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When it comes to investing tens and thousands of dollars out of your own pocket in someone, you wouldn’t really go with your gut feeling and would rather stick to statistics and results. However,Shark Tank’s Daymond John works a bit differently. For him, a person’s pitch and their company’s success matter little when his gut tells him to go for it.
Doing so, he has invested in some really successful companies over his years in the business. He also owns FUBU, which once began as a clothing company for young men but now has a variety of options for women as well. Considering the fact that he went from investing $40 in his brand to making it a $6 billion company, we believe his idea of doing deals inShark Tankreally isn’t too bad.
Why Daymond John Listens to His Gut Feelings
If you have seen a single episode ofShark Tankyou will know that impressing the Sharks isn’t easy at all. After all, they are some of the biggest names in the world of entrepreneurship and you will have to be a little bit more than remarkable to catch their attention.
Every Shark has their own way of selecting the person and company they would want to invest in. While some like Scrub Daddy go on to become a hit, others like Breathometer fail horribly. It’s a hit or a miss, really.
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As for what putsDaymond Johninto action, it is his gut feelings. In an interview withSuccess, he stated that he usually bets on people and listens to what his guts tell him.
The other sharks have their own methods, but I get a gut feeling that tells me who will work hard and who wants to prove to the world that they have what it takes to go the distance. I like people with vigor.
In the premiere episode ofShark Tankseason 6, apparel company Bombas walked onto the center stage and blew John away. He ended up investing $200K in the company for a 17.5% equity stake and the results have only been phenomenal. Bombas hasmadeover a billion dollars in lifetime sales and is one of the top-performing companies to have come out ofShark Tank.
On top of that, the company has donated over 100 million essential clothing items to the needy. According to John, these are the kinds of businesses he aims to look for when making a deal.
I look for the long-term impact when investing. I want to associate myself with businesses and entrepreneurs who have the guts to put the hard work in like I did in the beginning—even if there are setbacks.
Clearly, going with his gut works out for John.
When Daymond John Breaks His Own Rule
John wasn’t born with a silver spoon in his mouth. He had to work his way to the top proving that all you need to succeed is some damn determination and hard work.
He waited tables at Red Lobster for five years to make a steady income for himself. Thus, when he became successful and joinedShark Tank,he only had one rule – Do not invest in companies that sell perishables.
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Working in the restaurant industry, John realized that a ton of food goes to waste daily and he simply didn’t want to be a part of that equation anymore. He swore off companies selling food, at least for the first three years. However, when two businesses came knocking at his door, he simply couldn’t turn them away. The result? He got himself his two top companies – Three Jerks Jerky and Bubba’s Q Boneless Ribs.
During his appearance onThe James Altucher Show,John said (viaCNBC),
If you ever watch the first three years of ‘Shark Tank,’ I would not buy anything that you could consume. Because of my years at Red Lobster, when I saw how food was being lost or wasted, whatever the case is, I never wanted to deal with perishables.Now, my top companies? Beef jerky, and Bubba’s boneless ribs. I loved what they were and who they were. Those are the biggest companies in my portfolio.
Within 3 months of going on the show,Three Jerks Jerkymade $1.4 million in sales. As for Bubba’s Q Boneless Ribs, the company was doing $16 millionin sales just three years afterShark Tank.It looks like some rules should be broken from time to time for something magical to happen.
Shark Tankis available to watch on Hulu.
Mishkaat Khan
Senior Writer
Articles Published :2257
A connoisseur of all things horror, fantasy, and the occasional chick flick, Mishkaat has been penning pieces for FandomWire since 2022. She started off as an intern and has worked her way up to a Senior Writer with over 2000 articles to her name.Outside of entertainment, she has also written well-researched medical content as a freelance writer and has experience in social media management.When not writing, you can find her relaxing with a romance novel and a tall glass of iced coffee in her hand or watching re-runs of ‘Supernatural’ and ‘The Office.’
