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Advice for Starting Your Own Business From Daymond John

Star of TV s Shark Tank offers insights on how to become a successful entrepreneur

GETTY IMAGES “I don’t believe in waiting for the ‘perfect time’ to start a business,” says Daymond John. “The perfect time may never come. Start now.” Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. He should know. In 1992, John started his first business, the fashion brand FUBU, by sewing together stylish wool caps of his own design in his mother’s home. At that time, he also was working as a waiter at Red Lobster. FUBU had its share of early struggles, but the company now has earned more than $6 billion worldwide. That success — combined with a thriving consulting business called the Shark Group, best-selling books and a role as an investor on the reality TV show — has made John an in-demand expert for offering guidance to budding entrepreneurs. Having just turned 50 in February, John is now an AARP ambassador and shares his expertise with older adults who are thinking about . Here, John offers his advice on how people age 50 and older can prepare to launch a business successfully.

Remember every overnight success takes years to happen

Daymond John: I had to close FUBU down three separate times in the very beginning because I ran out of capital. I then lost the first couple of million dollars I made when FUBU took off. I didn’t have financial intelligence, and it cost me big time. When I was first starting FUBU, I had this sense of urgency. I was in a rush. Don’t get me wrong, a sense of urgency can be a good thing. But I was setting unrealistic expectations for myself. I had to learn to be patient and that every “overnight success” is five or 10 years in the making. Any real business — I don’t care if it was 50 years ago or today — it doesn’t really start to show any kind of real proof of concept or money until probably six to seven years in. Flowers & Gifts 25% off sitewide and 30% off select items See more Flowers & Gifts offers > From my experience, the best thing new entrepreneurs can do is get a mentor who does not have an investment in their business. You can’t be wise beyond your days all the time, so a lot of time, it helps to find mentors. You also should always be educating yourself. Find to take either locally or online and read every single day, whether it’s books or articles. AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. More on work AARP Membership — $12 for your first year when you sign up for Automatic Renewal Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP the Magazine. AARP VALUE & MEMBER BENEFITS See more Health & Wellness offers > See more Flights & Vacation Packages offers > See more Finances offers > See more Health & Wellness offers > SAVE MONEY WITH THESE LIMITED-TIME OFFERS