The Power of Broke

powerofbrokeWHEN YOU START from a place of nothing much at all, when you’re hungry and laser-focused on succeeding at whatever it is you’re out to do, when you’re flat-out determined to get where you’re going no matter what . . .because when you are operating with limited resources – financial or otherwise – you’re forced to find creative ways to get the most bang out of every buck.” That’s what Daymond John writes about in THE POWER OF BROKE: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.”

In 2014, 275 of the wealthiest Americans on the Forbes 400 list were self-made entrepreneurs.” Daymond John shares some of the advice that propelled him to unparalleled heights with his FUBU clothing line and further heightened his “brand” through the Shark Tank reality show. He uses his expertise, unique perspective and ability to align himself with people who want to learn and grow from him, as well as run their businesses more efficiently. If you’re thinking about starting a new business or revamping an existing business, THE POWER OF BROKE should be on your bookshelf.

  1. Set a Goal – Set it all down on paper. 2. Homework, Do Yours – There are no new ideas – only new ways to execute those ideas. 3. Adore What You Do – Own it, love it, live it . . . and you can find a way to make it work. 3. Remember, You Are the Brand – It all starts with how you carry yourself. 4. Keep Swimming – You have to be relentless, nimble, moving ever forward. These are the five key SHARK points that will help guide you.

Each chapter showcases individuals who relentlessly struggled to follow their dreams. From a college student, Christopher Gray, who developed an app named “Scholly” to help students navigate the clutter and confusion of college scholarships” (By the way, he earned 1.3 million in scholarships). To middle school student, Moziah Bridges who started his line of handcrafted bow ties, named “MO’s Bows,” as well as Kevin Plank, founder and CEO of under Armour activewear clothing line.

Daymond John also writes about the value of the smart phone. “You don’t need a whole lot of resources to change your life. Sometimes everything you need is right there in the smart phone you hold in your hands.” He also writes about the value and importance of a mentor. In a “2012 survey by MicroMentoring.org showed that people who participated in a mentoring relationship saw their revenue increase by an average of $47,000 – or 106 percent! Those who did not participate saw their revenues go up only $6,600 – or 14 percent.”

THOUGHTS For Your SOUL:

  • “69 percent of successful entrepreneurs have worked over 10 years as employees at other companies.”
  • Find a way to grow your business without changing your business model, without alienating your core customers, without taking a big bite out of your advertising or promotional budgets . . . and you’ll find a way to win.”
  • The same way you’re never too broke to find a way around a roadblock in your business, you’re never too old to get past any digital roadblocks you might find in your path.”

A fool can learn from his own mistakes, but a wise man learns from the mistakes of others.” – Mr. Magic. It is never easy to venture into the unknown, but if you succeed then the sacrifices were worth the risk. Daymond John sums things up quite well . . . “Being broke can actually be your greatest competitive advantage as an entrepreneur because starting a business from a place of broke – a place of desperation, hope, and hunger – forces you to think more creatively.” Now, more than any other time is the right time to take a chance, to take a risk,. “You need to bet on yourself, and you need to bet big – almost in an all-or-nothing sort of way” and make your business dream a reality. This was a book worth reading a couple of times, some really great points.

EDITORS CHOICE-PAID FORcanstockphoto6036875Let’s BOND over BOOKS  rates THE POWER OF BROKE  as  MELODICALLY MEANINGFUL (151-300 pgs) . . . Just the right mixture of content and pages.

The 200 BEST Home Businesses

“*40% of the U.S. workforce is predicted to be independent contractors by 2019.” Owning your own business may not be for everyone, but having a plan B should be for everyone. Have you ever thought about putting your skills and/or talents to use, and make some extra income, but didn’t know where to start? THE 200 BEST HOME BUSINESSES – Easy to Start, Fun to Run, Highly Profitable – 2nd edition by Katina Z. Jones is a great place to start.

Almost everyone has been affected in some way either directly or indirectly by the volatility of the economy over the past five years. Have you been bitten by the entrepreneurial bug or just curious? Have you found yourself on the fence about you might go about starting a business? Let alone a home-based business? Many opportunities are borne out of adversity and this book helps you identify those options so that you can make better, well-informed decisions.

Use THE 200 BEST HOME BUSINESSES as an opportunity to “determine whether your business idea matches your current ideals and whether an entrepreneur’s lifestyle really is for you.”  You many have a hobby or hobbies, but not sure which one might be the best option. If you are currently employed, you have the luxury of being “able to start [your] own business while still employed, thus increasing [your] capital and minimizing [your] day-to-day financial risk. However, using a hobby is not the only option, you can also consider “personal interests, or an expansion of a particular skill you might already have.”

Ms. Jones provides a very comprehensive well-researched, mini-profile of each business which serves as a go-to resource guide. She has taken the guess-work out of the process and given you the tools to get started. Each profile starts with a business description along with the start-up costs, potential earnings, typical fees, advertising, qualifications, equipment needed, staff required, and hidden costs. Also included are three sections that can make a difference in your business venture: “What you do – “Details the owner’s business demands, daily activities (including specific marketing opportunities). What you need – the depth breakdown of your start-up costs. and the Keys to Success – Points out the positive and negative aspects of each business.”

“THOUGHTS for your SOUL:

  • “New technology in both the communications and computer industries has made home offices the norm, instead of the exception.”
  • “Plan for the future. Keep a watchful eye on emerging trends and allow yourself to dream.”

Home-based businessesare inspired by stay-at-home moms looking to earn extra cash, young people starting their career, previously employed middle managers, or just regular folks looking to increase their monthly income.” If you identify with any of these scenarios, then it’s up to up yo write down your vision, and make that move. With a home-based business you can create a financial cushion doing something you love to do or turn a hobby into a potential goldmine. Making a move doesn’t have to mean anything more than researching which would be your best option(s)…measure twice and cut once!…and for some people “the only place to find true job security is right in their own home.”

*Taken from CAREER MAPPING – Charting Your Course in the New World of Work by Ginny Clarke & Echo Garrett

Let’s BOND over BOOKS rates THE 200 BEST HOME BUSINESSES as MELODICALLY MEANINGFUL (151-300 pgs)…just the right mixture of content and pages.