Daymond John: The Truth About Entrepreneurship And AI's Impact

What If the Biggest Myths About Money, Entrepreneurship, and the Future Are Completely Wrong? In this conversation, I sat down with my friend Daymond John, and we went deep on the real truths about entrepreneurship, rejection, money, and where the world is heading next. Most people know Daymond from building FUBU and as a Shark on Shark Tank, but what you’re going to hear in this episode is the mindset that actually built his success. Not the highlight reel. The real lessons. The failures. The hard-earned wisdom that only comes after decades in the arena. Daymond and I talked about something that might surprise a lot of people. Not everyone should be an entrepreneur. In fact, Daymond believes some of the most successful businesses are built when visionaries surround themselves with incredible operators. Every Batman needs a Robin. Every Captain Kirk needs a Spock. Entrepreneurship is not about doing everything yourself. It is about building the right team, embracing rejection, and continuing to move forward even when the world keeps telling you no. We also got real about the myths surrounding money. Daymond shared how early in his career he believed you needed money to make money. Then later he discovered the opposite problem. When he finally had money, he thought throwing capital at problems would solve them. It did not. The truth is that money does not build businesses. People do. Work ethic does. And your reputation matters more than almost anything because it takes years to build and seconds to destroy. One of the most fascinating parts of this conversation was where the world is going next. Daymond has been studying AI, biohacking, and live selling intensely over the last few years because he believes we are entering a period of massive disruption. Entire industries are going to change. Jobs will evolve. And the people who thrive will be the ones who adapt quickly, stay curious, and position themselves on the right side of innovation. This conversation is not just about business today. It is about preparing for the future that is coming faster than most people realize. We also talked about something I believe every listener needs to hear. Your personal brand matters now more than ever. Whether you are a CEO, an entrepreneur, or just starting out in your career, people are forming opinions about you before they ever meet you. Your brand walks into the room before you do. The question is whether you are defining it or leaving it up to someone else. This episode is one of the most honest entrepreneurial conversations I have had in a long time. If you care about building something meaningful, navigating rejection, and staying ahead of the massive changes coming in business and technology, you are going to love this one. Key Takeaways Why not everyone is built to be an entrepreneur and why that is okay The myth that you need money to make money and the real drivers of success How to develop the rejection muscle required to win in business Why your reputation and personal brand are your most valuable assets The massive impact AI and technological disruption will have on careers and industries How entrepreneurs should prepare themselves for the next decade of change Listen now and get ready to rethink what it really takes to win in business and life. 👉 SUBSCRIBE TO ED'S YOUTUBE CHANNEL NOW 👈⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ → → → CONNECT WITH ED MYLETT ON SOCIAL MEDIA: ← ← ← ➡️ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠INSTAGRAM⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ➡️⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠FACEBOOK⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ➡️ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LINKEDIN⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ➡️ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ➡️ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠WEBSITE⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Ed Mylett?

  I hear so many small business owners say the exact same thing. They just never have enough time in the day. Well, I measure time differently. I've compressed, condensed, heck, I've bent time. My first day is 6:00 a.m. to noon. My second day starts at noon and goes till 6:00 p.m. And my third day, 6:00 p.m. to midnight. I now get 21 days a week. Stack that up over a month, over a year, over five years, and my life's completely different than it would have been otherwise. And if you want to win as an entrepreneur, you have to compress your time, too. And you definitely can't afford to waste it. Waiting weeks on a big bank for capital? Your best bet's to work with my friends at Cardiff. They know how to compress time for entrepreneurs. They get your business approved in minutes and funded the very same day. They're America's favorite small business lender, and for good reason.

• 0:45Ed Mylett?

  Over 20 years in business, over $12 billion deployed to small business across America. Stop letting bank delays slow down your momentum. Head to cardiff.co/ed. That's cardiff.co/ed. Cardiff.co. Real growth, fast funding. Cardiff, borrow better.

• 1:03Speaker 01

  This episode is brought to you by Michelob Ultra. Good times mean competitions between you and your friends, like seeing who can throw some pigskin the farthest or rush the field the fastest. Winner gets an Ultra. Because it's not just a superior light beer, it's also giving fans superior access to their favorite sporting events. Superior is worth playing for. Visit michelobultra.com/superioraccess to enter. Enjoy responsibly. Copyright 2026 Anheuser Busch InBev Michelob Ultra Beer, St. Louis, Missouri.

• 1:34Speaker 02

  This is the Ed and Myron Show.

• 1:38Ed Mylett?

  Welcome back to the show, everybody. So today, let's see. I don't know. All of you already know him, so I'm not going to do a long introduction. Literally, all of you know who this man is. I think he is one of, I was thinking about this morning as I was, you know, feeling so good about getting a chance to chat with my friend here. I think he's one of the 10 most important entrepreneurs of this century.

• 2:02Ed Mylett?

  Can you imagine that? One of the ten most important.

• 2:04Daymond John?

  I think this guy's about to interview Henry Ford or somebody.

• 2:11Ed Mylett?

  You are, for a variety of reasons, and you know that. He's, you know him from Shark Tank, you know him from FUBU. But here's what I'll tell you that you don't know. He is a tremendous human being. He's a really good man. Been really good to me. When I was shooting a pilot for my TV show, I made a couple of phone calls to some people and said, "I need your help." He said, "How can I do it, brother?" Immediately jumped on and helped me film some stuff for a pilot I was doing. And so not only is he a really successful person, I think he's really grown into, you know, somebody that he feels good about and that I admire very, very much. So Daymond John, AKA Henry Ford, welcome to the show. I have you back.

• 2:51Daymond John?

  You know, thank you. You know what? It is truly an honor that you said that. You are truly one of the most amazing people. And the only other person that says something in that realm that made me feel inadequate, even though I know you're giving me love and I know you're not somebody to say something you don't believe is... There was this young man, he was running for president, his name was Barack Obama. And I was at an event and he just got the party nomination. And then, you know, I, "Hey, how you doing?" And this is my FUBU days. I was like, "Hey, I'm Daymond John from FUBU." He said, "Are you kidding me? One of the greatest entrepreneurs of our time."

• 3:31Ed Mylett?

  That's awesome.

• 3:32Daymond John?

  And I was like, "This guy's full of crap." And then later on, he would say, "We're gonna make this country for us, by us." And I was like, "He's on to something." Either he is a politician, for sure. I was like, "He knows what he's doing." But thank you so much for the really amazing intro. And, you know, the respect is mutual. And I can't say that I'm like that with most people because, you know, you can only pick a couple of people that you can be like that with. And I appreciate being like that with you.

• 4:00Ed Mylett?

  Thank you, my brother. And I'm glad that I could finally validate Forty-Four's sentiments with you today.

• 4:07Ed Mylett?

  First things first, I was saying this off camera, you look good. What are you doing?

• 4:12Daymond John?

  Thank you, man.

• 4:12Ed Mylett?

  I saw you, I saw you a few weeks ago, we spoke at the same event together and I thought the same thing. You walked up, got real close, you hugged me, I'm like, he looks younger or better. What are you doing?

• 4:21Daymond John?

  I'm doing everything, you know, I'm, I'm, I'm a biohacking enthusiast. I am not a scientist, doctor, anything of that nature. You know way more about health than I do because you get very granular. But I call myself now more like the, um, uh, uh, was the guy who used to travel world eating food? Anthony Bourdain of biohacking. I'm trying everything. I'm doing everything. I started going down the rabbit hole. I had cancer in 2017. I really didn't, I thought, I thought that was a wake up call. I didn't take care of myself, uh, because then COVID came around, I was drinking more than ever. And my wife, who was an amazing strategic partner, she didn't, she didn't make it a deal breaker. She just kept looking at me and, and saying, are you okay? And I, I saw the disappointment in her eyes.

• 5:06Daymond John?

  Uh, and then, uh, you know, I started following some of her protocols and before you know it, I was, I was red bedding and talking to ass three one minute and Gary Breck of the other and Dr. Amen the other and Greenfield the other. And before you know it, every single thing I was looking at, I was like, this is gonna kill me. I'm gonna still eat it, but this is gonna kill me.

• 5:28Ed Mylett?

  My red bed right here, there's my red bed.

• 5:30Daymond John?

  There you go.

• 5:31Ed Mylett?

  I just.

• 5:32Daymond John?

  I got the light system behind me, I got the biocharger over here. I, it's infectious, you know, when you start doing it, the team starts doing it, you know?

• 5:40Ed Mylett?

  I just injected my peptides I got from Ben Green, Greenfield about, I don't know, 30 minutes ago. And, uh, Dr. Amen was the last guy I interviewed on the show. So we're very similar on this. What's working? You're gonna tell the audience something though, and not everybody can afford all of these things either, unfortunately. I think the more and more people get access to medicine over time, hopefully it becomes something that everybody has access to. Is there something you've done, you're like, look, if you can afford this or you can do it, I recommend X or Y, something definitively that's worked.

• 6:08Daymond John?

  As you know, man, you've been on this for a while. 95% that, you know, if you get out of this conversation, a bunch of gadgets, you wasted your time. Ninety-five percent of the things that we do have absolutely zero to do with technology. You know, drinking as much water as you can with no chlorine in it. Uh, eating pickles and anything naturally fermented with all of the protein. But more importantly, I fast thirty hours a week. Uh, that doesn't cost me anything, right? Um, I, I do intermittent fasting and you know, that's why I slip up. I'm not an expert and that's what I say like, you know, I don't have great body like Ed or, or Gary Brekka, I'm not gonna talk high level.

• 6:50Daymond John?

  Um, I, I look at it, uh, we're putting a hundred poisons in us a day. Can I get it down to, to sixty? You know, can I go and can I, can I do flossing and making sure the plaque are not going into my system? And get thorough about that? Can I put on the blockers so I reduce the blue lights in my home at night? You know, these very simple things that I'm doing is making a big difference because I can't take a biocharger on the road with me and I travel two hundred and fifty days a year.

• 7:19Ed Mylett?

  Joe, that much. You, uh, you know, if you have you on, I gotta talk business with you. The ninety-five percent thing you just said, is there something that you used to really believe about business that you just, you're like, not anymore? That's, that's irrelevant now. I mean, like an overall philosophy, like I had a, I had a conversation with a Realtor in Boston this weekend. His name's George Sarkis, number one dude in Boston. I love this kid. And, uh, he knows a lot of people in Boston, right? And I said, George, here's what you're limited by. Business used to be about who you know. Now it's about who knows you.

• 7:51Daymond John?

  Yeah.

• 7:52Ed Mylett?

  You gotta get the who knows you part down. Something like that, anything like that, that occurs to you like this used to work or I used to think it and I don't anymore.

• 8:01Daymond John?

  Well, two things, I think that, uh, you need money to make money, uh, was one of my philosophies when I didn't have money. And then how did that reverse on me is that when I had a lot of money and FUBU was coming up and I was able to acquire things and, and do new businesses, I felt throwing money at the business was gonna solve it because my ego got in the way. I could throw six million, six million dollars at the business. My name is Daymond John. Uh, and those are the two things that.

• 8:33Daymond John?

  I learned, number one, you have to love what you do and you have to be able to roll up the sleeves. If you don't want to be in it yourself, you have to find an amazing partner, distributor, strategic relationship, and whatever the case is, and somehow reward that person and know that that person had twenty years in the business. So that person will, will work twenty-four hours on this business and figure it out. Uh, so you, you can throw as much money as you want, but if you ask that question, uh, money makes, money can, uh, you know, you need money to make money and having money is great. Well, I always say sixty-five percent of lotto winners and athle-, uh, and athletes are bankrupt three years after leaving the league or winning the lotto. That means money didn't work for them.

• 9:18Daymond John?

  Uh, and if money worked for everybody, well, then Blockbuster, BlackBerry, and Kodak would still be in business, and Party City. It doesn't work for everybody. But you look at Forbes Top Wealthiest One Thousand people, sixty-five percent of them, uh, are self-made men and women. That means they were broke like you and I, how we started out. So it's not money. It's putting in the work. There is no shortcuts. Getting a partner that's gonna put in the work, but no matter what, you gotta put in the work. The second part about the ego was I thought that my name is just gonna get me places. No, you have to work on that name and everybody is gonna sit there and go, yeah, you will go with, you'll go with clothing.

• 9:59Ed Mylett?

  Right.

• 9:59Daymond John?

  You, you're gonna be a, you're gonna be an author now? You're dyslexic, you can barely even read. That's not gonna work. Oh, you're gonna be an investor? You didn't go to Harvard and Yale? You didn't work at a venture firm for all these periods of time? They will always doubt you until you prove your name and your name walks in that room before you.

• 10:17Ed Mylett?

  Hmm.

• 10:19Daymond John?

  People are just gonna push you back and you have to constantly improve on your name. And it takes you one second to destroy it.

• 10:26Ed Mylett?

  Yeah, gosh.

• 10:27Daymond John?

  You know? So, you know, it, it, it, those are the two things, name and money, you know, you know, IP and money.

• 10:34Ed Mylett?

  How you been with rejection? I, I was with, uh, I was so excited to talk to you because, you know, you and I get asked like the same twenty-five questions most of the time.

• 10:43Daymond John?

  Yeah.

• 10:44Ed Mylett?

  And some stuff. So I was with my daughter, this thing to Boston I was just talking about. And she's graduated from Clemson, she's gonna go into business and.

• 10:51Daymond John?

  Congratulations, man.

• 10:53Ed Mylett?

  Yeah, thank you. I'm, I'm happy to not be paying for it anymore. And, uh, that's the best part. But, yeah, I was talking to her about this. I said, I said, Bella, one of the things that. I said, I don't know whether you'll make it. You're smart. You work really hard. You don't have that rich kid thing like she's a grind. You know, she, she, she's willing to, you know, get after it and hustle. But I said, I don't, here's what I don't know. I don't know whether or not you can handle rejection en masse. Like, I don't know. And I, I said, that's one of the things that isn't really talked about that much is how does, does rejection not only affect you, like knock you out, but like wind you, slow you down, make you flinch a little bit? What about that element? Like, if you're giving advice to just entrepreneurs in general, business people in general, did it bug you real deep in the beginning and did you have to get over

• 11:37Ed Mylett?

  that? Or, or do you think that's one of your like quiet superpowers of all the rejection you kept steamrolling through it? Or did you have to learn to?

• 11:47Daymond John?

  Well, first of all, I'm married, so rejection is something I face every single morning and every single night. But, um, you know, coming up, I was able to power through it because I, I looked around and what I, what I accomplished, I thought, I, I didn't, I didn't, I didn't, there wasn't social media. I never saw anybody accomplish it at that level. And so I kept going through the things and it wasn't, it wasn't a rejection to me. It was like, holy crap, out of the 20 times somebody said no, it was like, holy crap, somebody said yes, now it's game on. Um, and I, and I, and I qualified the rejection. Well, why did they reject me?

• 12:30Daymond John?

  Well, is it because I'm African American? Is it because I got left back in school? I don't have a history as a designer. And it made me want to give them more reasons to say why, why this, this will work. And I had to make it, as they call in Hollywood, an undeniable package, showing them all the things that could work for them. But I'm human. You know, as I came up in, in the business and now all of a sudden I have a massive business. I'm in, I'm doing 350 million dollars a year, this and that, this and that. It seemed like the rejection became more painful and it hurt more because I was like, well, I did this already.

• 13:09Ed Mylett?

  Yes.

• 13:11Daymond John?

  No, man. And we, you did that. And you know what? You were lucky. And the rejection hurt for about about four or five years, but then I I I I found ways to change that around and go, you know what, if they knew any better, then they would be doing what I'm doing. Um, you know, um, it it, you know, i- if it was that easy, then everybody would, but he would be doing it. So again, you know, I had to start really proving it. But it's funny, I saw, I saw one time Obama, and he was interviewing Mark Zuckerberg, and Mark was like, I still hear no. I was like, Mark Zuckerberg still here? No, he said Damon, not Damon, he said to, he said

• 13:55Daymond John?

  to Barack, he said, um, when I came out with something, and I was like, all these kids in Ivy League schools are gonna be on this platform. Everybody said, no way, these kids are too, you know, uppity. Then when he heard, uh, you know, it's gonna grow, and I'm gonna have all kids at university, and they were like, the Ivy kids are definitely not gonna deal with these kids. Then when they heard that high school kids are gonna be on it, oh, that's it's over. Then when they heard a high school kid's gonna find out his nana is on the same, or her nana's on the same platform, no way. Then they said, well, you know what, when you, we we move from desktops to little phones, nobody's gonna be riding around the, you know, on this little thing. It's nobody's gonna be on it. Then they said, knowing other country, he still hears no. And he said, I kept thinking somebody's gonna build it bigger and better than me, and nobody did. And I said,

• 14:40Daymond John?

  I'm gonna do it. So, you know, um, I still deal with rejection a lot. You know, you're only gonna

• 14:49Ed Mylett?

  That would surprise people.

• 14:51Daymond John?

  You know, I I, you know, it's funny, being a s- a public person, the cheers are big, and it's not deserved, that's wrong. And the failures are deep, and that's not deserved, that's wrong. It's somewhere in the middle, you know, the rejection's in the middle, the praise is in the middle, and that's where you find, or I find, that I'm very comfortable with.

• 15:18Ed Mylett?

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• 16:02Ed Mylett?

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• 16:44Ed Mylett?

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• 17:22Ed Mylett?

  You have more humility than when I met you. It's not to say that you didn't have it, but it was a long time ago that I met you the first time. It was backstage somewhere. I don't remember where it was. You're already very well known, but it feels to me like the more success you've had, ironically, like almost the more humble you've become. You think that's fair assessment?

• 17:42Daymond John?

  Yeah, I think so because it comes with age. You know, you may have met me, you know, Shark Tank has started seventeen years ago and, you know, I looked at the show maybe one or two seasons and realizing that no one's gonna know who we are. It's a business show and, you know, so hopefully that was the humble aspect. And then now, you know, seventeen years later, uh, every single living president has called me for advice and not for money, every single living one. Um, and, um, I've, I've met, you know, I've met so many great people, but also I've lost so many great people. I've lost twenty-eight people in this last, uh, sixteen months. You know, a couple of them, John Amos, Mr. C. Urb Gotti, Watumbo, and, uh, you know,

• 18:23Daymond John?

  I got two men. And then I'm just a realist. You know, why would somebody respect me? Is it money? Well, then you're looking the wrong guy because if Mark Cuban woke up with my money, he's gonna think he a crackhead. And if Bezos woke up with Mark's money, he gonna think he a crackhead. And if Elon woke up with Bezos' money, he gonna think he a crackhead. Right? So there's always gonna be somebody with a bigger wallet and a bigger brain and a more popularity with you. So again, if you walk in the room and you disarm people and just say, "Yeah, I'm a human being," then it's cool. If they don't respect you and value for who you are right there, they're not gonna, you're not gonna make them respect and value. They're the wrong person to deal with anyway. They don't respect people or they respect people for the wrong reasons.

• 19:06Ed Mylett?

  You're so right. I literally just had this conversation this weekend about the levels and what literally use about three of the same names you just used. So here's what I like about Shark Tank. Obviously, it's made entrepreneurship a front and center topic. It's, uh, made it sexy. It's given it hope. There's, I think there's more young people aspiring to be entrepreneurs than ever. And I think that show has a lot to do with it culturally. That's why I say you were one of the ten most important people. You know exactly what I meant. Culturally, to have somebody who looks like you with your level of success on TV every single week. In the entrepreneurial space is an important thing, plus all of the success you've had on top of that. So what I said is actually, it's actually true. It's a fact.

• 19:51Ed Mylett?

  And, but having said all of that, I also think it's almost made people think two things. Anybody can be an entrepreneur, number one, so I want you to address that. And the other thing is, once guys or ladies get a little bit of money, everybody's become an angel investor. And the vast majority of them aren't very good at it. So one, ask, I want, I want you to speak to the entrepreneurship thing and two, honestly speaking, had you not invested in any of these deals you found on Shark Tank, but just invested in businesses you dri- you drove, that were your businesses, would you be wealthier had it just been your money in businesses that you could control and move yourself?

• 20:29Daymond John?

  No.

• 20:32Daymond John?

  I don't, I don't, I don't, that last one, that last question, ain't nobody asked me that one before. So, and probably about two of these other questions you haven't. So can anybody be an entrepreneur? Uh, no. No. As simple as that, you know? And that's, that's sometimes the beauty of life, you know, that a lot of people can't be entrepreneurs, but they don't need to be. They're built differently, you know, there are just a lot of people who are not risk takers. They don't have the vision, they have been brought up a different way where their parents told them that this is what success was, and they won't learn that until later on in their life. And they're just built, they're not risk takers. Um, so I do not believe that everybody can be an entrepreneur. Do I believe everybody can, and they do, work for an entrepreneur?

• 21:15Daymond John?

  Yeah, every Batman like me needs a Robin, like, but I always joke and I say, I need a cap, I need, I'm Captain Kirk and I need Spock. Cause Robin was a hundred percent a groupie. Anything Batman did, holy buttermilk Batman, how do you know you were gonna drink poison?

• 21:34Daymond John?

  You know? Um, but Spock, you know, I, I always say, I say that, you know, I'm Captain Kirk, you know, Captain Kirk was wild. He was a wild boy, he was running around, he was doing every, okay, we're gonna do this. Sure, Spock would be like, listen here, Captain. It's four thousand nine hundred and ninety-seven reasons why this is not gonna work. Shut up Spock, I'm doing it. And you know what Spock would do? He put his ass to sleep. You need the person who's gonna check you. You know, you need that person who's going to be that perfect ying and yang. You know, the person who's gonna get detail oriented and say, you know, I know you're doing a lot of stuff. And then really hit you sometime and say, now we gotta really look at what's working. And so I think that there is a mass, I think there's a mass amount of people who can support entrepreneurs.

• 22:17Daymond John?

  But I do not think a lot of people could be entrepreneurs because it's a. I haven't met any, I've met very few entrepreneurs that were successful on their first venture. They're usually successful on their fourth or fifth, and you have to have a strong rejection muscle to open up a business again after you've been kicked in your teeth.

• 22:36Ed Mylett?

  All right, now the bigger one. Would you be wealthier had you just deployed the same capital? So you did no Shark Tank deals. You took your capital and put it into businesses that you drove, that you controlled, that were primarily under your influence. Would you be wealthier had you done that?

• 22:52Daymond John?

  Hundred and twenty percent. I would, FUBU would be back at at least a two to four hundred million dollar annual mark now. If I did that. And it's about learning again as we opened up. You know, when we first started Shark Tank, nobody knew the show and the casting agents were casting agents. They didn't sit there and watch hundreds of hours of Kevin and I and the sharks all negotiating. So, you know, it's like you edit, they brought you in, somebody, you know, now somebody brings somebody to edit and you're a casting agent. They go, yeah, I'm doing thirty million dollars a business, I have two employees. You're gonna say, where exactly are you selling crack? You know, that's, that's what you're gonna ask, right? They didn't know what to ask, so they brought us poor deals.

• 23:34Daymond John?

  And as they brought us poor deals, then we also did not know how to deploy money right away, give money right away, give money right away. We didn't say, what are the use of proceeds? We're gonna give you X amount of money if you hit this mark, X amount of money you hit this mark. I paid seven hundred and fifty thousand dollars in legal fees just to vet about ten companies the first year in Shark Tank. When I didn't know there was a, you know, this software, my VC just put it in and, you know. So we were learning ourselves how to be true angel investors. Uh, and we also, then I started to say, well, you know what? I can either deploy, let's say, a million dollars a year, or I can. Uh, pay a hundred and fifty thousand dollars, two or three salaries for somebody who's a licensing

• 24:16Daymond John?

  person, a salesperson, and I can then get different software, deploy that for about two hundred thousand dollars, and that's able to handle Shark Tank investments and other investments. So when you come to me, I can basically break down what you need, uh, and negotiate the points and options and various other things, the triggers, instead of just giving money. Uh, one of our guys on Shark Tank, the first year, he gave five hundred thousand dollars. The lady went off, paid all her bills and bought a Mercedes. She never said, he never, she said, listen, I'm gonna take money off the table. Is she wrong? You know? So we, we grew to be who we are, you know, on the show, and every day we're learning

• 25:00Daymond John?

  on how to deploy money different ways, or I want an advisory, see, I'm not trying to have K ones for nine hundred companies, I'm gonna take an option, you know, so a lot of different things, you know, change over the years.

• 25:11Ed Mylett?

  So true on the K ones. I'm just, I just got my last K one right now for last year. I'm like, dude, it just messes up your taxes anyway. That's inside baseball.

• 25:19Daymond John?

  It does, but I love, I love selling to the people, listen, you don't hand them in, I'm gonna help you out, I'm gonna call the IRS for you.

• 25:25Ed Mylett?

  Exactly.

• 25:28Daymond John?

  We'll straighten all that up right now, because you're not messing up my stuff.

• 25:32Ed Mylett?

  Yeah, then I get audited because you didn't send me the K one on time.

• 25:34Daymond John?

  Correct.

• 25:35Ed Mylett?

  Now, we're in a new world, like, and I don't even know what it's gonna look like. I, you know, people ask me all the time, I wish I, I wish I knew, and you, I'm talking about this, now we're in a, we're in an AI world, you know, not that we haven't done already. Is there some, is there something you're thinking, doing, advice you'd give to entrepreneurs just about navigating this time? I mean, are you familiarizing yourself personally, pretty deeply in different, you're not just chat GPT, but, you know, sales AI, or Ask Elephant, or all these other things that are out there, like, what's your whole view on where we're going?

• 26:14Daymond John?

  I was speaking for a large corporation, but I've been, you know, getting, you know, as you and I know, we get to peek under the hoods of a lot of large organizations, see what they're doing. And there's a couple of different common discussions that are be had are happening now. Of course, talent, what are you doing with talent? Uh, how are you reducing your costs and increasing your sales? And somebody said to me, so what do you do for a hobby? And I said, you know, I just thought about for the last two years. I haven't done any of my hobbies because all I'm doing is studying AI. All I'm doing is studying biohacking and I'm studying live selling. Those are the three things that I'm studying. I said, because I need to get, I need to have a foot up on everybody.

• 26:58Daymond John?

  Uh, because um, this is moving so fast that every, as a dyslexic and eight other 12 sharks are dyslexic. So uh, now I'm trying to see how can I be more efficient in my communication? How can I look at my legal and uh, and, and professional service costs? And how can I reduce those every single month as AI is moving around? You know, trademark searches, uh, design, designing things, decks, this and that, legal. How can I bake more of that information? And how can I teach my team and my team teach me to be more proficient? You have a bunch of questions for attorneys, but if you have, you're using a lot of the AI, uh, AI technology, you have a better pointed question for pointed answers.

• 27:43Daymond John?

  So how am I utilizing all that? How can I mimic myself and come up with avatars and great content and editing? So I'm doing that all now. Um, and yeah, I'm going to be looking at reducing, uh, not reducing my workforce. Most of my friends have reduced their workforce by 30%. I don't want to reduce my, yeah, 30% uh, due to AI. I don't want to reduce my workforce. I want a trip on my business with my current workforce. I want my thirty to fifty people to now do this because this is where all of the the opportunity is and then take that thirty to fifty people and then have uh you know five more divisions that are running really well because I love my people.

• 28:27Daymond John?

  I think this is a great time for people and opportunities. So yeah, I'm full out on AI in this sense. I'm also preparing myself. I'm gonna be totally honest. I'm preparing myself for massive disruption in this in in this in this uh you know, in this country in the world when they have not start uh you know, when most of these jobs for for males are operating uh heavy machinery and trucking and and things of that nature or cars and they're all going autonomous. When retail is all going, you know, uh and for a lot of women who of course the CEOs and executives, but a lot of the services are now going to be AI, um you know, retail and various other things and factories.

• 29:10Daymond John?

  Where are these people going? You know, when we're when we're when we're when you can go and get a Tesla robot for thirty thousand dollars and to get it for your home, but you use that as your uh landscaping business because you have three of them. Where are these people going? We're gonna do we're gonna turn into California. I know you live in California. You know, so I'm also trying to find ways to protect ourselves because you know, there well, you know, you know, they say when uh uh when when there's no supplies, you know, conflict will rise, you know?

• 29:48Ed Mylett?

  That's why I bought an island. Um I love California, but I just left, but I I everyone, I want you to lean in. This is one of the smartest people in the world. And you just heard what he just said. I mean, I uh, do you think Garrett, Elon calls it the post-work society? I don't know about that. But what do you think about, and I'm, and this isn't even in my notes, but since you brought it up, you think guaranteed minimum income is like an inevitability? What Yang used to talk about or actually?

• 30:14Daymond John?

  I do think I do think it's inevitability.

• 30:16Ed Mylett?

  You do? How long of a window? But do you really believe that we're gonna have a guaranteed minimum income at some point? I know you're not positive, but if you were looking at it and you think that's within the next five years, ten years?

• 30:29Daymond John?

  I think it's within the next five years and I don't think it's something gonna be positive. I think if we looked at what happened when we were, you know, when we were stuck in COVID and there's a big money dump, I see that, uh, you know, drinking went up, uh, you know, and, and, and we have too much entertainment on these things right here. And I see that everybody goes online for luxury goods. That's the only thing that kinda really, uh, you know, increased. I think that the idle minds in that period of time, in that bridge, uh, is going to be very, very dangerous. I think, uh, you know, um, you know, there's gonna be a lot of problems. I, I think you gotta idle mind with a lot of time for people to think and, and get upset. Um, I think it's a problem.

• 31:14Ed Mylett?

  Here's what I think. I think in five years, you all could go back and watch what we just talked about. And unfortunately, I completely agree with him on the wealth disparity and on it becoming, um, a cultural societal, real dramatic issue that may lead to a very dangerous point.

• 31:33Daymond John?

  Let, let's be real, let's be real. If, uh, if the jobs are gonna decrease and the government's not gonna catch up in time and we're talking about from a state level all the way up to the, a higher level, don't you think when, and they have the data on how we're moving and what we're talking about and the sentiment, don't you think there are also gonna, many people gonna use that to their benefit? I really would love to say like all the people here, hopefully you're great people, but there's some bad people in the world and they're, then they create these campaigns and or ways and propaganda and they know how to tap into what we're doing emotionally now than ever before. And I just think that there's going to be a lot of the, when the have-nots don't have anything and, you know, there's 20 people, there's 20 homes on the block and these 17

• 32:17Daymond John?

  homes don't have jobs anymore, they're coming for those three. I was out with Jose Andreas in, uh, Abaco when the hurricane had hit maybe about, uh, 10 years ago and I remember we were feeding the people. And I remember somebody said, "Oh my God, that's that person, that person owns this business, that person owns this business, that person's owns this business." And I was like, "Well, why are they online? Why aren't they helping to feed the people?" And they're like, "Oh no, the water came up. The gangsters all went into their homes and took their homes and they're the homeless ones. It's not the gangsters. They're, they're the ones who are homeless now."

• 32:53Daymond John?

  So again, you know, I know we're getting into a very dark area and I hope none of this, zero happens, but just be aware, you know what I mean? Uh, I'm not gonna put my head in the sand and I hope that somehow things are gonna move along in a, in a, in a more, uh, you know, uh, positive way for all of us. But as entrepreneurs, you and I, we look at not where is it positively gonna go, but where is any of the potential, you know, roadblocks, hiccups, hurdles that we may face in business, whether it's life or our health, or whether it's, you know, business like that.

• 33:32Ed Mylett?

  Well, this is good for everybody. This is what two real entrepreneurs talk about privately when we're not just trying to be rosy on camera to sound good, right?

• 33:37Daymond John?

  This is going on in every single major corporation room right now. I was in another room, you know what they said? They said that, um, these, these are the real estate investors. They said, you know, the biggest problem we're gonna have? It is not going to be the have-nots, it's not gonna be the super wealthy. It's gonna be that middle compressed, highly educated person that was an attorney that was making a hundred and fifty to two hundred thousand dollars a year that has a two or four-year lease and they know legally how to squat.

• 34:07Ed Mylett?

  Brother, this is so true. This, so everyone, you can just do a SWOT analysis on your life and your company. Strengths, weaknesses, opportunities and threats. If you're not doing this, you're not a thinker. I mean, this is what we're really riffing on right now. I'll give you an idea, you guys, like I just did a big estate plan for my family. It's something you'll all do once you acquire someone. I've been changing mine and I spent a bunch of money to do it. The guy just sent me this big packet of information. My next door neighbor here, I'm looking at his house, did the exact same thing, except he just dunked his, his documents into an AI that put out the entire plan for him. So if you think this isn't coming, this dude's an estate planning attorney. My neighbor's like, you're still using a human to do that? No offense to all the estate planning attorneys, but... I had someone who sells insurance the other day say to me, well, I'm safe because I said, I don't know.

• 34:51Ed Mylett?

  I don't know. So, you know, we should just be, these are the conversations you should be having. And by the way, educating yourself about it, trying to get on the other side of it. And you know what? Society and culture, everybody has a way of sort of organizing itself. Sometimes, and hopefully it does, but you ought to be ready if it didn't. And you ought to get your family ready and you ought to get your money ready and you ought to get your career ready. So anyway.

• 35:13Daymond John?

  You are. I mean, you know, end of the day, I mean, they're insurance person. You think that down the road Uber is not going to offer insurance for a private owned vehicle. You think that the hospitals and what are not going to use AI to say, you know, if you like this and that here, click these buttons and look at your best. And then they'll just, they'll just compress the insurance, uh, you know, companies down. You know what I mean? It just depends on, you know.

• 35:36Ed Mylett?

  It's amazing how much you and I agree, David. So I was just saying to somebody, it may not eliminate you, but it's going to compress your value to the market.

• 35:43Daymond John?

  It's going to compress.

• 35:44Ed Mylett?

  What it's worth, even in real estate. Look at even some of these online search engines like Realtor.com or Redfin or, you know, these other ones, Zillow. They haven't eliminated the industry, but they've compressed the value to some extent of what an agent can charge already. And so this is just the stuff to be thinking about, you guys. And by the way, how to get on the other side of it? How to take advantage of it? You listen to this driving in your car today that are doing HVAC and roofs? You're in good shape probably for a while.

• 36:11Daymond John?

  You're in great shape right there, right? And you know what? If you're somebody who your child, we all grow up a different way. If you're, like you said, you thank God you had, you're not paying anymore. But if your child is in the 10th grade and they're looking at a college, you know, you're going to go and borrow five to 600,000 dollars worth of student debt for a job that may not even be here in two years? Or will your job potentially, you know, go and do HVAC? Or like my buddy with, uh, uh, uh, Crash Champions, go and get paid 75,000 to 80,000 dollars a year to learn a trade? Well, oh, is my kid gonna do crash cars or HVAC? That's what you want them to do for a living? Or no, maybe your kid is going to realize that, you know what, I'm going to learn that part of it.

• 36:56Daymond John?

  But all the baby boomers are going out of business and selling their businesses. They don't have a kid to hand their business down to. So I'm going to acquire 1,900 HVAC companies. I'm going to be a gajillionaire, but I'm going to know it from this standpoint. And then I'm going to roll into it and get money from other places. And I'm going to then hire this industry because nobody's kid wants to be an HVAC person or a plumber when those people are going to be making two, $300,000 a year. It's just how you twist it.

• 37:24Ed Mylett?

  That's exactly right. By the way, I just literally told this kid yesterday who's graduating business school at a very, very prominent school, maybe the most prominent one that you all know. And I said, hey, man, don't be opposed to being a plumber because that's where the money's going to be at and owning a bunch of plumbing businesses. Anyway, this is such good stuff. Um, this is why I told you guys what happened with Damon and I together. So speaking of that connecting, there's a thing you're doing. I want to know more about because I really don't understand it. And I want you to tell us what it is. What is CEO access? Because I think you're connecting these CEOs of them expand their brands. Am I right about that? Like, what is exactly? So you know those pieces in your closet that you find yourself wearing like on repeat all the time? That sweater that kind of just goes with everything or these perfect pair of pants?

• 38:08Ed Mylett?

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• 38:53Ed Mylett?

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• 39:35Ed Mylett?

  or click the link in the description and use code ED10 for a free welcome kit, five free travel sachets plus 10% off your order. That's code ED10 at im8health.com/Ed10. Code ED10 at im8health.com/Ed10. These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

• 39:59Daymond John?

  You're doing it. It's funny. So, you know, as I learned, I evolved. You know, one day I was, I was, I was talking to one of my CEO buddies and he said, "Hey, you want, you want to help me brand myself because you know what? I'm finding out that I need to brand myself." I said, "No, this guy's doing like $4 billion a year." I said, "You don't need any help. I'm here, you know, I'm here for, I'm the people's stock. I'm here for the people." And he's like, "Yeah, okay. Now, I know this man and this man has adopted many children. He's done a lot of stuff in life and he is one of the purest people you'll ever meet, you know? And he said, "But if you help me, then I can help more people." And I said, "Holy [bleep].

• 40:40Daymond John?

  I'm becoming what I'm fighting against." Somebody, you know, and I said, "You know, I'll, I'll work with you." And so what I decided is like, we only have a limited amount of time. If I go on a, a, a, in my life podcast, you know, Ed doesn't need me, you know, next week or next month, but who, and Ed is sitting there going, "Who do you have?" And I know everybody would love to be with you, but you were like, "Who do you have in your rolodex that can talk on this topic on a granular level? Because I need to bring real data." "Okay, I got this person." If I go on CNBC, MSNBC, I show people that I'm not the smartest person in the world, but I got the Henry Ford thing, but I know the smartest person in the world and I bring on this person. And what happens is I share stages with them.

• 41:24Daymond John?

  So, a lot of my CEOs, I've gotten them on cover of success magazines and various other things, but for the right reasons, guys who are walking and girls who are walking in the room and the room needs to know who they are before they get in. And like I tell people, if you're not in charge right now, where, where the day and age is no longer make it, they will come. They want to know who's making it, why you're making it. But CEOs today. They can't go to their executive, uh, you know, assistant and say, make me famous for the right reasons. Whoa, do you hire a publicist? Do you hire this? Who's the one who talks to them about estate planning when you now have a billion dollars in your bank? Who's the one who talks to them about being non-collectible? So there's a lot of real estate brokers. There's only one Barbara Corcoran. There's a lot of basketball team owners. There's only one

• 42:07Daymond John?

  Mark Cuban. There's a lot of real estate developers, the most powerful man in the world, not talking religion or politics here. There's only one Donald Trump. Uh, there's only one, you know, Daymond John. I just put a couple of FUBUs on a shirt. You have to be able to brand yourself now because I'm not. You're at the mercy of the kid in the mailroom who has 200,000 followers who decide to say you're a racist or a misogynistic pig. You gotta go and get spin doctors. Your business is over and you had to cut 40% of that hardworking staff because you never had a microphone. And so, you know, CEOs need to, need to brand themselves. So I've created like a management company where CEOs managed by me and my team, my staff. I'm not only the president, I'm a client, you

• 42:52Daymond John?

  know? So that, that, that's what it is. They treat everybody like they treat me. So, um, that's what CEO Access is. Anybody you think, uh, anybody out there who is interested could potentially qualify, we can only take two a year. Check out CEOaccess.com.

• 43:07Ed Mylett?

  Very good, you guys. By the way, it's what I said earlier. It's not who you know, it's who knows you. It's actually both, but this helps with the who you know. Let me ask you this last, by the way, this has been a tremendous conversation. I didn't even know we were gonna go in some of these directions and I'm really grateful that we did. I love that you have such depth and range of topic. I love that about you. What about this idea of community and brand? I'm just trying to think of something that, you know, not everyone's thinking about right now. So you just said for that CEO, obviously them building a brand matters. I feel like, I don't know that that's just limited to a CEO. Like, I, in, in real estate here, I'm in, I'm in Ponte Vedra Beach. There's a couple, there's a billion Realtors, but there's a couple people online that are kinda like, become like the mayor of Ponte Vedra type brand.

• 43:52Ed Mylett?

  You know what I mean? And I can honestly say, if I was to go sell a house, I'm probably, this is, it's the person I see the most regularly, I would probably go to them. So, what about brand building for anybody? Maybe you don't think it needs to be for everybody, and that's completely fine. And then also, community, this, two things are correlated to me a little bit. How built, important is it for a company to build a community as it builds its brand? Like, like FUBU did, like Starbucks has, it's kind of a community, right? Those two things, for your everyday entrepreneur out there, should they still be working themselves on building a brand in a community themselves?

• 44:28Daymond John?

  Yeah, absolutely, you know, we talk about the CEOs, I talk about that because that just happens to be where I, you know, where I am and where I can add the most value. But I always, I mean, I wrote a whole book on it, right? The brand within, it is for, every single person is a brand. So, two things, number one, you are a brand, you are a business. Whether you think a brand is the crest on, you know, the shield representing, uh, you know, a royal family or a family here, or you, uh, you know, you being a brand of a family in a church, or a family who loves food, you're, everybody's the brand, and you are personally a brand. You know, uh, you have to be, I always say, people have to be able to put themselves in two to five words. Now, it could be ten words.

• 45:13Daymond John?

  But if you can't define the two to five words who you are, well, then you walk into the room, you leave it up to other people to interpret. And why is that more powerful now than ever before? Because we're no longer shaking your hand and looking you in the eye and calling your references, we're all looking at you through this. So, we're checking you out before you walk into that room. And who is working for you as this, as a founder or in your family? When I'm following them, I don't know if they're talking on their personal time or your time. Do we have, we have, you know, the, the, the freedom of speech in this country, but when your child is talking about you or talking about their life, I'm looking at the family's brand.

• 45:54Daymond John?

  Right? The child is brilliant. The child is smart. The child is nice. The child is, is, is cordial or the child's an animal. Who, who the hell? It's their parents. Let me see what's going on at home. So you are personally brand. Community, hundred percent. The number one product in Shark Tank history, and it's mine, out of all fifty-four Shark Tanks around the world, is Bamba's socks. It's a sock. They do two point seven billion dollars this year, uh, hit that mark. And why? Every pair of socks they make, product is king, but they give a pair away to those in the, in the, in the homeless community. Now, they don't just give them away. They're in the communities. They know the directors. They know the people.

• 46:39Daymond John?

  And so, you know, as a community, brands are community. Don't think that your brand has to be, or your community has to be polished and great. Old Dirty Bastard was an old dirty bastard and he knew his community. Wu-Tang was a certain way, but you know, you have a brand. Let's, let's talk about brands really quick. Well, you have this one that's in Bloomingdale's or, or Louis Vuitton. It's the greatest brand. You're only gonna see one of these white shirts ever. Meanwhile, they got a hundred in the back. And you pay two hundred dollars for that white shirt. All right. You go to Macy's. Well, I want this white shirt. It has the polo horse. It looks like a guy playing horse and I'm gonna look like I'm sexy, you know, and a horse on a yacht. You pay about seventy dollars for that and that brand, you see other people wearing it. You know where they're from.

• 47:23Daymond John?

  And then there's the person who's like, I don't care about all that stuff. I'm a slob and I'm gonna buy three white t-shirts for a pack, in, in a pack for twenty dollars. And when I spill crap on it, I don't care. By the time you bought that one Louis Vuitton one, I got a hundred shirts and I give it away to those in the homeless community. Even the people out there who you live, you are you in California. I'm a tree hugger. Don't, don't get me wrong. I'm a tree hugger. And I'm about to save the planet, but you're gonna still see me around with my Land Rover, my Yeti bucket, uh, you know, my North Face. I'm gonna be hugging trees, looking good. It's still a brand. So again, we are all communities and brands.

• 48:02Ed Mylett?

  Was this good, you guys, or what? Like, sometimes at the end of the show, I go, hey, share the episode. I don't need to ask anybody to do that today. This is going to several million people, I guarantee you. This is like why I do the show. By the way, everyone, you won't see this then, but it's he and I, we're four days before Christmas, and we're both still in the hunt right now. Those of you that are on your three-week, whatever trip you're on, just so you know, maybe success leaves clues. We're both grinding on the week of Christmas. Damon, this was so good. I'm really grateful that you did this. This was, we had a great show the other times. This is awesome right here, brother, so. Thank you so much.

• 48:39Daymond John?

  I love you, man. I wish we get to spend more time. We always in passing, and I check on you, and we ask all our friends. I'm going down to head, Dan Fleischman is over at the Kaseya Center handing out 30,000 toys to kids right now. I'm gonna head down there, man, but I really, I'm always really impressed by you. You are just such an amazing human being and such a powerful, powerful speaker communicator, and man, any, anytime, and let's, let's, I don't want to do the Hollywood, let's just try to get together, but let's just try to get together whenever we can, brother.

• 49:10Ed Mylett?

  I love you, brother. God bless you.

• 49:12Daymond John?

  All right.

• 49:13Ed Mylett?

  All right. Thank you, everybody. Share the episode. Max out.

• 49:19Speaker 02

  This is the Ed Myron Show.

• 49:25Speaker 04

  When you shop pickup at Kroger, you can expect the savings you love and fresh groceries selected just for you. Our associates are committed to getting every detail right, carefully handpicking your items, checking for quality and freshness, and packing your order with care. Because bringing you fresh, quality groceries is what we do best. And right now, enjoy $20 off your first online order of $75 or more. Restrictions apply. See site for details. Kroger, fresh for everyone.