Shark Tank host Daymond John’s keys for success

Tune into Shark Tank and you’ll hear advice from Daymond John, the founder of clothing brand FUBU, who has amassed a fortune stretching into the hundreds of millions.

Daymond John

And in many ways, his story encapsulates the American Dream.

Short, terrible at basketball, and dyslexic, Daymond realized early on that the surest path to prosperity was entrepreneurship and he had to champion his own success.

Want to discover his keys to success? Here are some tips:

* First, be resourceful. Looking for a big break, Daymond convinced LL Cool J, then an emerging rapper who grew up on the same street, to pose for a photo wearing a FUBU shirt. Word quickly spread and interest in FUBU skyrocketed.

* Next, find a mentor. Entrepreneurs don’t have to do everything on their own. Indeed, one of Daymond’s rules is to find a mentor who can teach you the fundamentals.

* Invest your time. He also urges people to recognize how valuable time is and to put every moment to good use. With that in mind, make sure you schedule yourself first.

* Cultivate patience. That’s important because success usually doesn’t happen overnight.

* Focus on improvement. For Daymond, success means constant growth and improvement. This might mean acquiring new skills or discovering ways to save money that can then be invested.

* Work hard. As for putting your nose to the grindstone, envision what personal success looks like. Once you have a destination in mind, it’s easier to plot the course. That said, he believes money doesn’t equal happiness.

And for all those who strike it big, remember to give and love. Daymond notes that teachers, mentors, and family members played a major role in his journey. Daymond’s mother, for example, mortgaged her house to provide startup capital. These many helping hands perhaps explain why Daymond now focuses much of his efforts on helping other aspiring entrepreneurs via Shark Tank.