Success can come when things go wrong, just as much as when everything goes wrong is fine.
"If I had understood this it would have helped me much earlier in my career, " Daymond John, "Shark Tank " star and founder of clothing company FUBU, told CNBC Make It.
John has come a long way since ithe hit $ 40 fabric budget in a successful urban streetwear brand that at its peak grossed $ 6 billion "in worldwide sales . As a young entrepreneur, he says, he never understood why some people just seemed doomed to success.
"I thought they had something special about them " says John. "That all of a sudden they had a gift or someone hit them with it a magic wand. "
It took meeting and talking with people he considered successful for John to realize that no magic wand existed. To his surprise, said John, even his role models had the same fears and struggles, and made the same mistakes he did.
The lesson taught him what it really takes to be successful, he says: make mistakes and continue to learn even after successful completion.
Johnmade a lot of these mistakes. FUBU has closed three times in the past three decades, due to lack of company money. In 2016, John spoke to CNBC Make It of an unsuccessful attempt to expand into womenswear that cost his business $ 6 million. He once told on The Street in 2017, he almost lost his house after taking out a $ 300,000 mortgage without fully understanding his financial obligations.
He's honest about his ssteps now, he says, because his models growing up rarely shared their mistakes in public, which led him to believe that any business mistake was fatal.
"I thought the people who did it didn't want todo not do it. talk to someone like me, "says John.
Once he recognizes that the successful people around him have overcome their mistakes and have continued to learn, John says that 'There was only one question left: "Why can't I do it?
Register now: Manage "your money and your career smarter with our weekly newsletter
Don 'not to be missed:
5 " Investor Success Secrets 'Shark Tank ' Daymond John
Daymond "John from " Shark Tank 's "shares 4 books on life-changing success