John Paul DeJoria: 2011 Entrepreneurship Conference Keynote | Summary and Q&A

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March 10, 2011
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Stanford Graduate School of Business
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John Paul DeJoria: 2011 Entrepreneurship Conference Keynote

TL;DR

John Paul DeJoria shares his story of starting successful businesses and emphasizes the importance of belief and giving back.

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Key Insights

  • 😀 Belief and perseverance are crucial in achieving success in business, even in the face of rejection and financial hardships.
  • 👨‍💼 Treating people well, whether they are employees, partners, or customers, is essential for building successful businesses.
  • 🌍 Giving back to others and making the world a better place can be a driving force in entrepreneurship.
  • 👨‍💼 Finding the right partners who share the same values and work ethic is important for long-term business success.
  • 🤩 Creative solutions and resourcefulness are key when starting a business with limited resources.

Transcript

[MUSIC] [BLANK_AUDIO] I wanna tell you how America still works and, maybe give you some tips. I had to start a variety businesses with little or no money. But she had touched upon one thing in high school. I was in a high school class with my friend Michelle Gillian, and I sat in front of Michelle. And we were at 11th grade, we would pass notes bac... Read More

Questions & Answers

Q: How did John Paul DeJoria maintain his belief in his businesses when facing rejection and financial hardships?

DeJoria maintained his belief by focusing on the quality of his products and the need in the market. He believed that if he could tell enough people about the products and get them to try them, they would see the value and continue to use them.

Q: How did DeJoria select his business partners?

DeJoria emphasizes the importance of finding partners who share the same values and work ethic. He looks for individuals who have a positive attitude, are ethical and honest, and believe in making the world a better place.

Q: What advice does DeJoria have for starting a business with limited resources?

DeJoria advises entrepreneurs to believe in their ideas and be prepared for rejection. He suggests finding creative solutions, such as using inexpensive or free resources, to get started. He also emphasizes the importance of being persistent and not giving up even when faced with challenges.

Q: How did DeJoria maintain such a low employee turnover rate in his companies?

DeJoria believes in treating employees well and creating a positive work environment. He attributes the low turnover rate to treating employees with respect, being honest with them, and providing opportunities for growth and development. He also believes in giving back to employees and creating a culture of appreciation and support.

Summary

In this video, John Paul DeJoria, co-founder of John Paul Mitchell Systems, shares his insights on starting a business with little to no money. He emphasizes the importance of being prepared for rejection and doing the things that successful people do, even when faced with challenges. He also discusses the need for high-quality products or services and the importance of treating people well in business and in life. DeJoria also touches on philanthropy and the positive impact it can have on both individuals and communities.

Questions & Answers

Q: What is the first thing John Paul DeJoria advises to be successful in anything?

Be prepared for rejection. This means being aware that you will face a lot of rejection, no matter how good your idea or product is. By being prepared for this, you can maintain your enthusiasm and persevere through the rejection.

Q: What was DeJoria's experience selling encyclopedias door to door?

DeJoria sold encyclopedias door to door as a young adult. He faced a lot of rejection and had doors slammed in his face. However, he believed in the product and persisted, lasting four years in the job. This experience taught him the importance of believing in what you are doing and not giving up.

Q: How did DeJoria start his hair care company with no money?

DeJoria and his partner started John Paul Mitchell Systems with just $700. They didn't have an office, so they used an answering machine as their office, a P.O. Box for their location, and print shops for their stationary. They worked with suppliers to do smaller sample runs of their products instead of larger orders. DeJoria also personally went door to door to sell their products and build relationships with salons.

Q: How did DeJoria manage the company during its early days?

DeJoria implemented management techniques to create a positive and motivating work environment. He emphasized treating people well and praising them publicly for their accomplishments. When reprimanding someone, he made sure to focus on what they did right as well. DeJoria also prioritized ethical business practices and staying true to his promises.

Q: How does DeJoria encourage giving back and philanthropy?

DeJoria believes in the importance of giving back and making a positive impact on the world. He shares an example of philanthropy from his own life, where he paid for a group of children's meal at a restaurant without them knowing who did it. He also believes in the power of individuals to make a difference in their communities and to change the world for the better.

Takeaways

John Paul DeJoria shares valuable insights on starting a business with little to no money. He emphasizes the need to be prepared for rejection and to believe in your ideas or products. DeJoria also highlights the importance of providing high-quality products or services and treating people well in business and in life. He encourages giving back and making a positive impact on the world. Overall, his advice focuses on resilience, integrity, and creating a positive work environment.

Summary & Key Takeaways

  • John Paul DeJoria started businesses with little to no money and has become successful in various industries, including hair care and tequila.

  • He believes in the power of belief and perseverance, as he faced rejection and financial hardships before finding success.

  • DeJoria emphasizes the importance of treating people well, whether they are employees, partners, or customers, and giving back to others.

  • He shares advice on how to start a business with limited resources and how to manage and motivate employees effectively.

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