8 Traits Of The Incredible Team Behind Shark Tank’s Daymond John

Hustle Branding- Daymond John

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:

1) Family

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.

2) Accountability

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.

4) Masterminds

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.

6) Listening

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.

Have a great day!

MJ

How To Build a Great Business Without Knowing Anything

Henry Ford

In today’s post I discuss how Henry Ford built an empire by using the power of specialized knowledge to build a billion dollar business. Ford gives the best example I know on the necessity of building a great team who all have their own area of expertise which, when combined, make your company as a whole far greater than the sum of its parts.

 

 

Have a great day!

 

MJ

 

 

The Lifelong Struggle Of A Serial Entrepreneur

The Lifelong Struggle Of A Serial Entrepreneur

In today’s post I discuss the great struggle entrepreneurs have creating a work-life balance and how a recent family situation made me change the way I looked at my business.

Tell me what work-life experiences you have been though as an entrepreneur and how you have succeeded OR failed at achieving the balance we so crave.

Have a great day!

MJ

How To Be The Most Interesting Person In The World

Intesting-man

A while back, I saw a tweet from Ted Rubin, king of RonR (return on relationship) and someone who I have a lot of respect for, mainly due to his viewpoint of how to conduct yourself in business through the seemingly basic principle of being good to others (hence the term he coined, Return On Relationship).

I am a strong believer in the getting is in the giving and it seems as if Ted seems to be quite an authority on giving so, when he mentioned that Dale Carnegie’s, How To Win Friends and Influence People was on the top of his list of must-read books, I knew that needed to be the next in my Audible queue.

I finished the book a few weeks ago and am happy to report that Ted was right on the money. There were so many takeaways I have from the book that I will be dedicating a number of posts on Hustle Branding to discussing some of the principles.

There is a reason I am very passionate about this subject as I went a very long time in my business career believing that in order to get the respect of people I needed to be ruthless and feared by all. I simply thought that was the only way to be successful. The result was not pretty. I just became an a*shole who had some money in his pocket. Nothing less, nothing more.

Today,  if I can’t win the respect of people and still maintain a kind and giving mindset, I simply won’t do business with them.

So what in the world does this have to do with learning how to be the most interesting person in the world?

If you read the book you probably know the answer to this question. If you haven’t, let me give you the cliff notes answer in two words…

be interest-ed.

Interesting People Who Are The Opposite Of interesting

I have been fortunate (or unfortunate) enough throughout my years to have met a number of people who have achieved very high levels of fame, power and fortune. I was very excited when this started happening to me. Now, however, it quite often is more of a burden than something I look forward to.

Why? Well, for the most part, they are very predictable. Though I always try to go in with an open mind and no negative assumptions, invariably most of these people lose me after 15-20 minutes of listening to them talk about their favorite topic…themselves.

The Hidden Gem of Being Interest-ed

In my opinion, there are tremendous advantages to being interest-ed that most people seem to either overlook or completely ignore. You should see after this list that, as ironic as it may seem, the more interest-ed you are, the more interesting you become by default.

Let’s look at a few reasons why:

1)   By being interest-ed, you stay in constant learning mode. There is a phrase (I’m slightly paraphrasing), the more that is revealed, the more that is required. The truth is, we can never master anything. No matter what the skill, we can always get better and no matter what the subject we can always learn more and the more I learn the more I realize how little I know.

Staying in constant learning mode will negate any sense of complacency and allow your skill or knowledge to be extremely impressive without even trying… The result? …. You will be infinitely more interesting.

2)   The more you show interest in someone, the greater your ability becomes to network and grow, both personally and professionally. I have seen people spend entire conversations talking about themselves and then simply turn around and leave the person they were talking AT (as opposed to talking TO). When this happens there is a tragedy that occurs that the person never realizes unless it is pointed out. Let’s look at one such tragedy…

I witnessed a (one-sided) conversation where a ‘friend ‘ of mine was talking to someone about this amazing technology he had developed and his company was in the process of looking for investors to fund their early-stage growth. He finished his conversation and then walked away from the person.

A few minutes after the conversation, I was talking to my ‘friend’ and I asked him if he bothered to ask the person he was talking AT what he did for a living. My ‘friend’ said he hadn’t bothered to ask him so he asked me why I brought it up. I answered, “He invests in early stage technology companies.” … IDIOT.

3)   Most people think that the key to selling is to show how great your product or service is and wow the client into the buy. Though that may be the end game, the way you sell a product or service is, not to show how interesting your product or service is, but to show INTEREST in the client, listen to what he or she is looking for and then reverse engineer your thinking into how your product and/or service will fill that need.

You never go in talking about how great your product or service is. You go in with questions, and showing interest, then you simply work backwards. That is the only way to develop the connection to turn the prospective client into an actual customer.

4)   Showing interest and asking questions, plays into the ego of the other party. This is exactly what you want as it allows you to gather intelligence that you otherwise would not be able to gather if you are too busy talking about yourself.

The more interest you show in people, the more they will let their guards down and feel comfortable telling you more about themselves. As Gordon Gekko says, information is the single greatest commodity in the world. Personally, I disagree and believe it is the second most important commodity as I feel there is one thing infinitely more important. You can read about my thoughts on this here.

5)   Being interested never gets old. People don’t get tired talking about themselves but they do get tired listening to you. No one kicked anyone out of a party or failed to invite anyone to a gathering because they were too interest-ed.

Let’s be clear, there is a difference between being pesky and nosy and being genuinely interested. How many times, on the other hand have you not wanted to invite someone because you are sick of them talking about themselves?

So be interesting by being interes-ted. Learn to shut-up and listen. God gave us two ears and one mouth for a reason!

I encourage you to go out and take this knowledge today and turn yourself into the most interesting person in the world… and stay thirsty my friends! … and thanks Ted!

Have a great day!

MJ

 Note: To read Ted’s book, Return On Relationship, click here.
 To read How To Win Friends and Influence People, click here

5 Uber-Successful Entrepreneurs Reveal 5 Vital Keys to Success

28. 5-Uber-Successful-Entrepreneurs-Reveal-5-Vital-Keys-to-Success

When I was in my early 20’s, I thought becoming a millionaire would be simple. My thought was, a million dollars was simply one million one dollar bills. Simple enough right? Well, it’s kinda right if you believe that becoming a doctor is as simple as buying a scalpel! What I came to learn was that money, as important as it appeared, was not what really mattered. Continue reading “5 Uber-Successful Entrepreneurs Reveal 5 Vital Keys to Success”