Be ‘obsessed with your customer’

Detroit — Fashion mogul Daymond John knows what it’s like to grow a business from nothing, launching one in his mother’s basement 30 years ago and scaling it to a global fashion brand with more than $6 billion in sales. John, the founder of clothing line FUBU and co-star of […]

Detroit — Fashion mogul Daymond John knows what it’s like to grow a business from nothing, launching one in his mother’s basement 30 years ago and scaling it to a global fashion brand with more than $6 billion in sales.

John, the founder of clothing line FUBU and co-star of ABC’s “Shark Tank,” shared some insight Wednesday and lessons he’s learned along the way during BuyDetroit’s Passport to Procurement Conference at the Hollywood Hotel and Casino in Greektown.

Deirdre Roberson, left, and Alecia Gabriel, owners of The Lab Drawer, chat with Daymond John, the founder of clothing line FUBU and co-star of ABC’s "Shark Tank," during BuyDetroit’s Passport to Procurement Conference Wednesday at the Hollywood Hotel and Casino in Greektown.

“The biggest reasons small businesses generally fail, besides their lack of education, is overfunding,” John told an audience of entrepreneurs during a fireside chat with Detroit Pistons in-game arena host Kevin Irwin. “They actually take out too much too early.”

To grow a successful business, one should show openness, not overextend themselves and be transparent with employees and customers, John told the audience.

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