I was with Daymond a few weeks ago to prepare for a webinar he was doing on the subject of entrepreneurship. The webinar went extremely well as about 900 companies were represented on the webinar and questions were flying in on the bottom of the computer screen in his office.
One of the questions was about what he felt the reason why he is still so on top of his game despite the fact that he no longer necessarily needs to worry so much about money as he did in the past when he was building FUBU.
Without hesitation Daymond mentioned that he gives the credit to having an incredible team surrounded by people that are better than him.
What Makes A Great Leader
As I have said in the past, the jack of all trades.. is a jackass. The greatest leaders find people who are better than them in their particular skill set. Henry Ford was one of the greatest examples that true leaders are defined by how well they can put a team together. He was frequently questioned about his lack of ‘overall knowledge.’
Ford put that to bed when he answered one day by saying (and I am paraphrasing), “why would I waste my time learning a little bit about everything when I can push a button in my office and provide any of you the exact answer you need?’ Henry Ford showed that the greatest leaders show the benefits of what is called, specialized knowledge.
Being I am with Daymond’s team on a frequent basis and attend his weekly team meetings I have to say I know his team extremely well and Daymond, like Ford, has created an exceptional team of specialized knowledge. That is what makes Daymond a great leader.
A Peak Inside Daymond’s Team
When I look around the room there are a lot of people who were there from the very first days of FUBU. Anyone who has been there from the beginning who has earned his trust Daymond has gone out of his way to find a position for. To be clear, if there is no position, there is nothing he can do, however when I say he tries extremely hard, I mean it. Like I said, he only works with people he trusts.
There are also plenty of people who are not from his original days. They are very impressive and as you can probably guess, very loyal and trustworthy.
Here are some of the qualities I have observed in the team meetings that makes Daymond’s team work so well:
Daymond’s team is a family in every sense of the word. Every person truly is acting to better the team. They are not trying to grandstand nor are they trying to put others down, something that I have seemed to witness more times than I care to count in my years in the business world.
Every department is completely responsible for their agenda. There is no crossover.
3) Open To Suggestion
Despite the fact that each department is completely responsible for its agenda, once the department member gives his or her update, the room is open for any feedback, comments or suggestions.
What’s so powerful is that each department is not only open to suggestion but actually eager for feedback as there are no egos in the room. Let me repeat and create a whole separate line for this and make it bold…
There are no egos in the room.
Once you take away any possibility of ego conflict, amazing things happen. Every week, there seems to always be a comment or suggestion that someone makes from another department that ends up creating an even greater solution.
Since Daymond’s favorite book is Napoleon Hill’s, Think and Grow Rich, I will use the principle of mastermind groups. When two or more people come together to discuss something, a third ‘consciousness’ is created which makes the idea even better.
It is also important to note that quite often, a department may tend to get lost in the trees, and masterminds and teams create a very useful outside perspective that a person may not see because well, like I said they get stuck in the trees and need someone to give them an objective view of the forest. Companies who get stuck in the trees often bring in outside consultants, or external agencies.
If you would like to learn more about this, click here.
5) The Power Of Deadlines
Reports are turned in the end of every month. I think this is extremely important as I have found if you don’t have a deadline or write down your progress… you will not make progress.
When everyone goes around the room and Daymond is at the meeting… he listens. He does not interrupt, and does not let any ego get in the way. He will only comment if he feels he can add value. As I have mentioned before, I believe listening is Daymond’s greatest skill and he uses it to great advantage over the other Sharks on Shark Tank.
For more on the power of listening, click here
7) Correspondence is excellent
The team circulates information to the rest of the company extremely well, not only from the end of the month reports but on a daily basis. Correspondence and clarity are essential to business.
8) There is no micro-managing
This I believe is the most important… . If you don’t do your job then you become a pain in Daymond’s behind. This has not happened much as Daymond is very clear about how he hates micromanaging as he simply does not have the time… nor do his division heads… nor does anyone.
I’m sure there are many things I have missed but these 8 points are the most important characteristics that come to my head when I think of Daymond’s team.
Please add to the discussion and let me know what you think are the greatest attributes of a team.