The Power of Broke by Daymond John
Daymond John, founder of FUBU, grew up in poverty. Instead of acting helpless, Daymond learned to turn his adversity into an advantage. In this book, he shares his story along with the stories of 14 others who harnessed the “Power of Broke”. Daymond John is also a regular investor on the award-winning series, Shark Tank. He has learned many valuable lessons from his experience in growing and investing in companies.
The Power of Broke
– by Daymond John –
1) Be resourceful
Use all of the resources available to you, but don’t expect to just flip a switch and get them all cranking on autopilot.
2) Keep it real
Strive for authenticity in everything you do. At the end of the day, the more humility and integrity you put out into the world, the more you’ll connect with others who’ll want to help you succeed.
3) Learn and embrace the power of optimization
Make the very best use of your time, energy, actions, opportunity costs, and capital. One of the most precious resources available to you, at absolutely no cost, is time – don’t waste it.
4) Solve a problem
If you can figure out how to do something better, faster, easier, and more efficiently than anybody else, and if you can make somebody else’s life a little smoother in the bargain, you’re way ahead of the game.
5) Put all your passion and purpose behind whatever it is you’re doing
If you don’t believe in yourself, in your product, your service, or your business, you can’t expect anyone else to either. That said, you don’t want to come across as a nut, so don’t be fanatical or unreasonably optimistic. Remember that you’re selling people on the idea of trusting in you, because people invest in people, not just in a product or service.
6) Take the time to understand and appreciate everyone you meet on your path to success.
Investor, distributor, vendor, prospective buyer, or customer…whoever it is, show him or her that you get how things are from their perspective. Tell them that you’re rooting for them. Show them that you have their best interests in mind. They will respect you for respecting their reality.
7) Think beyond the moment
Find a way to support your vision with logic, data, and realistic projections. Wishful thinking and conjecture have a way of working against you, and breaking you in a bad way.
8) Make the probability of your success a natural part of your thinking
Good things come to those who expect them. Train yourself to keep your goals in sight and in reach. You must believe wholeheartedly that your success is within you. Keep this thought at the front of your mind. Let it drive every action you take.