Be ‘obsessed with your customers’

Detroit – Fashion mogul Daymond John knows how to grow a business from nothing, launched one in his mother’s basement 30 years ago and scaled it to a global fashion brand with more than $6 billion in sales.

John, founder of clothing line FUBU and co-star of ABC’s “Shark Tank,” shared some insights Wednesday and lessons he’s learned along the way during BuyDetroit’s Passport to Procurement Conference at the Hollywood Hotel and Casino in Greektown.

Deirdre Roberson, left, and Alecia Gabriel, owners of The Lab Drawer, chat with Daymond John, founder of clothing line FUBU and co-star of ABC.

“The biggest reason small businesses generally fail, in addition to their lack of education, is overfunding,” John told an audience of entrepreneurs during a fireside chat with Detroit Pistons in-game arena host Kevin Irwin. “They really took it too early.”

To grow a successful business, one must show openness, not overextend oneself and be transparent with employees and customers, John told the audience.

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