SHARK TANK INVESTOR On The Key To Building A Thriving Business | Daymond John EP 433

0:00Hi, my name is Lewis Howes and welcome to the Daily Motivation Show.

0:14I think the biggest lesson I've learned about myself over the last 10 seasons is that I don't know enough. No matter what business I invest in, it has to go back to the fundamentals of I love the person, I love the business, and I want to learn more about it. And it's like Christmas every day when I wake up to learn the business if it's just a money play it's of no value to me because I can go and put my money in the market or their bonds or something like that crypto whatever I put my money in Tesla you know Elon is not calling me asking me how to build a car yeah right so I have to love the person the business and I have to be I have to wake up every day like Christmas to want to learn more about it hmm what do you think has been the greatest negotiation you've ever done whether it be on Shark Tank or in life?

1:03The greatest negotiation I've ever done really if you look at it from a business perspective is when I negotiated out of ignorance with Samsung the textile division when I first got my fugu deal I had um I was a young kid I was very scrappy I was hungry I was a little ignorant in business I was really I had mortgaged in my house and I was running my own factory and I had met with Samsung textile division for manufacturing distribution probably about six months prior to mortgaging my house and I remember calling the president of Samsung all the time of textile division and saying hey what's up I want to do the deal I want to do the deal he never called me back you know it's kind of like how I don't call a lot of people back right just pitch me and I got really pissed off because I felt like he was ignoring me.

1:53And now he had already had the meeting with me. He had showed some interest. So now I have$100 ,000 from my mortgage of the house. And I'm making my, I turn my house into a factory. And I'm up and running. Samsung starts to hear about how food was doing well. And everybody's wearing it. So he calls back. And I remember, you know, now that I have$100 ,000, I'm thinking that's all the money in the world. And I will never need any help by anybody ever. And I was pissed off. I was like, this is on the phone. man you're so full of you know s-h-i-t you know why didn't you call me back i was taking a real you know emotional right and i was like the deal i better have is this deal this deal this and they said no problem just come on in because they had offered me a deal that was you know what it was standard but because they were they they saw that i grew and i had this ego like i don't want you anymore i don't need you i negotiated ignorance and it was my best deal ever i would never do that today you negotiated out of the deal right i negotiated out of ignorance and i got the best deal ever oh wow gotcha um but as i know myself now and i turn around i was out of that hundred thousand dollars and almost a month later right because i was paying for raw goods 90 days ahead of time i'll pay for my salary and staff and i was giving my um stores terms 60 90 day terms and i would have lost my house and the business and everything else thank god i did that deal But it was out of ignorance that I did the deal.

3:17You know, I guess everybody always says, you know, do you believe in luck? And I say no, I don't believe in luck. But maybe I should, now that you ask that question that nobody ever asked me, maybe that was a little bit of luck. It was a little bit, yeah. Ignorance, luck. Yeah. Yeah, timing, everything.

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