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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 Paperback – April 18, 2017
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"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
“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
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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.
The Power of Broke is about mindset. Daymond describes it as "substance over flash, creativity over certainty, and taking a chance over playing it safe." He says that no matter how much money you have, that it will never be enough to buy the passion, ingenuity, and determination it takes to have success over the long haul.
Daymond tells us his rags to riches story about growing up poor in Hollis, Queens with his mother who worked three jobs to support them. She taught him valuable lessons in his early childhood and she was a great role model providing the necessary discipline to keep Daymond out of trouble that was so easily accessible in his neighborhood.
After we learn of John's story, we hear other success stories that incorporate the Power of Broke theme. There are several familiar names in the fourteen different stories such as Rob Dyrdek, Tim Ferris, Ryan Deiss, and Mark Burnett.
There was a lot I could relate to in this book with regards to having some tough times; however, I did not grow up poor. We certainly weren't wealthy, but my parents lived within their means and sacrificed having material items to send my brother and I to private school. My tougher times actually came later and were of my own doing. Still, I relate because Daymond talks about how being broke gives you an appreciation for when you do find some success.
The book was published in 2016 and has a 4.5 rating on Amazon after 357 reviews. Goodreads lists a 4.05 rating after 625 ratings and 105 reviews.
I find value in every single book I read and there was certainly good value in this one. It's definitely worth picking up for some great tips and some inspiring real-life stories of how hard work, persistence, and creativity can put you on the road to success.
It could never be used in a business school because the "facts" used throughout the book are not only incorrect, he tends to contradict them later n the book. For instance; on page 5 there is a "Power Fact" that states that 8 out of 10 new businesses fail within the first 18 months. That data likely came from the garbage Forbes article back in 2013, but you wouldn't know it because there is no source information provided for his alternative facts... anyway, on page 36 there is another "power fact" that states only 44% of new businesses survive for 8 years... Now wait a minute! After 80% of those new businesses failed before 18 months, how were there now 56% left to fail again by 8 years? That's just magic!
The actual math, according to the SBA is that 25% fail in the first year, 36% by year two and 66% around year 8. Not even close to Daymond's poorly researched numbers. Find a better ghost writer or spend more time fact checking if you actually wrote this!
So, in short - read the book for entertainment value; but overall, don't expect any big revelations to come out of your reading. Most importantly, never trust a book or article that does not provide a source for its data!
Top international reviews
The lessons, case studies and experiences in this book may not be fully in depth but they open your mind up to new possibilities and outlooks and how you could grow yourself and your buisness.