Daymond John, a Shark Tank participant and the creator of FUBU, explains why starting a business on a tight budget could give a business owner the biggest competitive edge.
Daymond John has been utilizing the power of being broke ever since he first started selling his hand-sewn t-shirts on the streets of Queens. On a $40 budget, Daymond had to think of inventive ways to market his goods. Fortunately, necessity breeds innovation, and he came up with a marketing strategy that helped the FUBU brand develop into a $6 billion global sensation. But if he hadn’t been poor, with nothing but hope and a great drive to succeed by all means, it might not have happened.
Here, the creator of FUBU and star of ABC’s Shark Tank explains why a businessperson’s strongest competitive edge may be their lack of financial resources. Why? because using creative thinking is necessary when beginning a business on a tight budget. You must make better use of your available resources. It makes you interact with customers more honestly and market your ideas in more inventive ways. It tests your ability to be truthful, have a laser-like focus on your goals, and generate the novel concepts required to make a lasting impression.
John illustrates how we can all use the power of poverty to achieve extraordinary success through his personal experiences as an entrepreneur and branding consultant, behind-the-scenes tours of the Shark Tank production, and the story of several other entrepreneurs who hustled their way to success.
- Steve Aoki, an electronic dance music (EDM) DJ who launched his career with a string of $100 performances and changed the music industry.
- Gigi Butler, a cleaner from Nashville who launched a cupcake company using her maxed-out credit cards, a family recipe, and a lot of faith.
- Mo Bridges, an 11-year-old Shark Tank visitor, used only his grandmother’s sewing machine, some extra fabric, and his own unique sense of style to produce a profitable clothing line.
You have no choice but to succeed when you are up against all challenges, have no money, and your only resources are your zeal and ingenuity. You will learn how to use the Power of Broke in this book to hustle, scrape, and dream your way to prosperity.
Key ideas in this book:
- Ingenuity and sincerity, two traits crucial to success, can be fostered by a lack of money.
- If you want to succeed, think like a shark and be hungry.
- You may find resources that other people will ignore if you are at a disadvantage.
- Being authentic will make it simpler to stay focused on your target audience.
- Don’t let debt or money force you to lose focus on your objectives.
- Organizations and entire spheres of the economy can benefit from The Power of Broke.
- Progressing through the four success phases requires patience.
- The present is the best time to launch your business and acknowledge your limitations.
About the Authors:
Daymond John is a panelist, investor, and businessman on the ABC television show Shark Tank. In addition, he established the well-known clothing business FUBU using hip-hop as its inspiration.
Daniel Paisner has written books with athletes, politicians, and celebrities. He contributes frequently to the publishing sector. He has also written additional books, such as Obit.