Money Highlights Problems

People believe that money is the thing that gets you someplace, but usually money highlights your weaknesses. If you have a poor product and you invest a bunch of money into sales efforts, it's not going to make the product better. You're just going to pay more salespeople who end up telling you, ‘I can't sell this product.’

“When you have money, you can also end up spending way too much money than you need to. Sometimes you'll learn that a trademark is way more valuable than a patent. Often, an entrepreneur will get a patent and then keep adjusting it and soon they're into the patent for $60,000. I've had over a hundred patents that cost me about a million dollars, and I haven't been able to defend any of my patents in FUBU yet. But you can't use the name FUBU -- and that trademark only cost me $2,500! I also see people outsourcing so much stuff that they can easily learn to do themselves, or on the flip side, I see them hiring fulltime people for $50,000 a year when they really just need to outsource some tasks to someone for $2,000 a quarter.” -Daymond John FUBU Founder, Shark Tank Investor

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