Daymond John on Thinking Like a Shark

Purpose can be easy to define, but it's not always easy to execute, Daymond John told ASAE Annual Meeting attendees at Sunday morning's Keynote. John tied together the theme of this year's Annual Meeting - Shape Your Purpose - to his own story.

He shared how he went from starting a clothing company in mother's living room to a $6 million hip-hop fashion brand to one of the stars of the business reality TV show Shark Tank.

His five guiding principle, which he calls his "Shark Points," are what have led to success throughout his life. "Every time I've succeeded, they've all been there. Every time I've failed, I've been missing at least one," he said.

• Set a goal. Know what you want and go after it.
• Homework. There are no new ideas, so you have to understand the change people need and are looking for.
• Amore. Love what you do and who you do it with, including yourself.
• Remember you are the brand. How would you describe yourself or your association in just a few words? How would others describe you?
• Keep swimming. Don't give up. (Sometimes that means putting yourself first. John, who is now cancer free, urged attendees to prioritize early screenings.)

Life is a series of pitches, but John recommended investing in people over companies. People who have passion and purpose can take a good idea and go further, he said, especially when they have an association behind them.