10 Business Tips from Daymond John

  • By Daymond John

1. What makes a good business idea great?

Something that solves a problem (i.e., helps you do something faster), satisfies a need (i.e., makes an existing product cheaper), or improves quality of life (i.e., medical devices ).

2. What do you think are the traits of a great entrepreneur?
1) Being driven
2) Always educating themselves
3) Doing something they love
4) Willing to take advice
5) Resourceful

3. How do I know if there's a real need for my product or service?
Put it for sale on the internet and see if people who do not know you purchase it!

4. What are the most important first steps a new entrepreneur should take?
Educate themselves in the product and the industry they are attempting to enter.

5. How do you create a business plan that works?
Allocate all the time and money that you can invest into the business. And write down your strengths and weaknesses, then cost out how much it will take to partner or hire somebody to cover the weaknesses.

6. Where can I get help creating a business plan?
Small business consulting firms. Then look for a consultant in the area of business that you would like to go in.

7. How do you compete against the big guys?
Do not try to compete against the big guys. Your strength will be that you are small and can do the things they can't do.

8. How do you build a great team?
This is trial and error. Make sure people know their roles. Make sure they complement your weaknesses. Make sure they are focused and in the business for the right reasons.

9. What makes an investor put their money into a deal?
Trusting and believing in the CEO, knowing that the business can grow and distribute large profits, and knowing you have a patent that can be defended as well as licensed out to a larger company.

10. How do I find investors and business partners and what's most important in my presentation?
Banks, venture capital, and angel investors are listed everywhere. Also, go to a trade show for the industry you are in and seek a strategic partner.


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