'Shark Tank' star Daymond John says 'you'll be screwed' if you do this when starting a business
"Shark Tank" star Daymond John is giving fans some blunt advice on how to be successful in business.
When speaking to Fox News Digital at Fanatics Fest, the 57-year-old businessman shared that to have a successful business, you have to build it around "something that you love."
"If you're starting something that you love, you have to want to do it for free. I always say to kids, you know, you got to get paid for what you'd do for free, you'd be able to sell whatever you would buy. So, any business is a great business. Emptying garbage is a great business if you really love it. If you're doing it just for money though, you'll be screwed. Even Kevin O'Leary, you think he does it for money? No, he just likes complicated structures that manage his downside. But at the end of the day, he likes the chess game."
The reality TV star began working at a young age, developing his entrepreneurial spirit before founding FUBU ("For Us, By Us") in 1992 along with three of his childhood friends.
Now a global fashion brand, the business began with John sewing wool hats and T-shirts himself in his mother's house in Queens, New York.
"First of all, I was frustrated by Timberland, and a couple of other people and brands that 'didn’t make clothes for African Americans,'" he told The Source Magazine. "That was why I initially created FUBU. It was my love of fashion as well and my love for music. And I felt that no longer did we have to have the 'make it and they will come theory' like other designers."
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He continued: "I was a designer who actually respected the community I was selling to, and it was fun. It was an exciting time. Hip-hop was young and fresh, and I was just happy to wear the clothes that I was making as well as seeing artists and other people wear the clothes that I was making for them."
WATCH: ‘SHARK TANK’ STAR DAYMOND JOHN SHARES WHAT WILL GET YOU ‘SCREWED’ IN BUSINESS
After turning FUBU into a global fashion brand, John joined the original cast of "Shark Tank" in 2009, alongside Barbara Corcoran, O'Leary, Robert Herjavec and Kevin Harrington.
As a shark, John has invested in a number of businesses, helping entrepreneurs get them off the ground. Some of his most famous investments include Bombas and Bubba's-Q Boneless Ribs.
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"I always look for the person first — before the idea," he told Inc. about his investing philosophy. "I need to know that they are going to get the right information, and not go off and make mistakes without at least trying to educate themselves. I value an entrepreneur I can get behind and trust because I know they are attempting to move forward in life."
While at Fanatics Fest, a Comic-Con style celebration and immersive sports festival, John told Fox News Digital he was looking forward to experiencing everything the festival had to offer as a fan.
"I haven't gotten to see most of it, but for three years in, I mean, this is nuts, right? It's everything from WWE to UFC, to, of course, all the sports stuff, the signing, the trading, all of the celebrities and the sports people here. I'm just here being a fan myself," he said.