Negotiating with Power and Influence with Daymond John #MakingBank #S6E31

Can you negotiate with a shark?

On this episode of the Making Bank podcast, the legendary Daymond John discusses negotiating, pitching and growing your business. Founder of FUBU, Daymond grew his clothing empire from only $40. Now, he is a best-selling author and investor on ABC’s Shark Tank.

Today, he chats about the best ways to negotiate, pitch, and even network. By building your influence and finding your purpose, you too can launch your ambitions. His fifth book “Powershift” empowers entrepreneurs to pursue their goals and find the right investors.

 

Listen to Josh and Daymond discuss negotiation:

Powershift (2:54)

Daymond talks about writing his 5th book, Powershift. After being pitched in the private sector and on Shark Tank, Daymond wanted to help empower people to grab control of their future. With Powershift, he chats about how to have power in negotiating and their lives.

Toughest Negotiation (7:16)

Daymond chats about the toughest negotiation he’s ever been in: debating with his toddler. All jokes aside, he talks about his cancer diagnosis and how he had to negotiate with himself. It caused him to renegotiate his current lifestyle and relationships.

Building Influence (12:28)

People are more likely to recommend someone they met in a bar than their own family. Daymond gets into why this is and the power of initial meetings. You don’t need to give your whole life story in 90 seconds. Rather, connect with people, make them feel good, and pay attention to your social media.

How to Pitch Deals (16:34)

Remember who you’re pitching to. Oftentimes, we want favors from others. However, Daymond emphasizes how important it is to make the decision easiest on the other person. Listen to the episode to hear more about pitching deals.

Finding Your Purpose (19:58)

Daymond always asks people “why?” Why do you want to do what you do? What would you do with a million dollars if you had it? Knowing your why will help you in your negotiations, businesses, and life.

Negotiation Tips (21:38)

As someone who has been in thousands of negotiations, Daymond shares his tips. Know you’re target, rely on your senses, and do your research.

Investing in a Person (26:47)

When on Shark Tank, Daymond chooses businesses based on the people running them.

Becoming an Investor (29:16)

Daymond talks about the shift from businessowner to investor and why he structures deals in a certain way.

Relationship Capital (33:14)

Utilize your relationships but don’t abuse them. Daymond defines what he means by “relationship capital” and how it relates to networking.

Daymond also touches on the importance of having different mentors, tailoring advice to best fit you and look for patterns.

Links mentioned:

Making Bank – Website