Damon Jon, the founder of Fubu and one of the stars on Shark Tank wrote a book about his life and his struggles. Damon’s book outlines his upbringing and his struggles, which are well explained in the following podcasts:
- “The investors podcast” (TIP) episode #198
- NPR’s “How I built this” episode which aired on April 9th, 2018.
The point that resonated the most with me was: how was an young man living in Brooklyn supported by a single mom able to create such a great brand. Often when I think about a buisness, I put myself in the shoes of Charlie Munger and I try to identify the company’s moat and weather or not it’s growing. If I was presented with this investment, I would not have bought it because Fubu in my eyes offers no competitive advantage. Obviously I’m wrong and Damon has done really well for myself.
The overarching reason for why Damon was successful is suscintcly sumerized in the title of his book. Firstly, Damon was selling hats with Fubu logos on them by learning how to stitch from his mom. Secondly, when he has enough money saved up as a teenager, he purchased a van so that he could taxi people around. Thirdly, knowing that he couldn’t afford to pay for billboard advertising in New York, he struck a deal with store owners to allow his to spray paint his brand an logo on the exterior face of their metal rollup doors for a very cheap price. Long story short, without money, you learn to be frugile, innovative and picky about what you spend your time and money on.
Studies have shown that buisnesses that are founded in recessions are more likely to succeed than those that founded in a boom. So what are you waiting for? Startup money or lots is demands?
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