Daymond John

One of my business partners would remind me that no fashion line lasts forever, that we would hit the down curve eventually, and that we needed to look for new brands that complement the first one.

When I first got into business, I made a lot of bad decisions.

I never knew anything other than wanting to be an entrepreneur. I tried my first business when I was 6 years old, and I started another business when I was 8. I don't think I knew anything besides that.

There really is no shortcut just because you have a name, or you have some kind of access or some way you can solve all the problems. And I think one of the things I learned with FUBU, you have to understand that there's really only two ways of operating a business: more sales, or lower overhead.

I consider each business investment based on concept and revenue.

Learn as many mistakes and what not to do while your business or product is small. Don't be in such a hurry to grow your brand. Make sure that you and the market can sustain any bumps that may occur down the road.

Poor people put a low value on themselves and their efforts.

I already have enough apparel businesses that are either doing well or not really doing anything at all, and I'm looking to broaden my portfolio.

I value an entrepreneur I can get behind and trust, because I know they are attempting to move forward in life.

Mentors don't have to be the Daymond Johns or the Mark Cubans. A person running a successful bodega or a tax firm in your community for the last 20 years, that person is working just as much as the individual who's running General Mills.

Most brands started from a strong base and kept a strong belief.

I think African Americans are resilient and hustlers by nature. I think they need to understand that you can take that hustle to the boardroom, but it has to be an education process.