Itiscrazy.

DaveAsprey: Soasyoulookat,atyourarc,whereyouwentfromliterallymakingyourownproductsandsellingthemtowhereyouarenow,ittakesahugeamountof,ofchangejust,likepersonallyin,inordertocopewiththelevelofsuccessyou'vehad.

DaymondJohn: Yeah.

DaveAsprey: And,youknow,talkingaboutThePowerofBroke,you'retalkingabouthowthesepeoplehavestartedoutandhowyoustartedoutonareallytightbudget.Youhadthishunger.Butwhathappenedtoyoupersonallywhenyoustartedtogetreallysuccessful,like,whatdidthatdotoyourhead?

DaymondJohn: Um,well,youknow,I'm,I'mfortunateenoughtohaveaverydowntoearth,a,abunchofdowntoearthpartnerswhogrewup


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withme,and,youknow,we,wewentthrougheverythingtogether.AndbecauseIhavealotoffriendsthatIhired,uh,toworkwithuswho,umyouknow,theykeepyouhumble.Youknow,it'sthe,it'sthefriendsthat,youknow,yousitthereandy-,youcantrytotalkbadaroundlikeyou'rethegreatestpersonandthey'relikeIwaswithyouin8thgradewhenyoupoopedonyourself.Yourememberthat,right?(laughs)So,sofirstofall,that,thathelpsyou.

Secondofall,youknow,beinginthefashionbusinessisaveryficklebusinessand,youknow,anormalhotfashionlinecanprobablygoaboutfiveyearsandthenit,it,itdwindlesout.Andyouknow,overthecourseoftimeasFUBUwentupandFUBUwentdownandtotheside,weacquiredotherbrandsandweacquiredabout10otherbrands,andabout6or7ofthemdidn'twork,andoneortwoorthreestartedtowork.But,I,I,I'veexperiencedalotoffailure,whichisreallygreat.It'spartoftheprocess.

And,um,youknow,Iguessthat,uh,youknow,listen,I'mjust,ItrytobeahumblepersonbecauseI'mintheworldwhereIdoknowalotofpeoplethathaveahigherlevelofsuccessinvariousdifferentways,whetheryouconsiders-,successbeing,youknow,somebodywho'sgoingoutthereandsavingourplanet.AndIfeel,IfeellikemaybeI'mnotdoingenoughtosaveourplanetordothingsorsuccessissomebodywho'sreallydedicatedtotheirfaithorsuccessismoney,youknow.SoI'vealwaysrealizedthatyou'renevergonnahavemoremoneyoranythingelsethanotherpeopleintheworld.Otherpeoplewillhaveit,youknow.If,if,uh,ifBillGateswokeupwithMarkCuban'sbankaccount,hewouldcuthiswristsandjumpoutthewindow,right?So...

DaveAsprey: That'sagreatquote.(laughs)

DaymondJohn: So,youknow,so,um,I,I,youknow,soitjustkeepsmehumbleandit,anditkeepsmethinking.Itkeepsmeontheedgeaswell,becauseIknowthatnomatterwhat,peoplearecomingtokickmybutt.


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DaveAsprey: Sothere'syouredge,whereeventhoughyou'resuccessful,youknow,yougottakeep,yougottakeepprovidingvalueorthesuccessdwindles.

DaymondJohn: Yeah.

DaveAsprey: Ifeelthatway.Butthere'sabunchofpeoplelisteningtothisrightnowwhoareprobablysittingheregoingwell,youknow,I,I'vegotajob.I'vegotamortgage.I'vegotkids,youknow,I'mnotdesperate.Idon'thavethepowerofbroke,butIstillwannadosomething.Wheredo,wheredothosepeoplefindthedrive?

DaymondJohn: Well,youknow,Idon't,Idon'tthinkthatthepower,well,italldependsfirstofallwhatisthegoal?Imean,they'renotdesperate,butmaybetheyare.Imean,youmayhave,youknow,youmayhaveyourownkids.Youmayhaveacushyjob,butyouhatewhatyoudo.

DaveAsprey: (laughs)Imightabeenthere.

DaymondJohn: Right?

DaveAsprey: Yeah.

DaymondJohn: Yeah,youhatewhatyoudoorthepersonyou'reworkingforgetsalltheacknowledgementandweknowthatstudieshaveshownthatpeoplewill,peoplewilltakeacknowledgementoversexandmoney.


DaymondJohn: Andyouwanttobeknownforsomething.Maybeyourkidsdon'twantyoutobekno-,maybe,maybeyoudon'twanttogotothegravewithyourkidsknowingyouastheworkingstiffthat,uh,nevercamehomebecauseyouhadapileofpapersonyourdeskasanattorneyandyouworkforacorporationandtheycouldn'tcarelessaboutyou.Andmaybetheywanttoknowyouassomebodywhowentoutandchallengedyourselfinadifferentwayandusedallthatdrivethatyou'regivingandworkingon


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somebodyelse'sdream,youdecidetodothatonyourowndreamandyou'rehappytoliveanddiebytheresultsofwhatyoudidthatday.So,youknow,thedrivecanbe,thedrivecancomefromanywhere.

DaveAsprey: Whataboutthisideaoffailure?Imeanmostreallysuccessfulentrepreneursprobablyfailedacoupletimesbeforethey,theyhititreallybig.Didyou?

DaymondJohn: Uh,yeah,Imean,butthat'sonlyif,ifweconsideritfailure.

DaveAsprey: (laughs)Exactly.

DaymondJohn: Imean,Idon't,Idon't,youknow,Idon'tknowifIwanttoputthatwordonitbecausehonestly,um,ItelleverybodyI,IclosedFUBUdownfrom1989,Icloseditdownthreetimesfrom1989to1992becauseIranoutofcapital.Butit,itdidacoupleofthings.Andthis,thisistheessenceofwhatthePowerofBrokeis:numberoneItookaffordablestepssowhenIranoutof$1000,Iwasready,Iwasabletorecoverfromthat.Ididn'ttake$100,000,$200,000loandayoneandthengooutandruinmycreditforsevenyearsandhaveabunchofpeoplemadatme.

Uh,numbertwoiswhenIcloseditdown,thebusinesskeptcallingme.Ididn'thavetoopenitbackup,butIopeneditbackupbecausesomebodywouldsaytome,"Man,youknow,thatFUBUshirtIboughtfromyou,canIbuyanotherone?"AndIwouldstarttofeelthis,uh,this,thisreallygreatfeelingaboutdressingotherpeople.AndIalsosayIwanttogiveitanothershot.IfitwassomethingIwasn'tpassionateabout,Iwould'vejustscratcheditbecauseI'vedonethatbefore.

Andthenalsoanotherpointisthatmyfriendsthatwerearoundme,thecharactercameoutofthem.They're,theyweren'tgettingpaid,buttheywerelikeI'mreadytogoagain.Yes,IjustworkedeighthoursatmydayjobandI'mreadytocomeinhereandputfivehourseverynightwithyousewingshirtsandmailingthemandboxingthemandeverythingelse.Soallthatstuffcomesout


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whenyou'rebrokeandyoutapintoit.IfIhadmoney,Iwould'vejustspentitrightaway.I'dasaidIdidn't,uh,Ineedtoadvertisemore.Oh,myfriends,letmepayyou.Oh,youknow,letme,letmegetabetterqualityshirt.Oh,LLCoolJ?I'mnotgonnabegyoutowearmystuffforfree.Ihave$10,000.Hereyougo.Allthatwould'vewentrightoutthewindowinoneminute.

DaveAsprey: And,andyouthinkyou'rebetteroffbecauseyoudidn'tdothat?

DaymondJohn: IknowI'mbetteroff'causeIdidn'tdoit,andIknowthat,um,Iseethathappenbecausehonestly,onceImadeagoodamountofmoney,Iblew$6milliononlaunchingaclothinglinethatIdidn'tknowmuchabout,andIthoughtIcanhireallthepeoplearoundme.AnditshowedmethatunlessI'mreadytogetupand,and,anddotheworkmyself,everyday,androllupmysleeves,peoplearegonnatellmeanythingtheywantandI'mgonna,I'mgonnapaythemmoney,paythemmoney,paythemmoney.Iturnedaround,anditdidn'tdoanythingforme.

DaveAsprey: Losing$6millionisprettytraumatic.Imade$6millionwhenIwas26,uh,at,atthecompanythatIcreatedcloudcomputing.IlostitwhenIwas28.Uh(laughs)...

DaymondJohn: Yep.

DaveAsprey: Andthat,that'soneofthosethingsthatI'mhappytocallthatafailurebecauselike,likeyou,uh,afailureisactuallydata.It'sjustlearning.And...

DaymondJohn: It,it'stuition.

DaveAsprey: It'stuition.And,andlastnight,Imean,everynightIputmykidstobedand,andI,I'dsaywell,whatwasyourfailurefortoday?Someparentswerelikehorrified.Itwaslike,no,really?Andifthekidsdon'thavesomethingthattheytrytodothattheyjustdidn'tknowhowtodoyet,I'mlike,ah,Iguessitwasn'taverygoodday,'causeyoudidn'tlearnanything.Like,youdidn'tpushyourselfveryhard.


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DaymondJohn: That'saverygoodpoint.IthinkI'mgonnausethat.

DaveAsprey: Andit,it's,it'sactuallychangedthewholewaytheylookat,like,everylittlethinktheydowhereit'slike,oh,that'sokay.Like,like,maybetomorrowI'llgetit.And,andI...

DaymondJohn: Right.

DaveAsprey: Didn'tgrowupthatway.Idon'tthinkalmostanyonedoes.SoIwouldtryandhidethefailures,andhonestly,I'dprobablystillhavethat$6million,whichwould'vemadestarringBulletproofaloteasier'causethiswasallshoestringed,uh,butyouknow,I,Ilostit'causeobviouslyIdidn'twanttofacefailuresandthingslikethat.Anddoyouseethatmorewithpeoplewhoarestarringoutfromapositionof,like,I'mdesperateIgot,I'vegotnosafetynet?Aretheymorewillingtofacefailureandlearnfromitoristhatreallylessofanissue?

DaymondJohn: No,no,theyare.They're,theyknowthatthefailureispartoftheprocess.Youknow,evenwhenIlookat,ifyoulookatrealentrepreneursthatwell,firstofall,theentrepreneursIlikewhen,evenwhenthey'reonSharkTankorinmypersonallife,whentheywalkuptomeandItalktothem,iftheydon'thaveanyfailures,especiallyinthatbusinesswe'retalkingabout,Idon'twanttodobusinesswiththem.

DaveAsprey: Yeah.

DaymondJohn: BecauseIdon'twantmymoneytobetuition.Youknow,it'skindalikethesayingthatI'vebeenusingallthetimelately,whichIlove,isMikeTysonsaideverybody'sgonnahaveagameplanuntiltheygetpunchedintheface,right?AndIwantyoutogetpunchedinthefacebecausebythetimeIwas,bythetimeFUBUgotbig,myfacewasapunchingbag.I'dalreadyknownwhatIcando,whatItried.Youwould'veaskedmeaquestion,Iwentuh,triedit-failed.Uh,triedthatfailed,uh,tried...andthenwhenyoufinallycomeupwithsomethingthatisacombinationofsomethingIfailedatbuta


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newtwist,butandanaffordablestepandwecantryit,Iwasgonnatryitagain.

DaveAsprey: Soofallthosepunchestothefaceyoutook,whatwasthebiggestoneandwhatdidyoulearnfromit?

DaymondJohn: ThebiggestonewaswhenIalmostlostmy,my,my,I,I,Igot$100,000loanbecausewehad$300,000inorders.


DaymondJohn: AndIgota$300-,$100,000loanonmyhouse'causewefigured,okay,got$300,000inorders,nowIhavetomakethegoods.Letmegosellthe,takethemortgageonthehouse,sellthegoods,putthemoneybackintothehouse.Allright.SonowIcanbasicallymitigatemydownside.Ididn'thavefinancialintelligenceandIalmostlostthehouse...

DaveAsprey: Oh.

DaymondJohn: And,um,Iturnedaround.Ididn'thaveanyofthatmoneyinthebankbecauseofmylackoffinancialintelligence.SoIthoughtmyjobwasdonenowwhenIsaid,okay,Ihaveorders.Ihavecash.Ihavecustomers.That'seasy.ButnotknowingthatIwasgoingtopayforrawgoods90daysaheadofanadvancetogetor,andthenpayforutilities,shipping,billing,uh,manufacturingandmystaff.Andthenmyreceivables,Iwasn'tgettingbut60/30/90days.Andnotunderstandingwhatfinancialintelligencewas,thatwasthebiggestthingbecausethathauntedmeandIalmostlosteverythingIeverworkedforthen.AndthenlateronwhenIfirststartedmakingsomerealmoney,whenIranthroughacoupleofmilliondollarsquickly,not,andnoteventryingtobef-,noteventryingtobelavish.SoIalwaysheard,youknow,jewelryisreally,youknow,it'saninvestment,right?Itcanbe,youknow,itwillretainvalueifyouresellit.No.

DaveAsprey: Yeah.


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DaymondJohn: Rawstones,diamonds,thoseareaninvestment,notwhenyouwearthediamondaroundyourneckinaMickeyMouse,uh,uh,medallion,crusheddiamonds.Those,that,that'sjewelry.

DaveAsprey: Yep.

DaymondJohn: Diamondsand/orrare,and/orstonesholdvalue.SoIthoughtIwastakinggreatadvice.Ihadamilliondollarwatchcollection.Isolditbackfor$200,000.

DaveAsprey: (laughs)Ouch.

DaymondJohn: Youknow,'cause,'causethey,theywereRolexes,butIdecidedtogotoanotherjeweler,andheputnon-Rolexdiamondsarounditallcrushedupandthisandthat.Thestupidestthingsasgoldchainsandmedallions.Somebodywaslikeyeah,givemethisstuff.I'llmeltitalldown.Here'syour$200,000,soImademistakes...

DaveAsprey: Yeah.

DaymondJohn: Likethatanditwas'causeIdidn'thavefinancialintelligence.ThosearethebiggesttimesIgotpunchedintheface.

DaveAsprey: Andthe,thefactthatyoudidn'thavefinancialintelligencecamebecausewell,yougrewupwithoutit,right?Imean,yougrewuponthestreetsofQueensand,andIwouldarguemostpeople,unlessyoucomefromawealthyfamily,youdon'thavefinancialintelligence.Sowhat,whatarethemostimportantfinancialintelligencethingsthatyoufi-,yousayeveryonejustdoesn'thave.

DaymondJohn: Well,firstofall,it'sthefundamentals.Whenyou'reoperatingabusiness,it'svery,verysimple.Youknow,business,uh,can,canonlybeoperatedtwodifferentways.Yousellmoreoryoureduceyourcosts.Andthenunderstandingabouttaxesandthingsthatneedtobewrittenoffandhowtolookata,a,youknow,agoodP&Lsheet.And,youknow,um,uh,compoundinginterestandthingsofthatnature,youknow,it'sasthepeoplecomeuponSharkTank.Iftheydon'tknowtheirnumbers.Yougottaknow


19

yournumbers,youknow.Alotofpeoplearebleeding;they'rehemorrhagingandtheyjustdon'twanttofaceit.

It'skindoflikethatwholetheoryofthere'snothingl-,there'snosuchthingasafreepuppy.Oh,look,thatpuppy'sforfree.Allright.Well,nowyougotthepuppyandnow,nowyougottafeeditandgiveitshots,youknow.Thethingiscrappingallovertheplace.There'snothingisyouknow,soit'sjustallthewaysofoperatingabusiness.And,youknow,andthenalsolookingathowtoexpandthebusiness.Youknow,JayAbrahamisthemasterofteachingthatthere'sonlythreewaystogrowabusiness.Numberoneisgooutandacquiremorecustomers.Numbertwois,uh,upsellyourcurrentcustomersornumberthreeishaveyourcustomersbuymorefrequently.That'sit.

DaveAsprey: Yep.

DaymondJohn: Done,that'sit.Andifyouknowyournumbersandknowwhereyou'regoingtogodothat,well,beforeyougoandbuildthisgreat,glamorousofficeandspend-youhaveamilliondollars.Forsomereason,youhitthelotto.Youhaveamilliondollars.Don'tgobuildallthismassive,uh,thisofficeandthisbigpayrollandsoftwarethatyoucan'tevenwork.Gofindcustomersandfindouthowyou'regonnaselltoyourcustomers'causethat'smoreimportantthananythingelse,andthat'spartoffinancialintelligencemixedwithbusinessacumen.

DaveAsprey: SoyousoughtoutJayAbrahamand,andthatwasabunchofothermentorsand,andpeoplethatshareinfowithyou.Howsooninyourevolutiondidyoudothat?Like,andwhatmadeyoudoit?'CausealotofentrepreneursIrunintofirst,firsttimers,they'realmostlikeresistanttothatkindoffeedback.Like,they,theykindawanttodoitalone.Like,they'regonnabreakalltherulesand...

DaymondJohn: Yeah.


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DaveAsprey: Andjustwalkintoawall.(laughs)Whatmadeyoudothis?Howbigofaroledidallthosementorshaveinteachingyoufinancialintelligenceandalltheotherthingsthat,thatgotyouwhereyouare?

DaymondJohn: Uh,youknowwhatIthinkI'vehadagreathistoryoffirstitstartedwithmymother.Second,itwasareallyamazingteacherinmyschoolandthenI,Iwentandsoughtafter,uh,Ididn'trealizeIwas,youknow,searchingforthisindividual,butitwassomebodythatworkedina,a,ow-,owned,excuseme,asmall,littlestoreinmyneighborhood,uh,soldgroceries.AndIwouldgoafterschoolandIwouldbasicallycleanupand,andaskthepersonquestions.AndIsawthatIwasapplyingeveryoneofthis,thesepeople'sinformationtowardseverynewbusinessand/orthingIwasdoing.Mystepfatherwouldcomeintomylifeandhewasagreatbusinesspersonandhewouldteachmethings.

SoasIgrewandI,IcameuptoacertainlevelofbusinesswhereIwasmakingalottamoney,Ijustknewthatyes,Ihadmyoldermentorsinmylifeandtheyweredefinitely,uh,people,uh,uh,thatIcouldspeakto.But,youknow,Ineedpeoplethatare,mayhavebeenalittlemoreworldlyatthetimeor,youknow,maybetheywillgivemeadviceincertainareasofaveryspecificthingthatI'mtryingtodowheremytraditionalmentorsmaynothaveknownthatareaofbusiness.SoIalwayswant,youknow,weallgooutandseekadvice,and,uh,whetherwe'reseekingattorney,ataxprofessionalor,orthingsofthatnature.Butweusually,uh,seekthattoolateandnotinthebeginning.

DaveAsprey: Yeah.

DaymondJohn: AndsoIalwaysknewthatIneededtoseekthisadviceinthebeginning,notwhenIalreadyhavea,aproblem.

DaveAsprey: Sothat,thatwasahugeentrepreneuriallessonforme,uh,wasthatsuccessfulentrepreneursactuallygetvaluefromhelpingand,andthey'renotnecessarilylookingfor,youknow,a,abuckoutofit.SoI,IkindathoughtwhenIfirst,youknow,whenIwas,Iwas


21

19andtryingtostartcompanies.They'relike,likenoone'sreallygonnahelpme.Igottagothisonmyown.AndIrealizednow,it,guys,guyslikeJayand,andjust,um,somanyotherincrediblygiving,verysuccessfulpeoplewhosetimeIcouldn'taffordarehappytogetonthephoneandchat.Becauseyoujustrealize,likeyou'reworkingonsomethinginteresting,like,likeI'dliketohelp.

EvenwhenIwas,uh,muchyoungerandjustgettingstartedout,therewerealwayspeoplewillingtohelpsittingoutthereifonlyIwaswilingtoaskforit.When,and,andthingshavechangedthoughoverthatamountoftime.NowoneofthewaysyouaskforhelpisyoujustgonoSharkTank.

DaymondJohn: Right.

DaveAsprey: SowhatIwanttoknowis,isallright,goingonSharkTankiskindofa,averyprofessionalversionofthis,butwhenanormal,youngentrepreneurwithoutalotofbacking,sortofaclassicPowerofBrokecase,iftheywereto,topickupthephoneandcallsomeonewho'sbeensuccessfulinbusinessorsay,callyou,um,whatdothey,whatdotheyneedtohave,whatdotheyneedtosayinordertobasicallygo,oh,this,thispersonhasit?L-,like,they'vegotit.They're,they'reworth...

DaymondJohn: Yeah.

DaveAsprey: 20minutesofmytime.Like,whatdotheyhavetodo?Whatdotheyhavetobe?

DaymondJohn: It's,it'sapersonthatisalreadyouttherecreatingsomeform,gettingsomesortoftractionor,orcreatingsomeformorchangeataverysmallscale,butyoucanseeit'simpressive.Um,andit'ssomebodywho,whoyouseethey'renotgonnastopandyoucantellthattheyalsohaveanurgetopayitforwardandtohelpothers.Thoseindividualsyouwantto,youwanttobasicallyknowthattheyalreadyhavedoneorthey'restilldoingasmuchastheycanbeforeyouandthey'renotlookingtoyoufor,hey,youknowwhat,IneedmentorshipandhowdoIdothisandthat?


22

AndIfind,IfindthatalsowhenpeoplecomeuptomeandsayIneedmentorshipandgiveme,givemesomeanswerstothisandthat,Inoticedsomething.IaskthemsomequestionsandInoticedtheyhaven'treadanyofthebooksouttherebyanyoftheamazingindividualsthatareoutthere.Theydidn'tapplytoanykindof,uh,schoolorevenputsomethinguponacrowdfundingplatformorevenputupavideo,took30secondsontheirphonetosayhey,everybody,heytheworld,here'smyidea.Whatdoyouthinkaboutthis,youknow.EvenjustonaprivateYouTubeplatformtoget10likes,20likes,70likes.Theyjustgo,yeah,yeah,givemesomeadvice.

Um,butthenthere'sotherpeoplethatyou,they,theysayhey,here'swhatI'mdoing.Iwishyoucouldbepartofit.Anykindofwordsofadviceyouhaveforme?Butyoucantellthey'renotsolelydependingonyou.They'removingforwardandthey'recranking.

Ayoungladywroteme,Iuh,-,Itoldeverybodyifyoureallycan'taffordthebook,youknow,send,sendmealetterandtellmewhyyoucan'taffordthebook.Somepeople,youknow,toldme,youknow,sentmelettersabouthowtheirbusinessisnotdoingthatwellandthey,youknow,andthisandthat.And,youknow,Icanseethepicturesofthemandthey'reinfrontofMercedesBenzandthingsofthatnature.AndonewomansendsmealetterandsaidIwasphysicallydying'causeIneededahearttransplantandI,andIgotoneaftertwoyears.Andshesentmeapictureofherandthedonor.ItwasayoungmanwhogavehislifeforthisamazingcountryofourssoyouandIcanbefreemen...


DaymondJohn: Andtalkonthisphoneanddowhatwe,onthis,onthispodcast,dowhatwewanttodo.AndshewentoutafterthatandIthinkshethengot800peopleonherowntosignuptobeorgandonorsintheeventthattheypassed.

DaveAsprey: Wow.


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DaymondJohn: Nowthat'ssomebodythatcouldnotbestoppedandshedidsayshedidn'thaveanymoneyforabook,butifIdidn'twanttosendittoher,itwasokay.

DaveAsprey: Yeah.

DaymondJohn: ThatisthePowerofBroke.ThatisthepersonwhosaidI'mgonnapayitforward.I'mnotgonnastop.Andshegot800peopletosayI'mgonnadonatemyorgans.That'snotsomethingpeoplewanttotalkaboutnormally.Deathisnotsomethingpeoplewanttotalkabout.

DaveAsprey: Mm-hmm(affirmative)

DaymondJohn: That,thosearethetypeofpeoplethatgetmentors.

DaveAsprey: Yeah.That,thatsenseofintegrityand,andlike,it,it'snotagrasping.It'ssortofattached,attachedtoyourbrandkindofthing.

DaymondJohn: Right.

DaveAsprey: Yeah.I,I,IlovehelpingpeopletooandI,Iworkwithseveralsmallstartups,butthe,there'sacertainlikeentitlementthingthatactuallyrepulsessuccessfulentrepreneursasfarasIcantell.(laughs)Andthenthere'slikeanauthentichey,like,I'dlovetolearn.Uh,but,butI'mnotgonnawasteyourtime.AndI'mnotgonna,youknow,you'renotgonnacarrytheweightforIme.I,Ijust,I,Iwant,Iwantyoutohelpmenotwalkintowalls.It's...

DaymondJohn: Exactly.

DaveAsprey: HardtoteachthatbutI'mstartingtolearnhowto,howtospotthe,thepeoplethatIwanttospendalittleextratimewith.

DaymondJohn: 100%.


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DaveAsprey: Sonowlet's,let'schangegears.Nowifyou'reonSharkTank,it'salittlebitofadifferentgamethere.HowdoyouspotawinneronSharkTank?

DaymondJohn: Alotofthe,alotofthesame,uh,youknow,youknow,characteristics.Iftheyareawinnerthatcomesupandthe,theytalkabouttheirstoryandhowtheycamefrom,youknow,some,wh-,theycan,youknow,theycanbesomebodywhohadresourcesaroundthem,buttheytappedintosomeacertainveinoracertainamountof,uh,acertainsegment,uh,numberone.

Numbertwoistheytalkabouttheirfailures.Theytalkabouttheirfailuresonhowthisandthatdidn'twork,butthenIfinallywaslikethere'sgottabeabetterwayandbang,Ifoundthis.Andwealwaysliketoseesomelevelofproofofconcept.Somelevelofsalesorinterest.Imean,youknow,sell$50worthofstuff.Ifit's,ifitcostadollarandyousold50oftheitemsoutsideofyourtrunk,youknow,intwohours,that'sadeal.That'sabigdealpotentially'causewe'regonnadothatsameamountofsalesalldaylongineverysinglelocationintheworld,right?Soweneedtoknowhow...thosearethecoupleofthings.Andagainlastbutnotleast,theyhavetoactuallylovewhattheydo.

DaveAsprey: Yeah.

DaymondJohn: Theyhavetobepassionateaboutit,youknow.

DaveAsprey: W-,whataboutthepeoplewhodon'tmakeit?Isitthattheyjustdidn'tprepareorisitjustthattheirideasweren'tverygood?(laughs)

DaymondJohn: (laughs)Youknow,Isaythatwedon't,wedon'thavetherighttojudgewhat,uh,youknow,the,i-,ifsomething'sgonnaworkornot.Wejusthavetherighttojudgeifit'sgoodforus.Youcanbethebest,youcan,youcanhavethebestclothinglineintheworldwithsuitsandbeautifulties,buttrustme,MarkCubanisnotgoingtoinvest.Thisisaguythat,thisisaguythatrollsoutofhisbedin


25

his,uh,whateverhehason,pajamas,andgoesrightto,righttowhereverhegoeslikethat.


DaymondJohn: Youknow,he's,he'sallergictoatie,right.Somostlikelyhe'snotgonnainvest.So,sotheoneswhodon'tmakeit,italldepends.Theonesthatwebasicallyc-,willcutuparetheonesthatarenotlisteningtous...

DaveAsprey: Yeah.

DaymondJohn: Becausewesaysomethinglike,welltellmeaboutit.Well,Iopenedup,I,Iwentintomykids'collegefund.Mygrandmotherhadtotakeher401kandnowIonly,Ihave,Ihaveamilliondollarsleftofinventoryof,youknow,theproduct,butIwanttobuyanother$2milliondollarsandsomeadvertisingbecauseit'sgonnadobetter,andthat'swhenwearefurious.

DaveAsprey: Runscreaming.(laughs)

DaymondJohn: We'relike,yeah,we'relikefirstofall,youshould,y-,you're,you'rewrong.Why?Becauseeverybodyinyourfamilylovesyouandtheywanttobepartofwhatyou'redoing.They'rerootingforyou,butyou'renotbeingresponsiblewithyourgrandmother'smoneyandwithyourkids'collegefund.Andyou'rewifeisallowingoryourhusband'sallowingyoutodothat.You'rewrong.Numberone.

Numbertwo-whyareyougivingmereasonsyoucansellinventorynumberone?Itbetterbeseverelydamaged.Ifnot,eithertheinventorysucksoryoudon'twanttogetoffyourbuttordon'tknowhowtogetoffyourbuttandsellit,andI'mnotheretosellyourinventory'causeIhaveamilliondollarsworthofoldFUBUcrapinthewarehousethatIgottagosell.

DaveAsprey: (laughs)


26

DaymondJohn: So,youknow,thosearethethingsthat,uh,youknow,eitherpissedusofforgetusexcitedaboutpeople.

DaveAsprey: W-,whatwouldyousay,thisisanaveragepieceofadviceto,uh,peopleoutthere?Ifafamilymembercomestoyouwithacrazyentrepreneurialideaandwantsyoutotapintoyourretirementortakeamortgageonyourhouse,howdoyouknowifyoushoulddoitornot?

DaymondJohn: Uh,Iwouldsaywhydon'tyougooutthereand,nowagain,youknow,we,we'regeneralizing,soifthispersonwantstoopenup...I'llgiveyouanexample.Somebodywantstoopenupafullretailshopbecausetheywanttogoandsellcupcakes.Andtheysayhey,youknow,Iwanttodothat.Iwouldsayokay,domeafavor.Uh,showmethisothercouple.Whydon'tyoujustgogetakioskforonemonthinthemallfor$2000andgoandsellyourcupcakesthere?

DaveAsprey: Yeah.

DaymondJohn: Orhey,whydon'tyougooverwherethebutcher,thebutchershopisandaskthemcanyouputyourcupcakesinconsignmentoverthereandwhensomebodygoestobuyaporterhouseorwhateverelse,elseitis,theyalsomaypickupsomeofthecupcakes.Whydon'tyoushowmethat?Ifthey'renotwillingtodothat,andexerciseThePowerofBroke,'causethat'sbasicallywhatitis.

DaveAsprey: Yeah.

DaymondJohn: It'sanacidtest.ThenIwillsay,tellthem,youreallycan'tdoit.

DaveAsprey: I,Ihada,anuncle-uh,goingback,God,it'sgottabe25yearsorsomething-whocametohisparentsandsaidyouknow,I,Ineedsomemoneyforthiscrazytechnology,datacentercompanything.Andheendedup,uh,they,theygavehim,uh,notalotofmoney,uh,butenoughthatiswaskindameaningfulforthem,butwhattheysaid,andIthinkthisisreallyvaluable.Theysaidwefigured


27

themoneywasgoneforever,butitwasoursonandwelovehim.Butitwasenoughtogetthecompanygoinganditturnsouthe,hewentpublic.And,uh,thecompanyiscalledSybex.Butitendedup...

DaymondJohn: Mm-hmm(affirmative).

DaveAsprey: Basicallymakingmygrandparentsretirementand,his,hisownretirementpretty,prettyreasonablywell.Butitwould'vebeenreallyfoolishhadmygrandparentstakentheiractualretirementandputthatonthelinebecausetheycould'vemadethatdecision.I'veseenlotsofsituationswherepeopledothatand,um,I,I,I'mconcernedaboutthat.Iloveentrepreneurship,butit'snotokaytokindatakeadvantageofthose,thosefamilyrelationshipsandtoendangersomeoneelse's,youknow,happyretirementbecauseof,ofyourideanomatterhowgooditis.

DaymondJohn: Itreallyisn't,andIthinkthatyouknow,onethingthatasweall,asI'vebeensayingandIknowyou'reawareof,youtakeaffordablesteps.Imean,whydoyouhavetogoandtakesomuchmoney?It'snotgonnadoanythingbesidesgiveyouafalsesenseofsecurityforalittlebitlongertimeuntilyoufail,youknow.

So,youknow,manystoriesarelikethatwheretherewasaverysmallamountoffriendsandfamily,butthewaytheprocessgoesasyouknow,numberone,you,you,youbackitwithwhatevermoneyyoucurrentlyhave.Godiginyourcouch.Go,uh,maybetakealittlebitofacreditcardbill.Hey,sellthatbigscreenTVthatyouboughtanddon'tgoouttodinnerasmuch,andyoudothatfirst.Thenyougotoacoupleoffriendsandfamilyand,youknow,maybeyouthrowaparty.Throwalittlegatheringatyourhouseandtelleverybody,heyeverybody,IwantyoutoknowwhatI'mtryingtodohereandifpossible,ifnot,Iunderstand.Butifyouwouldliketoallputin$1000apieceandletmesharewithyouwhatI'mdoingandkeepyouupdatedonFacebookonthemovementofthecompanyandmaybeget$10,000,maybeget$20,000,somethinglikethat.


28

Andthenifyou'restartingtogrow,youthengoandaskformoremoneyifyoucanseecleargrowth.Becausealso,friendsandfamilytheywanttobeinthebusinessbecause,youknow,ifyoustartbecomingsuccessful,theysaywell,whydidn'tyouaskmeforthemoney?Andalso,whenyouasksomebodyforacoupleofdollars,youreallyseewho'sfriendsandwho'sfamily.So,youknow,butithasbeslowgrowth.AndIthinkthatwhenyoujusttoldmethatstory,Ithoughtyouweretalkingabout,uh,Idon'tthinktheywentpublic,Idon'tknowiftheyarebutI,Ithinktheuh,-,theInfusionsoftwasalsostartedvery,verysimilarway.

DaveAsprey: Yeah.

DaymondJohn: Andtheywentafteracoupleofdollarsand,uh,youknow,theygotit,andtheyhelped.Buttheydidn'ttrytogobreakthebankwitheverybodyelse'smoney.

DaveAsprey: Yeah,e-,evenBulletproof,itwasentirelystartedwith,withwritingand,andalmost,almostnomoneyatall.AndIdidraisemoney,uh,muchlateron,butIraisedmoneywhenIdidn'tneedtoraisemoneybecauseIwaslikeIcouldreachmorepeopleandjustdogreatergoodthere.Butitwasfromap-,apositionofstrength,notapositionofneedordesperationatall.Itwas,uh,itwasthis…

DaymondJohn: Yeah,IImeanyouandIbothknowpeoplehavethisc-,thisideathatyouonlyneedtocomeoutwithaproductanddo,andthere'sonlyonewaytodoit.There'ssomanydifferentwaystostartup.I,youknow,Iknow,Iknow,uh,Irememberhearingaboutthiswoman.Shewasdoingablogaboutjusttakingcareofherchildren,whateverthecaseis,butshehadchildrenaboutfourdifferentages,andsoshewasalittlemoreadvancedinregardstowhatshe'sdonewiththem.And,youknowwhat,acoupleofmothersstartedlisteningandacoupleofmothersstartedlisteningtothiskindapodcastorthisblogthatshewasdoing,andnowshehasmaybe2000mothersallgiving$10amonthor$5or$3amonthtolistentothisblog.Andshe'sathomedoingwhatshedoesbest-sharingthisinformationwithabunchofother


29

women.Andshewillsoonerorlatercomeoutwithproducts,butsheisthevoiceofexpertise.Andallshewasdoingwasfindingpeoplethatneededthisinformation.Ifyouhaveaproductoryouhavea,a,aconcept,whydon'tyoufindoutifacrowdreallylistenstoit?Imean,wedidthatwithFUBU.Wejustfound...

DaveAsprey: Sure.

DaymondJohn: Thissegmentofthemarketthatwantedtowearthetypeofstuffwewerewearing,andwestartedtotalktothem.

DaveAsprey: That's,uh,it'ssocooltolistentothecustomerslikethat.

Nowwe're,we'regettinguh,gettingfaralongintheshowandthemainfocusonBulletproofRadioiswhatdohighperformancepeopledoto,tobehighperformance?SoIinterviewpeoplewho've,who'vekickedassinallkindsofdifferentfieldsandyou,you'vedefinitelydonethisinthefieldofbusiness.ButIwanttoknowwhatdoyoudowhenyouwakeupinthemorning?What'sthefirstthingyoudo?

DaymondJohn: FirstthingIdowhenIwakeupinthemorningisIreadmygoalsthatIhavewrittendown.Uh,firstofall,IreadthembeforeIgotobedsothey'rethelastthingsthatIthinkabout,andthenIreadtheminthemorningwhenIgetupsothey'rethefirstthingsthatIthinkabout.Andmygoalsconsistof,uh,sevengoalsthatexpireallinsixmonths.Theyrangefrommyhealthtofamilytobusiness,andIbelieve,it'sthreeothergoals.Uh,oneis,uh,fi-,uh,twoarefiveyeargoalsandoneisa20yeargoal.And,um,that'swhatIdoreligiouslywhenIgetupinthemorning.Hopefully,Iwouldbe,uh,alsogoingandworkingoutandreadingmygoalswhileI'mworkingout,'causetheadrenaline,uh,basicallykicksthemintohighgear.And,uh,andthenIgoaboutmyday.

DaveAsprey: Doyouhavekids?

DaymondJohn: Ihavetwokids.Absolutely,yeah,17and22.


30

DaveAsprey: Uh,okay,sothey'reoldenoughtonotinterruptyourgoalreading.(laughs)

DaymondJohn: Well,yeah.Mykidsareliketherestofourkids.TheythinkthatI'mthedumbestmanontheplanet,sothey'renotonlynotinterruptingmygoalkeeping,they'rejustnotinterruptingmeatall.

DaveAsprey: Gotit.I,I,IusedtohavemoremorningritualsthanIdid,butasitis,mymorningritual'softentimes,youknow,punctuatedbysomeonelandingonme.Andlike,that'scool,but...okay,soyou're,you'reatthestageoflifewhere,whereyou'vegotsomemorningpeace.Allright,soyou,youbasicallyfocusonthebigpictures.Nowwhattaughtyoutodothat?AreyoulikeaThinkandGrowRich,kindaoldschoolpersonalgrowththing.Like,like...

DaymondJohn: You,youhititrightonthehead.

DaveAsprey: Ohthankyou

DaymondJohn: Ire-,I,IreadthatamazingbookwhenIwas16yearsold.And,um,whenIreadthatbook,man,Istartedreadingitevery,everyyearoreveryotheryearIwouldreadthebookbecauseI'mdyslexic,andalotoftimesIwouldn'tabsorballtheinformationfromwhenIwasreadingit.Untiltoday,itisbyfarmyfavorite,myfavoritebookever.

DaveAsprey: Youknow,I,IreaditwhenIwas16tooandIandIfollowedthatstuffreligiously.Ihadthegoalsrightonmymirror.And,uh,oneofmygoalswas...

DaymondJohn: Mm-hmm(affirmative).

DaveAsprey: WasthatIwasgonnamakeamilliondollarsbythetimeIwas23,and,andIdidn't.SoI'mlikethis,thiscrapdoesn'twork.Imade$6millionwhenIwas26.(laughs).Iwasonlybehind...

DaymondJohn: Yeah.


31

DaveAsprey: Byalittlebit,but,uh,youknow,itisthemostimportantbookI'veread.Andsoit'sfunnywewereboththesameagewhen,whenwereadit.Andforeveryonelistening,like,(laughs)Daymond'skindakickedalittlebitofassandthere'sareason.Hewriteshisgoalsdown.

DaymondJohn: Hey,youknowwhat,it'sfunny,'causeIhadthesamegoalthatIwasgoingtobeamillionairebythetimeIwas23.

DaveAsprey: Nokidding.(laughs)

DaymondJohn: I,Idid,Idid.ButI,I,Ifocusedonthewrongpartaboutit.Itwasn'tapassion.

DaveAsprey: Yeah.

DaymondJohn: IdecidedIwasjustgonnadoitbecauseofmoney.

DaveAsprey: Yep.

DaymondJohn: AndsoIhadthisgreatscheduleonhoweverytimeIbuyawreckedcarat$3000,Iputittogetherforanother$2000,I'dsellitfor$10,000.AndIdidthemath...

DaveAsprey: Uh-huh.

DaymondJohn: AndifIsellXamountofcarsbythistime,date,andage,Iwouldenduphavingamilliondollarsby23.Well,youknow,lifecameandpunchedmeintheface,andbeforeIknowit,IwasawaiteratRedLobsterat23yearsold.AndIdidn'tgotocollegebecauseIwassosmart.Iwassmarterthanalltheotherkids,andtheywereallcomingbackformcollegenowandIwasservingthemshrimpembarrassedthatIwas,uh,youknow,no,nowherenear,uh,successful.Um,butthenbytheageof27,um,Ihadabout40,$40or$50milliondollarsinthebank.

DaveAsprey: Soyouyoudidit,andI,Iwouldencouragepeoplelistening.Idon'tknow,I'dwanttohearyourexperienceonthistoo.Mymistakewasactually,I,Ididn'tsaygetandkeepthemoney.And,andI


32

didn'tputany,anymissionorreasonforthemoney.Moneyinandofitselfisactuallynotthatuseful.

DaymondJohn: Yes.

DaveAsprey: IfIwould'vesaid,like,I'mgonnagetamilliondollarsandI'mgonnachangetheworldwithit.I'mgonnadoonegoodthingwithit,itprobablywould'vechanged.Butasitwas,IgotitandthenIjustwentrightawayand,youknow,(laughs).Anditwasn'tbecauseIwasbuyingRolexeseither.Itwas,youknow,circumstancesIprobablycould'vechanged,butIwastoostubborntochange.And...

DaymondJohn: Yeah.

DaveAsprey: SoI,I,Ifeellike,like,ifweweretoofferanyreal,likethebiggestvalueto,tosomeonelisteningrightnowwhodoesn'twritethosegoalsdownorhasn'treadThinkandGrowRich,youmight'vejustnailedthatrightonthehead.

DaymondJohn: Yep.

DaveAsprey: Allright.Sowhatelsedoyoudothroughoutthedaythatmakesyoukickmoreass?Like,like,whatdoyoueat?Whatdoyouexercise?Like,whatdoyoudothat'sspecial?

DaymondJohn: Well,youknow,I,Itryto,Itrytoexerciseasmuchaspossible,uh,whichIhaven'tbeenkeepingupwithlately,which,again,goingbacktomygoals,I'mkickingbackintogear,andI'mdoingit.Itrytoeat,eatascleanaspossiblebecauseIknowthat,uh,wecanhaveasmanygoalsinourlives...

DaveAsprey: Okay.

DaymondJohn: Aswewant,butifwehavetoomuchsugarorcarbsorthingsofthatnaturethat,that,thatcanhurtus.Uh,youknow,ourhealthisbyfarthemostimportantthingthatwehave.Um,uh,Ialsotrytosurroundmyselfwithlike-mindedpeopleandpeoplethatIreallywanttoworkwith,andItrytoempowerthemasmuchas


33

possible.Youknow,I'mapersonthatfirmlybelievesyoucan'tholdsomebodywho'sgonnagetsomethinggreatdone,youcan'tholdthemdown.Sobepartoftheride.Andiftheymoveonsomeplaceelse,you'llfindanotherwaytoworkwiththem,butdon'tevertrytoholdanybodyback...

DaveAsprey: Yeah.

DaymondJohn: Andtrytoempowerthepeoplearoundyou.And,umyouknow,thoseareprettymuchthethingsthatI,andIjust,Ijustsohavethistheoryof,youknow,Igottagetupbeforeeverybodyandgotobedaftereverybodyandouthustleand,andlovewhatIdoeverysingleday.

DaveAsprey: Awesome.Thatsoundslikea,aprettyamazingrecipefor,forkickingass.Doyouthinkyouwere...

DaymondJohn: Iloveit.

DaveAsprey: Wereyoubornthiswayordidyoumakeyourselfthisway?

DaymondJohn: Ithinkthat,IthinkthatIr-,Ireadagreatbook.Itwascalled,uh,Ibelievejuststartedby,uh,thepresidentof,ofBabsonCollege.AndthewayhedescribeditandIwillagreeisIthinkwe'reallbornuh,uh,thinkinglikeentrepreneursandthinkinglikethis.Ithinkthat,um,often,wehavepeoplearounduswho,whoputtheseblindersonusandtheysetgoalsforus.Becauseifwe'renotreadingourowngoalsandsettingourowngoals,weoftenarelettingpeoplesetgoalsforus.Meaningyoucan'tdothat.Ithasn'tbeendone.Howdareyouthink,you,youcangochangetheworldordothisandthat?You'regonnaembarrassyourselforyou'regonnaembarrassus.Ithinkthatthatstopsusfrombecomingentrepreneurialinthinking.And,anddon'tgetmewrong.Idon'tthinkthateverybodyissetouttobeanentrepreneurasinrunthecompany.



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DaymondJohn: Butyoushouldbeanintropreneurbecauseyouknow,there'speoplethatneedyouinthecompanytothinkwithinthecompanyandbeanintropreneur.SoIbelievewe'reallbornthinkinglikethatandsomepeoplestopus.IhappentohaveamotherthatsaidwhenIcamehomewiththatideaofFubu,IsaidI'mgonnasell,I'mgonnacreatealittlestore,Ma.AndI'mgonnasellasmanyclothestoallthepeopleintheneighborhood.Shewaslikethinkbigger.IsaidallrightI'mgonnaselltoeverybodyinManhattan.Shesaidthinkbigger.Isaideverybodyinthecountry.Shesaidthinkbigger.Isaideverybodyontheplanet.Shesaidthinkbigger.Isaidthereisnootherplacetosell.Shesaidallright,nowgetthehelloutofhere.Andyouknow(laughs)shemademethinkbig,youknowwhatImean?Soshemademestayanentrepreneur.

DaveAsprey: So,sogood,goodparenting.Andthat's,that'sawesome.And,uh,last,lastorsecondtolastquestion,'causeIknowwe'rerunningupagainstyourcalendarhere.Whatdidyoudoforyourownkidstoinstillthisinthem?

DaymondJohn: Youknow,I,youknow,I'vetriedalotofthemethodsof,youknow,yougooutthereandyouwork.Andifyouwanttobuysomething,youknow,Iwillmatchthemoneyforyou.But,uh,youknow,it,it'sreallyIfindmykidsl-,Ifindmykidshavefollowedmebyexample.Youknow,asmuchasyou,Itrytoteachthem,uh,theirmother,youknow,I'mnotwiththeirmother;we'redivorced.Andtheirmotherisanabsolutelyamazingperson,andshe's,uh,raisedmykidsvery,just,uh,Ican'teven,Ican'teventellyouhowgreatsheis.


DaymondJohn: Andshe'sahardworker;I'mahardworker.We'reboth,youknow,webothcamefromthesameneighborhood,youknow,wedidn'thavemuch.Andmykidsgooutthereandthey,theydothingsthat,uh,theyseeusdoinregardstoworkingveryhard.Mykids,Inevertoldmykids,daughterstogetajobandtheywentoutandgotjobs,uh,withoutme,uh,youknow,soIwouldthinkthatIwashopingmydaughterswouldgetajobmaybeby18becauseI


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wantedthemtodoreallygoodinschool.Andtheyweretryingtogetjobsat14and15and16.SoIreallydidn'thavetotellthemmuch.Theyjustreally,they,ourkidswatcheverythingyoudoandtheystarttotreatpeopleliketheyseeyoutreatingpeople.AndI,andIreallythinkthatthat'sreallythebiggestthingyoucandoforyourkids.

DaveAsprey: Uh,well,that,that'samazing,amazingadvice.AndI'm,I'malwayslookingforotherthingsIcandowithmykidsjusttoteachthemtobemorewhoevertheyare.

DaymondJohn: Yeah.

DaveAsprey: Allright.

DaymondJohn: Absolutely.

DaveAsprey: We'reuptoourfinalquestionoftheshowandyou'refollowing...

DaymondJohn: Yeah.

DaveAsprey: Only250orsopeoplewho'vealsoansweredthisquestion,sonopressure.I'mjustkidding.(laughs)

DaymondJohn: Allright.

DaveAsprey: Uh,givenallthestuffyou'velearnedinyourlife,uh,businessornot,uh,ifsomeonecametoyoutomorrowandsaid,like,Iwantto,IwanttokickmoreassateverythingIdo,whatarethetopthreerecommendationsyou'dhaveforme?ThetopthreethingsIneedtoknow.

DaymondJohn: Ifyouwanttokickassateverythingyoudo?

DaveAsprey: Yeah,Iwanttobebetterateverything.Iwanttobeabetterhuman.

DaymondJohn: Youwanttobeabetterhuman.Surroundyourselfwithlike-mindedpeopleinclusiveofmentors,numberone.


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Numbertwo-findyourpassion.Whatmakesyouhappy?Ifyoudon'thaveanydriveandyoudon'thaveanypassion,thenyouwillnever,uh,youknow,youwillnever,you'll,you'llneverenjoywhatyou'redoing.AndifIhadtoleaveitbackdowntothenumberone,andmakesurein-,inclusiveofthatpassionhassomethingtodowithyourfamily.Sowhetherit'sgoingoutanddoingthisbusinessthatyouloveandthenmakingsureyouhavethatbalanceandspendtimewithyourfamily,andthenitenergizesyoutodomorebusiness.Andthemorebusinessenergizesyoutospendmoretimewithyourfamily.I'mtalkingboutpassionwhenitcomestothat.Andthen,um,lastbutnotleastis,takecareofyourself.

DaveAsprey: Yeah.

DaymondJohn: Youknow,makesurethatyouput,makesurethatyouexercise,eathealthyanddoallthosethingsfirst.NotI'mgonnagettothegymnextweek,notI'mgonnastartadecentregimennextyearwhenImakemoney.Becauseitabsolutelyisopposite.It,whenyourbodyisatrestandyou'renotdoinganything,it'smotionless,youactuallydon'twannadootherthingsinlife.Soyouneedtostayhealthy,'causeifyoudon'thaveyourhealth,youwon'thavethatfamilyaroundbecauseyou'llbedead.Andyouwon'tbeabletodoanyofthosethingsthatyouwanttodo'causeyou'llj-,you'llbe,you'llbesick.Sothosearethethreethings,andthey'renotinanyspecificorder.

DaveAsprey: Uh,beautiful.I,Iappreciateyousharingthat.That,that'sit.Soifthat,thanks.It'sbeenanhonortochatwithyou,tohaveyouontheshow.Andfor,forpeoplelistening,youneedtocheckoutThePowerofBroke.It'sdifferentthanalotofthebooksIrecommendonBulletproofRadio,butit'stotallygotsomestoriesinit,andit'sgotawayofthinkingthat'sreallyvaluableforyou.SogoouttoAmazonandpickupPowerofBroke.Daymond,thanksman.

DaymondJohn: Thankyouverymuch.Bye.


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Female: I'lltalkalittlebitaboutwhatbroughtmetoBulletproof.Iwasabusyprofessional.Iwasanattorney.Ididunconventionalcriminaldefense,andshatteredtheMr.Defendermodel.AndIlovedshowingupformyclients.AndbecauseIhadthisnicheofclientswhodidn'tfeelthattheywereservedbyMr.Defenders,Ihadaflourishingfirm.

AndthenIdevelopedabloodsugardisorderandittotallydisruptedmypracticeanddisorderedmylife.Itriedsomanydifferentdiets,everythingIcouldpossiblythinkoftokeepmybloodsugarstablesoIcouldhavetheenergyandfocustoputmylifebacktogether.Ifinallydiscoveredtheketogenicdietwhichseemedabsurdandevendangerousatthetime.Myfriendsandfamilywarnedmeagainsteatingallthatfatandbutter.WhatamIdoing?Thatwastheonlythingthatrestoredmyenergyandfocus,anditreversedmybloodsugardisorder.

AfterIreclaimedvitalityIthoughtwhatamIgoingtodonow?Well,IcouldreopenthisflourishingbusinessmodelorIcantakeeverythingthatIlearnedaboutbeingpowerfullypresentformyclientsandshowingupandmakingadifferenceintheirlivesandcombinethatwithcuttingedgedscience-basedwisdomabouthelpingpeoplehacktheirownchallenges.Sowhateveritisthat'sshowingupandgettingintheirwayoflivingthatpowerfullifethattheywant,Icanbetheretoguidethemthroughthat,tobetheirpowerpartner.

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