For any business owner or entrepreneur, it's all about that one crucial moment when your idea turns into a money-maker. But what a lot of people don't know is: How do you get there?
Daymond John is a great example of an entrepreneur who figured out the path to success and who's now Making it in America. He's known to a lot of people as one of the stars of ABC's hit show "Shark Tank," but we can't forget about his iconic fashion line FUBU that launched his early career.
We asked Daymond to share his story with us, and to give us some tips for people who may have a great idea, but aren't quite sure how to take it to the next level.
And if you're interested in turning your idea into a money-maker, here are some of Daymond's top tips when it comes to starting a business and Making it in America as an entrepreneur:
A customer is the recipient of your goods, services, product or idea. Knowing who will buy your product will determine the success or failure of your business.
Your goal will only be effective if you have a clear vision of what you want to achieve and how you will do so. Outlining past accomplishments and milestones are essential to your success in securing investors and making progress toward achieving your goal.
It’s the first step to a successful marketing strategy. Don’t make assumptions about who will or who won’t buy from you.
How are you positioned?
Know who your customer is so you can direct your marketing efforts and dollars toward them.
What is your price point?
Determine the total production cost, take into account what your competitor is charging, then add a profit margin.
What are your weaknesses? What are your strengths?
These are the fundamental elements of strategic planning. Once they have been identified, they will offer powerful insight.
Have you identified your strategic alliances?
They have become an essential driver for growth. You can partner with a business and work toward a common goal without losing your individuality while reaping the rewards of a team effort.
What are your financial [statements]?:
You need to know what your losses and gains are and understand profit margin. You need to know them down to a tee.