As a co-host of Shark Tank, Daymond John, the founder of FUBU clothing company, evaluates new business pitches from entrepreneurs each week on the TV show, and he has some advice for IT service providers. Instead of looking for additional investors, John says they should spend more time developing an OPM strategy. That means not only spending other people’s money, but also leveraging other people’s marketing and manpower — and, arguably most importantly, learning from other people’s mistakes. Most businesses, says John, do not need an infusion of outside capital to get up an running.
Speaking at an SAP Global Partner Summit conference this week, John says the most important thing business executives need to remember is to sell themselves rather than the product. People can buy a product from any number of sources. John says they need to have confidence in you as a person to fulfill the delivery of that product in a way that creates a better experience.