When Daymond first started creating FUBU, he was basically looking for a way to do what he wanted to do—go on tour with hip-hop artists and see shows all the time. While his immediate priority was to figure out how to go on tour with his friends without going completely broke, in the back of his head he always knew he was going to be rich someday.
Daymond didn’t start FUBU just for the money, but he wasn’t working as hard as he was working just to scrape by. So, from the very beginning, he started studying wealthy entrepreneurs, reading their books and interviews, and emulating their habits so that he could become like them, reach his goals, and have the freedom to live the way he wanted to live. Those habits have helped Daymond gain wealth and run several successful brands. And they’ve gotten him out of trouble when he’s lost sight of his goals and strategies, too.
GET UP EARLY
When we’re young, we all have that dream of being independently wealthy and sleeping in as late as we want every day. Then we get a little older, and we find out that dream isn’t really all that great. Getting up early lets you get a run or workout in. It lets you brainstorm ideas when your mind is fresh and you haven’t been through the stresses of the day. It also gives you a lot more time to get stuff done. If you get up at 7:00 AM instead of 9:00 AM five days a week, you’ll give yourself ten extra hours every week. Not bad, right?
PRETEND YOU’RE BROKE
You know Daymond’s philosophy on being broke. He was able to make it to where he is today because he started with nothing and had to plan what he did with every single penny. Daymond lost sight of that once, and it became the biggest loss of his entire career. If you live like you’re broke, especially in the beginning, you’ll save money and you’ll have more to spend on the things that count, like growing your brand and your business.
LEARN ABOUT YOUR INDUSTRY
Learn everything you can about your industry. Take classes. Go to conferences. Read every article and subscribe to every relevant industry news source. The more you know about your business, the farther you’ll go. Keep your finger on the pulse, and you’ll know what your competition is going to do before they do.
INVEST IN YOURSELF
When you do spend money on yourself, make sure it’s an investment in your health, your brand, and your future. A gym membership—if you actually go regularly—is a great investment in your health, but you don’t have to go overboard with a personal trainer and spa membership. A well-fitting suit will help you put your best foot forward when you pitch to investors, but you don’t have to buy Armani when you can’t afford it yet. Basically, look at what your purchases and investments will do for you and look at each of them in terms of your ROI (return on investment).
WORK HARD AND WORK CONSISTENTLY
Finally, if you want to succeed, you need to work hard, but you also need to be consistent. Spending a whole weekend working on your brand is great, but it’s not so great if you use it as an excuse to skip out on work for a week or two and then pick up again with another short burst of effort. Building your brand and your wealth is a marathon, not a sprint. Consistency pays off.
These five habits have definitely helped Daymond along the way, and we hope they’ll help you get wealthier and push your business forward.