Daymond John, CEO of FUBU, Shark Tank investor, best-selling author and brand consultant, spoke to RBCers about overcoming challenges and creating opportunities for Black entrepreneurs.

Black History Month is a time to honour the trailblazers who have shaped civil rights, celebrate living legends and foster inclusion and belonging. It’s also an opportunity to recognize those  driving economic progress, creating jobs and enriching our communities.

This year, RBC welcomed guest speaker Daymond John – co-founder and CEO of FUBU, Shark Tank investor, best-selling author and brand consultant – to share insights how Black entrepreneurs can navigate challenges and seize opportunities. Through his personal experiences, he emphasized how empowering entrepreneurs can spark meaningful change and transform communities.

A Journey from $40 to $6 billion brand

“I came from the hood. I can’t design. I’m dyslexic. I got left back in seventh grade. None of that stopped me.”

Daymond John’s entrepreneurial journey began with just $40. He turned that into $800 worth of hat sales in one afternoon, realizing in that moment that he would never work for anyone else again. Today, his global fashion brand, FUBU (For Us, By Us), is worth $6 billion.

John’s success didn’t come easily – the road was filled with obstacles, failures and tough learning lessons. FUBU was born out of his love for Hip Hop, which he describes as more than just music – it was a cultural movement. “Hip Hop was our version of Twitter, Instagram, Snapchat and TikTok. It wasn’t just how we listened to music; it was how we walked, talked and dressed.”

While John explains that many people thought the brand was made purely for the African American market, this wasn’t the case. John credits his stepfather for shaping the brand’s broader vision. “My stepfather told me two things: Be pro-Black, but never anti-anything else. And never become the thing you’re fighting against.”

Overcoming financial hurdles

John’s early business success came quickly, but his financial knowledge lagged behind. “I didn’t have any financial intelligence,” he admits. “I started FUBU in 1989 and shut it down three times from ’89 to ’92 because I ran out of capital.” In fact, he was turned down by 27 banks when seeking funding, but he doesn’t fault the banks. “I didn’t know how to articulate how their investment would be repaid. Looking back, I wouldn’t have given myself the money either.”

Once he bolstered his financial knowledge, his company soared. By 1998, FUBU was generating $350 million in annual revenue, and his expertise in marketing and branding landed him a spot on Shark Tank. Today, FUBU remains a global powerhouse, and John’s influence extends far beyond fashion.

Unlocking the potential of Black entrepreneurs

“Black people have been hustling, trading, and bartering from the beginning of time. We just didn’t always formalize it.”

John believes entrepreneurship is already deeply embedded in Black culture, but access to education and mentorship is key to helping these skills evolve into sustainable businesses.

Representation matters, and John stresses the importance of visible success outside of music and sports. “People see Jay-Z, LeBron James, Michael Jordan. But how many people are going to be Jay-Z? Kids need to see successful Black professionals in business, finance, technology and other fields.” Indeed, you cannot be what you cannot see.

The power of mentorship

“You’re only going to learn two ways in life: through your mentors or through your mistakes.”

John credits much of his success to mentorship. His first mentor was his mother, followed by a teacher who helped him navigate dyslexia. He also learned invaluable business lessons from a local store owner named Tim. “I didn’t know what an internship was, but I swept up his store for candy when I was 12. I remember how Tim would look everybody in the face. He gave them credit if he needed to. He was of value and of service and woke up every single morning wanting to know how he could be of more value and more service.”

John warns against seeking only high-profile mentors, emphasizing that some of the best lessons come from everyday business owners. “Tim faced the same challenges as Jeff Bezos does – inventory, inflation, competition, technology shifts. Not all mentors wear a shiny suit or a cape – they are usually wearing overalls and are in the middle of the community, not up on a stage.”

John believes that access mentorship can help entrepreneurs avoid unnecessary setbacks, learning through guidance rather than costly mistakes.

Fostering fairness and inclusivity in business

“Fairness is really about understanding and listening. It doesn’t mean you have to comply all the time, but you at least have to listen and then communicate as to why things do or don’t happen.”

John believes that inclusivity starts when people feel heard. “Fairness begins with listening,” he says, adding “When people feel like they’ve been heard, and they’re part of the solution, they want to fight for you.”

By widening the talent pipeline, businesses can create a workforce that better reflects the communities they serve. “We don’t hire based on race or gender, but we ensure our opportunities reach a diverse group.”

The foundations of success: Financial and physical health

“I always come back to financial intelligence. This is what we need to succeed.”

John stresses that financial literacy is key to nurturing success in minority communities. Without proper education, young people may take on massive student loans they can’t repay until their 50s. “We set ourselves up for failure.”

He calls for more accessible financial education in schools and communities. “Many minorities don’t come from legacy wealth. I didn’t have anyone to teach me how money works. We need to equip families with that knowledge early.”

Beyond finances, John emphasizes the importance of health. “I lost 24 people in the last year. We need to prioritize our well-being—get annual checkups, focus on early detection. Because you can’t be of value to your family or your customers if you don’t have your health.”

A message of empowerment

Daymond John’s story is one of resilience, learning and empowerment. His insights offer a roadmap for aspiring entrepreneurs, business leaders and organizations striving for inclusivity.

His message is clear: success isn’t about where you start – it’s about how you navigate the journey. With the right mindset, mentorship, and education, the path to prosperity is open to everyone.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.