As “The People’s Shark,” Daymond John is arguably the most popular regular cast member on the hit series “Shark Tank.”
But he’s so much more than a TV star.
He’s the best-selling author of “The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage,” the founder of the groundbreaking fashion line FUBU, a cancer survivor, and the father of three.
And it’s his father role I was most interested in talking with John about when I had the opportunity to interview him at a recent conference in Phoenix, Ariz.
In his book, John makes his love and appreciation for his mom obvious. A single mother who worked multiple jobs, she supported his various money-making schemes and even went so far as to mortgage her house in order to give him capital to launch FUBU.
My question for John was about this intersection of hustle and parenting. In today’s privileged society, how can parents instill “the power of broke” in our kids and encourage their entrepreneurial spirit?
It’s not easy, he says.
The entrepreneurial itch isn’t something you can give your kids; they either have it or they don’t.
But whether they seem to be budding entrepreneurs or not, his advice is the same:
“Allow your kids to go out and try and fail,” he says. “Don’t have a preconceived notion of what they should do. Let them fail first. Then make them feel amazing about failing so they can go and fail at something else.”
Show them it’s okay to try things and to struggle and to test and to fall flat, and then to get up and try something else. Failure, after all, is part of the path to success.
That resiliency will serve not only for their future business endeavors, but for life in general. After all, any successful entrepreneur knows that our most valuable skill is the ability to fall down 10 times and get up 11.
Lain Ehmann of #FastLain knows that Simplicity Sells. As a communication conversion strategist, she works with high-level entrepreneurs to create crystal-clear messaging and content that reaches their audience at the right time, in the right way. Find out more at http://fastlain.com.