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.

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