Shark Tank star Daymond John: We should be building businesses

Shark Tank star, Fubu founder and business mogul Daymond John has a message for the country.

Young men and women should be building businesses right now.

“I think like all of us we are out there watching the world crumble and a lot of civil unrest. And instead of seeing these young men and women burning down businesses they should be building businesses,” John said on Yahoo Finance’s The First Trade.

To that end, John is putting his money and legendary hustle to work to help new businesses sprout amidst the COVID-19 pandemic.

John has created Black Entrepreneurs Day to be held on Oct. 24 at 7 p.m. EST. It will be a live streamed event on John’s Facebook page that spotlights Black businesses. Conversations will be between John and star friends Shaquille O’Neal (a Papa John’s board member), Gabrielle Union, Jamie Foxx, Robert Johnson, L.L. Cool J (who will at Yahoo Finance’s All Markets Summit later this month). And Chance the Rapper and Questlove will perform live.

11 PHOTOSShark Tank, Daymond JohnSee GalleryShark Tank, Daymond JohnPASADENA, CA – JANUARY 10:Daymond John of ‘Shark Tank’ speaks onstage during the ABC portion of the 2013 Winter TCA Tour at Langham Hotel on January 10, 2013 in Pasadena, California.(Photo by Frederick M. Brown/Getty Images)PASADENA, CA – JANUARY 10:(L-R) Hosts Robert Herjavec, Lori Greiner, Daymond John, Kevin O’Leary and Executive Producer Clay Newbill of ‘Shark Tank’ speak onstage during the ABC portion of the 2013 Winter TCA Tour at Langham Hotel on January 10, 2013 in Pasadena, California.(Photo by Frederick M. Brown/Getty Images)PASADENA, CA – JANUARY 10:(L-R) Hosts Robert Herjavec, Lori Greiner and Daymond John of ‘Shark Tank’ speak onstage during the ABC portion of the 2013 Winter TCA Tour at Langham Hotel on January 10, 2013 in Pasadena, California.(Photo by Frederick M. Brown/Getty Images)LOS ANGELES, CA – NOVEMBER 23:Businessmen/’Shark Tank’ cast members Mark Cuban, Daymond John, Robert Herjavec, and Kevin O’Leary speak onstage at the 2014 American Music Awards at Nokia Theatre L.A. Live on November 23, 2014 in Los Angeles, California.(Photo by Kevin Winter/Getty Images)MIAMI BEACH, FL – JANUARY 20: Daymond John attends NATPE Reality: Case Study: SHARK TANK at NATPE 2015 at Fontainebleau Miami Beach on January 20, 2015 in Miami Beach, Florida. (Photo by Aaron Davidson/Getty Images)Daymond John, chief executive officer & founder of FUBU, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas Jackson20/20 – David Muir and Elizabeth Vargas interview the cast of ABC’s ‘Shark Tank,’ airing on a special edition of ’20/20,’ Friday, February 24, 2017 on the ABC Television Network. (Photo by Jeff Neira/ABC via Getty Images)MARK CUBAN, DAYMOND JOHN, KEVIN O’LEARY, BARBARA CORCORAN, ROBERT HERJAVECTHE VIEW – Senator Kirsten Gillibrand (NY) is the guest, Monday, May 8, 2017 on ABC’s ‘The View.’ ‘The View’ airs Monday-Friday (11:00 am-12:00 pm, ET) on the ABC Television Network.(Photo by Lou Rocco/ABC via Getty Images) WHOOPI GOLDBERG, BARBARA CORCORAN, DAYMOND JOHN, SARA HAINESNEW YORK, NY – MAY 08:Daymond John attends Mogul: Celebrating The Life Of Chris Lighty at Marquee on May 8, 2017 in New York City.(Photo by Johnny Nunez/WireImage)HOLLYWOOD, CA – DECEMBER 10:CEO of FUBU Daymond John arrives at the premiere of Walt Disney Pictures and Lucasfilm’s ‘Rogue One: A Star Wars Story’ at the Pantages Theatre on December 10, 2016 in Hollywood, California.(Photo by David Livingston/Getty Images)NEW YORK, NY – NOVEMBER 18:(L-R) J. Alexander Martin and Daymond John attend Fabolous’ A Night In FABU DHABI Birthday Celebration on November 18, 2016 in New York City.(Photo by Johnny Nunez/Getty Images)Up Next

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As part of the virtual gathering, John will assist in picking seven Black entrepreneurs each of which will get a $25,000 grant funded by the event’s sponsors: Chase for Business, The General Insurance, PepsiCo, Cisco Webex, Intuit’s Quickbooks, Robinhood and Yappa.

The event comes on the heels of John teaming up with home improvement chain Lowe’s to identify minority-owned businesses with products that could be sold at the retailer’s stores. John will help prep the business owners for pitches to Lowe’s executives, including CEO Marvin Ellison.

John says efforts like these — and more — are needed as the reality is government stimulus hasn’t done much to truly help minority-owned businesses during the pandemic.

“It did not help, very little,” John said of the first round of fiscal stimulus. “44% of Black entrepreneurs, the companies, will shutter and be done, period, against 17% of non-Black, meaning white. I’m not sure if it’s the fact that they don’t have great relationships with bankers or they were overlooked or it’s very hard, especially for Black farmers, but this stimulus package, we need it now. I don’t care if you’re Black, white or indifferent. We pay our taxes, now. This is a situation that we know will go away and should not play politics. Politics will be played next year and the next hundred thousand of years. People need it now, and this is the bridge we need.”

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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