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The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage Hardcover – January 19, 2016
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Winner of the NAACP Image Award
"Daymond knows how to make things happen. He knows the difference between a want-repreneur and an entrepreneur, and he lays it out for us in these pages. What a kick it is to read over his shoulder as he shares his hard-won wisdom. This guy built an empire from the streets of Hollis, Queens, and here he compares notes with other visionaries who've also found ways to beat the odds and make it to the top. His new book is so inspiring, so insightful, so invigorating... I'm glad that he took the time to share this mindset with the world"
—Mark Cuban, Entrepreneur and Owner of Dallas Mavericks
“Daymond John’s journey proves that desperation breeds innovation, and The Power of Broke breaks it down for us with straight talk from a guy who knows what it takes to make something out of nothing.”
—Steve Case, chairman and CEO of Revolution LLCand cofounder of America Online
"Money can't buy you strength or spirit. It can't get you peace or power. In his empowering new book, Daymond John sets out a blueprint for folks looking to put their God-given assets to work to build a business or a brand. Nobody knows better than Daymond that it doesn't matter how you start out in life - the will to win resides in us all."
—Russell Simmons , Business Mogul and Philanthropist
“I firmly believe that you should only read business books from people who have actually built businesses. Daymond has done just that, and here he breaks down the thesis and the religion behind exactly how he did it. You have to understand that ‘broke’ isn’t what happens in your wallet; ‘broke’ is a mind-set. It’s about tapping into that state of desperation that leads you to tremendous creativity. I was in the game of broke before I even knew what the game was, and, here, Daymond John deconstructs this crucial concept in detail.”
—Gary Vaynerchuk, VaynerMedia CEO and three-timeNew York Times bestselling author
About the Author
Daymond John is CEO and Founder of FUBU, a much-celebrated global lifestyle brand, with over $6 billion in sales. He is also one of the country's most visible and respected entrepreneurs as one of the stars of ABC series Shark Tank, and the recipient of over 35 awards including the Brandweek Marketer of the Year and Ernst & Young’s New York Entrepreneur of the Year Award. John stands on that same cutting edge as one of corporate America's leading branding consultants as CEO of the marketing firm Shark Branding. He is also an author of two best-selling books, Display of Power and The Brand Within.
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Being able to read Daymonds narrative of success and mindset allows you to see where the power of broke come into play.
What this book starts out with is the idea that there is an education you can get from a school and read about and then there is an education you can get from doing something. This also translates to without some sort of risk there really isn’t a reward.
Here are the most common themes in the book – by the way these are just the tip of the iceberg:
1. You have to come up with something when you have no money and this forces an authentic creativity. There are things you learn from hustling and grinding you cant learn from a book, there is long term power in this knowledge.
2. Learn the core concepts of business and sales as they never change but be willing to try new approaches and use the core knowledge as your base of knowledge.
3. Understand power and where it comes from meaning how do you get attention and then use it for your product or service. Those who have the attention have the most power.
4. Being hungry keeps you focused, it’s easy to lose focus on what is important and chase other ideas or get pulled away from the core concept or idea. Some people or businesses try to do too much too soon and lose sight of what they started out as.
5. There is invaluable valuable knowledge to be learned in the struggle. The struggle of being broke helps shape ideas for the future and for the good of the product or the service being offered. Easy money may be easy to squander.
6. Understand the power of proof for the buyer. Social proof is huge and understanding what people want is important. Sometimes you have to come up with a more original idea to make it happen.
7. Sometimes you have to do the things you don’t want to do but need to do in order to find the success in the middle of the chaos.
8. Most people will never take the steps necessary out of fear of what others may think.
9. Most people fear adversity when it is exactly what they need to find the hunger or the reason why to move on.
10. Think about the assets you already have and how they can be used for the product or service.
11. Be willing to trade and help others out, they may need to be there for you at some other time. This means make sure to build a network of people for a future infrastructure.
12. Learn the power of making a deal and living up to it.
This book goes through and gives examples of successful people and how they used adversity and being broke to their advantage. The cool thing about this section is this isn’t the typical group you read about or hear from in the business world for the most part. There are examples from different industries and services.
Here is a short list of the people used:
• Steve Aoki – Electro Dj / Record Label owner
• Acacia Brinley – Social media superstar
• Rob Dyrdek – Professional Skater – Clothing line owner
• Jay Abraham – Marketing and business superstar
• Ryan Deiss – Internet and marketing superstar
• Mark Burnett – Creator of Shark Tank and other series
This book has amazing content that can be applied in any circumstance, your true power is coming up with an idea, finding out how to make an attempt while looking for the big lesson in the success or failure and then trying again.
Some of the process is quite well described. Commit to doing something you find an audience for and somehow keep expanding it. By doing that, you begin to see what works and what your core audience wants that you do well. Then keep expanding it and making it better. One way to fund it is to find someone in your area or a related one who has an audience already and do a joint promotion where they get most of the upfront returns and you get the longer term and ongoing later returns. Have unusually great resourcefulness and tenacity. Just keep going somehow. Often when you do, breakthroughs will show up that will keep you going or expand your success. Also be unusually nice and see what the people you interact with are trying to do. That produces the breakthroughs you need sometimes.
To be a five, it would need a more analytical and clear list of ideas to do each strategy than it does.
Now it has ideas and strategies as they show up in each person's story.
A second part by strategy would make it a five if it was well done.
That said, what it does have is what I most needed to know to actually start cash flow I can build on.
Its insightful and reinvigorating if you have lost some steam in your quest to financial freedom.
The book provides hope and is a reminder that even the best of companies came from a place of being broke. There is a sense of power in being broke because propells you to push harder, to think more, become more creative and resourceful. Being broke just isnt the end but rather a new beginning.