Daymond John
Daymond John, author of The Power of Broke, is known for revolutionizing American entrepreneurship. A successful entrepreneur who has founded several multimillion-dollar businesses and appeared in both the original Shark Tank series and its more recent spinoff, Beyond the Tank, John is a well-known public figure. In The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage, John recounts his personal story of success, from his start as a determined, innovative, and resourceful young entrepreneur to his current status as an inspiring business leader.
John’s journey to success began in 1990 when, at age 23, he founded the iconic urban clothing brand, FUBU. John was forced to get creative with his startup funding, paying his way by cutting the sides of his mother’s couches and selling the material to fabric stores. Thanks to his unique and innovative marketing strategies, FUBU was able to flourish. However, despite FUBU’s success, John took remarkable risks, such as pawning his entire collection of jewelry and only a few hundred dollars remaining in his bank account. This level of commitment was a critical contributor to John’s eventual success.
The Power of Broke looks to John’s personal story to explain the true power of ambition and resourcefulness. Aspiring entrepreneurs of all ages can use John’s insights to kickstart their own businesses. Despite the setbacks, John’s tale is an inspiring one of possibility, risk, and reward.
Daymond John encourages readers to think of “broke” as an opportunity rather than a deterrent. Often, having no money can be a competitive edge, as it requires individuals to be resourceful and identify unconventional solutions to problems. According to John, “using what little you have forces you to think creatively…” and “be on the lookout for ways to do more with less.” This resourcefulness gives small businesses a chance against the stiff competition from larger businesses with more capital.
In addition to embracing the power of “broke,” John also offers readers specific strategies to help give their dream business a leg up. These strategies include a focus on bold moves, as taking risks can lead to unexpected rewards. Study existing businesses to pinpoint what it takes to become profitable, and take advantage of free or low-cost resources, such as social media or emails. Lastly, it is essential to be prepared mentally and emotionally to commit to the business’s success.
Throughout The Power of Broke, John seamlessly interweaves his personal successes, failures, and lessons with practical, actionable advice. By combining his experience with his characteristic optimism and enthusiasm, John creates a captivating read that promises to inspire and inform readers to tap into their own resources.
