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Daymond John of Shark Tank explains why diversity is good for business.
The famed entrepreneur, who launched the FUBU apparel company from his mom’s living room, will give the Roland Quest Lecture at Elmhurst on Sept. 23. He spoke recently with Prospect about role modeling, mindset and mentors. What have you enjoyed most about being on Shark Tank?
I love that I have opportunities to invest in other people’s dreams. But my favorite aspect is showing people that if someone like me can do it—a man of color who overcame obstacles and wasn’t an athlete, singer or politician, but just an everyday person—that they can do it as well.
The Merrill magnolias flanking the walk to Schaible Science Center mark the arrival of spring each year with an explosion of spectacular white blossoms. Planted in 1969 and 2008, the magnolias form a tunnel of fragrant flowers for visitors to the science center.
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What kind of mindset is key to being a
Why are mentors important, and who
successful entrepreneur?
were yours?
Be absolutely obsessed with your product and your customer. And learn something new every minute of every day to make yourself and your company better. So the mindset is also to be humble, and a little vulnerable.
It’s important that you gain and respect knowledge, no matter where it comes from. My life is filled with mentors. My mom was first, then my teacher who believed in a little, brown, dyslexic boy. Then the man who had a candy store in my neighborhood where I worked. And then my stepdad, who taught me that love doesn’t have to come in a certain color or package.
At Elmhurst you’ll be talking about why diversity is a good business practice. What does that mean to you?
Most likely, your business is serving diverse customers—diverse age groups, religions, genders, creeds and colors. How well do you serve those customers without having that representation in your company? Diversity is not only the right thing to do, it’s also the profitable thing to do.
What’s your advice for young people just getting into the workforce?
In my company we have a lot of kids who are digital natives and can show you how to maximize what you’re doing. I hope more young people will be that resource, that Swiss Army knife, that person who’s not only there to learn but who also is teaching.
