'School of Hard Knocks' founder reveals the 'biggest' lesson in business he has learned

P.M. EASTERN RIGHT HERE ON FOX

BUSINESS.

>> DECADES.

WHAT'S BEEN THE BIGGEST DRIVING

FACTOR OF YOUR SUCCESS

THROUGHOUT YOUR CAREER.

>> IT IS MY DESIRE TO DELIVER

THE VERY BEST.

EVEN WHEN I WAS A LITTLE KID

BEFORE MOVIES, I WANTED TO

UNDERSTAND HOW TO DO THAT JOB

AND DO IT AT THE HIGHEST LEVEL.

>> DO YOU NOT FEAR ANYTHING?

>> IT'S NOT A A MATTER -- I

DON'T MIND.

I WANT AN ADVENTUROUS LIFE.

DON'T BE SO AFRAID TO BE AFRAID

OR NERVOUS.

THE IMPORTANT THING IS TO KEEP

PURSUING YOUR DREAMS AND FINDING

ACCURATE THINGS THAT ARE GOING

TO ADD TO YOUR LIFE AND OTHERS.

LIZ: THAT IS A CLIP FROM THE

SCHOOL OF HARD KNOCKS, THE

BUSINESS MEDIA PLATFORM FOUNDED

BY 23-YEAR-OLD JAMES DUMOULIN

WHO'S BEEN LANDING INTERVIEWS

WITH EVERYONE FROM MISSION

IMPOSSIBLE STAR TOM CRUISE TO

TOP BUSINESS LEADERS AND

BILLIONAIRES.

TODAY JAMES' BRAND IS ON A

MISSION OF HIS OWN.

HE'S AMASSED 15 MILLION

FOLLOWERS ACROSS SOCIAL MEDIA BY

INSPIRING THE NEXT GENERATION OF

ENTREPRENEURS AND INVESTORS WITH

REAL WORLD ADVICE FROM

MILLIONAIRES AND BILLIONAIRES ON

HOW TO BUILD WEALTH AND ACHIEVE

FINANCIAL FREEDOM.

JOINING ME NOW IN A FOX BUSINESS

EXCLUSIVE LIVE IN STUDIO IS THE

SCHOOL OF HARD KNOCKS' COFOUNDER

JAMES DUMOULIN.

HOW DID YOU GRAB TOM CRUISE FOR

THAT?

>> PARAMOUNT REACHED OUT TO US.

LIZ: I'M SORRY, THEY REACHED OUT

TO YOU?

>> IRONICALLY, IT WAS TOM'S

IDEA ACTUALLY.

I GUESS HE'D BEEN SEEING OUR

CONTENT FOR A COUPLE MONTHS, AND

HE HAD A MOVIE COMING OUT, AND

HE'S, LIKE, MIGHT AS WELL GET ON

ALL THE HOT CHANNELS, SO WE MADE

IT HAPPEN.

LIZ: YEAH, BUT HE COULD HAVE

PICKED ANY OF THESE CRAZY

INFLUENCERS WHO DON'T HAVE A LOT

OF SUBSTANCE.

HE PICKED YOU.

YOU'RE VERY YOUNG, 23.

WHEN DID YOU START THE SCHOOL OF

HARD KNOCKS?

>> I WAS A FRESHMAN IN COLLEGE

AT THE UNIVERSITY OF TEXAS, SO

IT WAS 2021.

I THINK I WAS ABOUT 19 YEARS

OLD.

I JUST SAW AN IMMENSE

OPPORTUNITY WITH THE CREATOR

ECONOMY.

IT WAS A $200 BILLION INDUSTRY,

AND I WAS BLESSED TO START WITH

MY TWO INCREDIBLE COFOUNDERS, MY

BROTHER AND MY CHILDHOOD FRIEND,

JOSHUA.

WE HAD A PASSION FOR BUSINESS,

LET'S GO ALL IN.

LIZ: YOU DECIDED TO GO AROUND,

FIND WEALTHY PEOPLE.

RIGHT OFF THE BAT YOU DIDN'T GET

THE BIG BILLIONAIRES, RIGHT?

HOW'D YOU DO THIS?

>> WHEN I WASN'T IN CLASS AT THE

UNIVERSITY OF TEXAS, MY BROTHER

AND I WOULD SPEND HOURS WALKING

AROUND DOWNTOWN AUSTIN.

WE'D GET 50 NOs TO GET 1 YES.

BUT I THINK'S A PART OF THE GAME

AND ONE OF THE BIGGEST LESSONS

WE'VE LEARNED IN BUSINESS.

EVERY NO IS A STEP CLOSER TO A

YES.

I'M SURE ANYBODY THAT'S HAD

SUCCESS IN THEIR INDUSTRY, THEY

GET TOLD NO ALL THE TIME, AND AS

LONG AS YOU REMEMBER NO MEANS

JUST NOT YET, YOU'LL GET TO THE

YESs.

LIZ: YOU PICK CELEBRITIES WHO

HAVE A TRACK RECORD OF BEING

GOOD BUSINESS MINDS.

SHAQUILLE O'NEAL, THE NBA STAR.

HE HAS HIS HANDS IN SO MANY

BUSINESSES.

HE HAS REALLY USED HIS MONEY

WISELY.

YOU'VE TALKED TO WILL SMITH, THE

ACTOR, CEOS OF CHIPOTLE, ARIZONA

ICED TEA IS ONE OF YOUR RECENT

ONES.

I'M INTERESTED TO KNOW IF

THERE'S A COMMON THREAD, AND

WHAT IS THAT ONE QUESTION YOU

ASK THEM ALL?

>> YOU KNOW, THERE'S A LOT OF

COMMON THREADS, YOU KNOW?

ONE THAT COMES TO MIND RIGHT OFF

THE BAT IS THAT BILLIONAIRES

THINK IN DECADES, NOT DAYS.

AND I THINK THIS IS A BIG

PROBLEM THAT MY GENERATION

STRUGGLES WITH.

THERE'S THIS INSTANCE

GRATIFICATION, BUT I'VE LEARNED

JUST AS AN EXAMPLE, I RECENTLY

INTERVIEWED REID HOFFMAN, THE

FOUNDER OF LinkedIN, HE SOLD

IT TO MICROSOFT FOR $26 BILLION.

AND I ASKED HIM, IF YOU HAD TO

START OVER AND MAKE A BILLION

DOLLARS IN ONE YEAR, WHAT WOULD

YOU DO?

HE SAID, LOOK, I ONLY PLAY A

10-YEAR GAME.

THEY THINK IN GENERATIONS.

THEY THINK SO MUCH BIGGER.

YOU'VE GOT TO GET OUT OF THIS

SHORT-TERM THINKING.

YOU'VE GOT TO GET AWAY FROM

PEOPLE THAT ARE GOING TO KILL

YOUR AMBITION.

THE BIGGEST AND FASTEST WAY TO

KILL A BIG DREAM IS TO INTRODUCE

IT TO A SMALL MIND.

LIZ: OH, I COULDN'T AGREE MORE.

YOU TALK TO ANYBODY, WHEN YOU

HEAR THEIR LOWEST MOMENTS, IT

WAS WHEN SOMEBODY TRIED TO

TELL -- SOMEBODY WHOM THEY

RESPECTED IN THEIR LIFE --

>> IT'S CRAZY.

LIZ: -- TRIED TO SAY, YOU KNOW,

IT'S NOT A GOOD IDEA, GET A REAL

JOB.

TUNE THOSE PEOPLE OUT IS WHAT

I'M HEARING YOU SAY YOU'VE

LEARNED FROM THEM.

>> I'LL TELL YOU HAW, NOBODY

ELSE'S THOUGHTS EVER PAID MY

BILLS, AND I FIRMLY BELIEVE IN

THAT.

WHY LISTEN TO NEGATIVE PEOPLE?

THAT'S WHY ONE OF THE BEST

DECISIONS THAT ME, MY BROTHER

AND MY CHILDHOOD FRIEND MADE WAS

GETTING OUT OF OUR HOMETOWN.

WE MOVED TO AUSTIN WHERE

ENTREPRENEURSHIP WAS ACCEPTED,

PEOPLE SUPPORTED ONE ANOTHER,

AND THAT COLLABORATION ENABLED

US TO BUILD A MULTIMILLION

DOLLAR BUSINESS IN OUR EARLY

20s.

LIZ: IN THE PAST WEEK YOU

INTERVIEWED THE HEAD OF

FANATICS, MICHAEL RUBIN, AND

HE'S HELD UP AS AN EXAMPLE OF

SOMEBODY WHO JUST STARTED AND

BEGAN BUILDING, BUILDING,

BUILDING.

IT TOOK HIM YEARS TO CREATE THIS

BIG SPORTS, GIGANTIC PLATFORM

THAT DOES MERCH AND ALL KINDS OF

ACTIVITIES AND EXPERIENCES.

LET'S LISTEN TO THE INTERVIEW

THAT JAMES DID WITH MICHAEL

RUBIN.

>> BEFORE YOU BUILT A BILLION

DOLLAR COMPANY, DID YOU HAVE

ANYBODY THAT DOUBTED YOU?

>> I LOVE DOUBTERS, YOU KNOW?

DOUBTERS ARE GREAT.

THAT'S MOTIVATION.

WE JUST GOT IN THE SPORTS

BETTING BUSINESS TWO YEARS AGO.

EVERYONE SAID FANATICS HAS NO

CHANCE.

THIS IS A DUOPOLY BY FANDUEL AND

DRAFTKINGS.

I SAID, BRING ON THAT HATE.

YOU KNOW WHAT?

WE'RE THE THIRD BIGGEST SPORTS

BOOK.

WE'RE JUST GETTING STARTED.

LIZ: AND WE SEE WHAT HE WAS ABLE

TO CREATE.

WHO STRUCK YOU THE MOST WHEN IT

CAME TO DOVETAILING A LIFE WITH

SUCCESS?

OF BUSINESS?

BECAUSE, YOU KNOW, YOU WANT TO

NOT JUST SIT THERE AND WORK

BUSINESS BUSINESS BUSINESS

RIGHT?

YOU WANT TO ALSO HAVE AN

IMPORTANT LIFE THAT GIVES BACK.

>> YEAH.

YOU KNOW I DON'T KNOW IF ANY ONE

SPECIFIC PERSON COMES TO MIND,

BUT WHAT I WILL SAY IS THAT ONE

OF THE BIGGEST THINGS THAT STAND

OUT TO ME ABOVE ALL ELSE IS, YOU

KNOW, YOU CAN TALK ALL ABOUT

MONEY ALL YOU WANT IN

INTERVIEWS, WHICH IS WHAT WE DO,

BUT I'LL TELL YOU ONE OTHER

COMMENT THAT I REALLY NOTICE IS

JUST THE INCREDIBLE ROLE THAT

FAITH HAS PLAYED IN A LOT OF

THESE PEOPLE'S LIVES.

PUTTING GOD FIRST.

I'VE REALIZED AND LEARNED EARLY

ON THAT THE MONEY, THE

RELATIONSHIPS, THE BUSINESSES,

AT THE END OF THE DAY, IT'S A

DEAD END ROAD.

IT DOESN'T LAST FOREVER.

HAVING THAT BELIEF IN GOD AND

HAVING THAT BELIEF IN SOMETHING

BIGGER THAN YOU REALLY STANDS

OUT WHENEVER I'M CONDUCTING

THESE INTERVIEWS.

LIZ: AND YOU HAVE BEEN VERY

SMART WHEN IT COMES TO CHECKING

ALL THE BOXES AND SPREADING

YOURSELF OUT.

YOU DO YOU TALKING ABOUT,

TWITTER, INSTAGRAM -- YouTUBE,

TIKTOK.

LET'S TALK ABOUT YOUR FOLLOWERS,

TOTAL, 15 MILLION?

>> YEAH, OVER 15 MILLION

FOLLOWERS.

LIZ: AND SOMETHING LIKE 4

BILLION VIEWS, YOU'VE GENERATED

OVER 4 YEARS.

>> WELL OVER.

LIZ: WHO'S YOUR DEMOGRAPHIC?

BECAUSE YOU'RE AIMING TO HELP

THE NEXT GENERATION OF

INVESTORS, AND PEOPLE OUT THERE

WHO ARE FACING A VERY DIFFICULT

TIME WHERE THEY CAN'T AFFORD A

HOUSE EVEN IF THEY HAVE A

FULL-TIME JOB, AND IT'S VERY

UPSETTING FOR A LOT OF COLLEGE

GRADS AND PEOPLE WHO DIDN'T GO

TO COLLEGE.

>> RIGHT.

YOU KNOW, WHEN WE ORIGINALLY

STARTED THE CHANNEL, THE

DEMOGRAPHIC WE WERE HOPING TO

TARGET WAS ACTUALLY THAT NEXT

GENERATION OF HIGH SCHOOL AND

COLLEGE KIDS.

AND THE BEAUTIFUL THING ABOUT

HAVING OMNIPRESENCE ON SOCIAL

MEDIA, RIGHT, WE'VE GOT MILLIONS

OF FOLLOWERS ACROSS INSTAGRAM,

TIKTOK, FACEBOOK AND YouTUBE,

WE'VE BEEN ABLE TO BUILD

DIFFERENT AUDIENCES ACROSS ALL

THE PLATFORMS.

FACEBOOK'S A MUCH OLDER

DEMOGRAPHIC COMPARED TO

TIKTOK --

[LAUGHTER]

LIZ: OH, YOU JUST REALLY GUT

PUNCHED A LOT OF PEOPLE.

>> WELL, IT'S ULTIMATELY THE

TRUTH.

BUT WHAT WE'VE LEARNED IS THAT

YOU KNOW WHO'S THE MOST

REACCEPTIVE TO IT?

ACTUALLY THAT LATER 20s TO MID

30s --

LIZ: YES.

>> AND I THINK THE REASON WHY IS

BECAUSE THEY'RE AT THAT POINT IN

THEIR LIFE WHERE THEY'RE, LIKE,

I WASTED MY 20s, IT'S TIME FOR

ME TO GET SERIOUS ABOUT

INVESTING MYSELF, MAYBE GOING

ALL IN ON MYSELF, JUST GETTING

SAVVY WITH, YOU KNOW, BECOMING

FINANCIALLY FREE.

AND SO I THINK THAT'S WHY THAT

DEMOGRAPHIC HAS BEEN SO STRONG

ACROSS ALL OF OUR PLATFORMS.

LIZ: TIME TO STOP WITH THE $17

LONG ISLAND ICED TEAS AND START

FOCUSING ON THE FUTURE.

IT IS GREAT TO SEE YOU, JAMES.

>> YOU LET ME KNOW, WE'LL MAKE

IT HAPPEN.

LIZ: BY THE WAY, YOUR NAME IS

FRENCH --

>> YES.

LIZ: IT'S VERY ARISTOCRATIC.

>> RIGHT.

WELL, THANK YOU FOR HAVING ME.

I HA