For entrepreneur and investor Daymond John, deciding which projects to invest his time, energy and money in comes down to one thing: making a positive impact on the world.
In 2020 he created Black Entrepreneur Day (BED), wanting to do something to lift the spirits of Americans suffering after the murder of George Floyd. “People were burning down businesses in the streets when I said they should build them,” John said Entrepreneur. “So I called my friends in business and some great brands to see what we could do to empower people and show them how we were able to overcome difficulties and succeed.
“What began as a virtual phone call from Daymond’s basement has now turn into an annual event featuring some of the most distinguished people living at the intersection of business and culture. Black Entrepreneur Day will happen on Friday, November 22 at the Fox Theater in Atlanta and will feature guests comparable to Kelly Rowland, Flavor Flav, Charlamagne tha God, Olympic gymnast Jordan Chiles and many more. Tickets for pickup and streaming are free and might be ordered at blackentrepreneursday.com.
BED not only inspires entrepreneurs, but also financially. From October 24 to November 1, entrepreneurs can apply for a $25,000 Powershift grant. (Apply here.) Along with partners JPMorgan Chase, Hilton, T-Mobile for Business and Constant Contact, small business owners will receive a total of $100,000 in grants.
So what does it take to gain the trust and support of BED investors and land one of those grants? We also asked the “People’s Shark” himself.
When someone propositions you, what do you would like to hear that makes you say, “I want to give this person my money”?
You want to hear them ask and answer three questions: 1. Why me? 2. Why now? 3. And why is that? You will tell us about who you are, what you have been through and why you made the choice to do this business. You’ve seen pain in the market or you would like to make someone comfortable. And then we would like to know that you just know your numbers. We want to hear how obsessed you are with your customers. We want to know that you just move and shake, that you just are agile and that you just change with the times. You work with AI. You can make sure that you are hiring people from your community. If you actually have a passion for it, it’s contagious. It’s form of like, “Man, I want to meet this person. I want to support her because she is someone who will add value to people’s lives.”
What advice would you give to young Daymond John?
To my younger self, I’d inform you that you just already know this brand. You are obsessed with your culture. You are obsessed with the product. You want to make the best clothes in the world. But you will not have the ability to run this business and keep it sustainable if you do not learn the numbers. What are the costs of products? Who do you sell to? How many people do you would like to employ? What number do you have to reach to be marginalized? Do you have a business structure that permits someone to invest, or is all of your influence sitting in a shoebox? That’s what I’d tell my younger self.
If you were starting today and only had $1,000 in your checking account to use, what would you do?
I’d start with homework by asking myself, “What am I trying to solve?” And then I’ll start with OPM. This means other people’s mind power, labor, production, marketing and money. I’m not spending my 1000’s of dollars, I’m borrowing OPM from them. And then I’m going to study for six months or a yr to determine how to get into that market and help solve the problem. And then DM 50 people a day looking for financing, mentoring and cooperation. I’m not going to use my thousand dollars. I’ll try to use every little thing else.
Requests for BEDS Powershift subsidy We accept from October 24 to November 1.