Shark Tank’s Daymond John on Working to Make It Big as an Entrepreneur: “Don’t Quit Your Day Job”

For those of you who are bent on achieving entrepreneurial success, but cannot bring yourselves to quit your day job and throw everything you have into your dream effort, side hustle, or whatever you want to call it…Shark Tank’s Daymond John understands, and has your back.

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As a matter of fact, he thinks it’s a bad idea for anyone building a business on the side to leave behind the source of income that’s paying the bills right now.

According to John, the notion that one must quit a reliable, “regular” job to ultimately become successful as an entrepreneur “is garbage,” according to the mega-successful founder of the FUBU clothing line.

And he speaks from personal experience.

During an appearance last week at CNBC’s iConic conference in New York City, John said, “I was working at Red Lobster for five years as a waiter as I was running this business.” From there, he recalled that “it was 40 hours at Red Lobster and six hours at FUBU. Then it was 30 hours at Red Lobster and 20 hours at FUBU, because money started to come in.”

Importantly, John said that even as his business started to gain traction, he kept his restaurant job.

Why?

“If it would have failed, I still wouldn’t have been owing everybody; I wouldn’t have had this huge deficit; my credit wouldn’t have been ruined for seven years.”

In other words, John says to keep your day job until it is positively clear that you don’t need it any longer.

So how do you stay the course in burning the candle at both ends? The old-fashioned way, says John.

“Work. Bust your butt. Get up before everybody, go to sleep after everybody, and bust your butt. That’s it.”

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

Is Being an Entrepreneur “in” You? Here Are Five Signs that May Reveal the Truth

Are you someone who is meant to be running their own show?

5 Ways to Know Whether You Have the DNA of an Entrepreneur

In a piece for Entrepreneur.com (what else?), Brian Evans, himself a successful entrepreneur by trade, identifies five tell-tale signs that reveal someone has the nature of a classic, business self-starter woven into their DNA.

At the top of his list is the need to learn by doing. Evans points out that there’s a reason so many business successes are high school or college dropouts. Entrepreneurs, he says, are oftentimes poorly served by the school environment, because they are at their best when out in the world applying themselves.

Evans says, as well, that natural entrepreneurs are characterized by impatience. That is, their natural inclination tends to be to want to get going. If you know a successful entrepreneur (or happen to be one yourself), you’re likely very familiar with the characteristic.

Natural-born entrepreneurs are also terrible at taking “no” for an answer, says Evans. However, he points out, there is an important difference between those who don’t accept “no” but also don’t remain on the lookout for helpful feedback…and those who do look for information that will help a good-but-not-yet-great idea eventually succeed.

The other two features of born entrepreneurs, according to Evans, are an insistence on “owning” the work they do, as well as possessing a lust for freedom. He says a principal reason that entrepreneurial types don’t do well operating within typical corporate structures is “because they feel as though they don’towntheir work. It’s a combination of either not being given enough creative freedom, or having so many checks and balances in place that nothing actually gets done effectively.

As for the matter of freedom, that’s everything, says Evans: “True entrepreneurs seek freedom — and the definition of freedom is subjective. It’s more about a lifestyle than a benefits package or an end-of-the-year bonus.

So, do you notice any of these features in yourself? If not, being a success as an entrepreneur is not necessarily off the table – plenty of people achieve while working against type. That said, if you can readily identify most, or even all, of these features as being a part of you, and you’re still chained to a desk working for someone else, then it’s very likely you’re in the WRONG PLACE, presently.

The information contained here is for general information purposes only. The Financial Writer blog and Bob Yetman disclaim responsibility for any liability or loss incurred as a consequence of the use or application, either directly or indirectly, of any information presented herein. Nothing contained in this article, or any other article featured at this blog, should be construed as a solicitation or recommendation to engage in any financial transaction. You should seek the advice of a qualified professional before making any changes to your personal financial profile.

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