Daymond John, acclaimed business owner and investor, knows a thing or two about how to succeed in business. John is the founder and CEO of hip hop clothing company FUBU, but is best known as "the People's Shark" as an investor on the Disney-owned ABC reality smash hit show Shark Tank.
John is lending his time and talent to the Heroes to CEOs contest, hosted by Bob Evans Farms. The competition is exclusively open to veteran entrepreneurs and three finalists will be flown to New York to meet with John to hone their pitch. One grand prize winner will receive a $30,000 business grant, as well as an additional mentoring session with John.
U.S. Air Force veteran Charlynda Scales was a recipient last year and used the grant money to ramp up manufacturing for "Mutt's Sauce," an all-purpose, sweet and peppery tomato-based sauce from a recipe created by her grandfather, Charlie "Mutt" Ferrell, Jr.
I spoke with John recently about the challenges veteran entrepreneurs face and what sets them apart from their peers.
"This is the third time I've had the pleasure of working with Bob Evans Farms to celebrate veteran entrepreneurs," said John. "Each year, it reminds me of my passion and commitment to help aspiring entrepreneurs by sharing my experience."
Bob Evans CEO Mike Townsley and Shark Tank's Daymond John present last years "Heroes to CEO's" award. Image source: Bob Evans Farms.
Veterans have a unique set of challenges...
John believes that while veterans have much to offer, many are reluctant to share their background.
"Some of them don't want to tell people that they're veterans, because for some reason other people think if they get into business with [veterans] or give them this opportunity, they may have some baggage that is not beneficial to the relationship," said John.
Another difficulty many veterans face is overcoming an "other's first" mindset.
"Veterans were brought up to think about everybody else and stand in the line of fire for everybody else," said John, "and sometimes they don't think about what they need." An entrepreneur needs to be "a little bit selfish ... to place themselves and their business first." This is one of the "small adjustments" veterans have to make "so they can grow their business better and be able to help more people," he said.
...but also distinctive strengths
John noted a number of factors that make veterans ideally suited to be business owners and entrepreneurs.