Shark Tank's Daymond John talks entrepreneurship

Posted at 7:18 PM, Jun 02, 2016
and last updated 2016-06-02 20:05:33-04

One of the sharks from ABC's Shark Tank came to the 2016 Mackinac Policy Conference to talk about how entrepreneurs can help our region develop.

FUBU founder Daymond John was just one of the speakers who made entrepreneurship one of the major themes of this year's conference.

Among the points he made was a pitfall all entrepreneurs should avoid. 

"I find the biggest reason why small businesses and entrepreneurs fail is actually overfunding," John told Editorial Director Chuck Stokes. "They go out and hove this idea, this concept and they take a $100,000 mortgage on the house. But they didn't sell, not one thing yet, because they feel their idea is so great and they go out and they buy all the expensive help and the $20,000 website and everything else. If you can't sell one of whatever you have because it's crap, then getting $100,000 worth of that inventory, then you've got $100,000 worth of crap."

John also says all business need to be inclusive and diverse, because if they are "you will succeed."

You can see our entire Facebook live interview with him below.