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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
The instant New York Times bestseller from Shark Tank star and Fubu Founder Daymond John on why starting a business on a limited budget can be an entrepreneur's greatest competitive advantage.Daymond John has been practicing the power of broke ever since he started selling his home-sewn t-shirts on the streets of Queens. With a $40 budget, Daymond had to strategize out-of-the-box ways to promote his products. Luckily, desperation breeds innovation, and so he hatched an idea for a creative campaign that eventually launched the FUBU brand into a $6 billion dollar global phenomenon. But it might not have happened if he hadn’t started out broke - with nothing but hope and a ferocious drive to succeed by any means possible. Here, the FUBU founder and star of ABC’s Shark Tank shows that, far from being a liability, broke can actually be your greatest competitive advantage as an entrepreneur. Why? Because starting a business from broke forces you to think more creatively. It forces you to use your resources more efficiently. It forces you to connect with your customers more authentically, and market your ideas more imaginatively. It forces you to be true to yourself, stay laser focused on your goals, and come up with those innovative solutions required to make a meaningful mark. Drawing his own experiences as an entrepreneur and branding consultant, peeks behind-the scenes from the set of Shark Tank, and stories of dozens of other entrepreneurs who have hustled their way to wealth, John shows how we can all leverage the power of broke to phenomenal success. You’ll · Steve Aoki, the electronic dance music (EDM) deejay who managed to parlay a series of $100 gigs into becoming a global superstar who has redefined the music industry · Gigi Butler, a cleaning lady from Nashville who built cupcake empire on the back of a family recipe, her maxed out credit cards, and a heaping dose of faith · 11-year old Shark Tank guest Mo Bridges who stitched together a winning clothing line with just his grandma’s sewing machine, a stash of loose fabric, and his unique sartorial flairWhen your back is up against the wall, your bank account is empty, and creativity and passion are the only resources you can afford, success is your only option. Here you’ll learn how to tap into that Power of Broke to scrape, hustle, and dream your way to the top.
266 pages, Kindle Edition
First published January 19, 2016
767 people are currently reading
7428 people want to read
About the author
Daymond John
30 books217 followersA young entrepreneur, an industry pioneer, a highly regarded marketing expert, and a man who has surpassed new heights of commercial and financial success are just a few ways people have described Daymond John. Over the last 20 years, Daymond has evolved from one of the most successful fashion icons of his generation to one of the most sought after branding experts, business, and motivational speakers in the country.
Daymond’s creative vision and strong knowledge of the marketplace helped him create one of the most iconic fashion brands in recent years. FUBU, standing for “For Us By Us”, represented a lifestyle that was neglected by other clothing companies. Realizing this need in the marketplace, Daymond created the untapped urban apparel space and laid the groundwork for other companies to compete in this newly established market.
Daymond grew up in the community of Hollis, Queens, quickly becoming known as the birthplace of the new genre of music called Hip-Hop, with acts like RUN DMC and Salt-N-Peppa rapidly making names for themselves. Being surrounded in this influential neighborhood helped spur the inspiration for his clothing line that would ultimately change the fashion world.
His first foray into the apparel market came when he wanted a tie-top hat he had seen in a popular music video but could not find one for a good price. With the sewing skills he had learned from his mother, Daymond started making the hats for himself and his friends. Realizing he was on to something, Daymond made a sizeable order of the tie-top hats, sold them on the streets of Queens one day, and made $800 in just a few hours. There was a buzz about Daymond’s products that simply could not be ignored.
Based on that early success, Daymond recruited some of his neighborhood friends and FUBU was born. They created a distinctive logo and began sewing the FUBU logo on all sorts of apparel, including hockey jerseys, sweatshirts and t-shirts. The brand hit a tipping point when Daymond convinced Hollis native and Hip-Hop superstar, LL Cool J, to wear FUBU for a promotional campaign. This was the catalyst behind the entire Hip-Hop community supporting the new brand and instantly giving it credibility. In need of start-up capital to keep up with demand, Daymond and his mother mortgaged the home they collectively owned for $100,000. Soon, the home was turned into a makeshift factory and office space.
FUBU gained even more nationwide exposure when Daymond and his partners traveled to the industry trade show Magic in Las Vegas. Despite not being able to afford a booth at the event, the FUBU team showed buyers the distinctively cut, vibrantly colored sportswear in their hotel room. The company came back to Queens with over $300,000 worth of orders. FUBU soon had a contract with the New York City-based department store chain Macy's, and it began expanding its line to include jeans and outerwear. A distribution deal with Korean electronics manufacturer Samsung allowed their designs to be manufactured and delivered on a massive scale. With the brand transcending into the mainstream markets, FUBU recorded annual sales of $350 million, placing it in the same stratosphere as designer sportswear labels such as Donna Karan New York and Tommy Hilfiger.
In 2009, John joined the cast of the ABC entrepreneurial business show, Shark Tank, produced by acclaimed TV producer Mark Burnett. As one of the “Sharks”, Daymond and four other prominent executives listen to business pitches from everyday people hoping to launch their company or product to new heights. Investing his own money in every project, Daymond becomes partners with the entrepreneurs helping turn their dreams into a reality. Millions of viewers tune into the show as Daymond demonstrates his marketing prowess and entrepreneurial insights.
Due to the increasing amount of requests from major companies, Shark Branding was formed to provide companies with the marketing insights that have made D
Daymond’s creative vision and strong knowledge of the marketplace helped him create one of the most iconic fashion brands in recent years. FUBU, standing for “For Us By Us”, represented a lifestyle that was neglected by other clothing companies. Realizing this need in the marketplace, Daymond created the untapped urban apparel space and laid the groundwork for other companies to compete in this newly established market.
Daymond grew up in the community of Hollis, Queens, quickly becoming known as the birthplace of the new genre of music called Hip-Hop, with acts like RUN DMC and Salt-N-Peppa rapidly making names for themselves. Being surrounded in this influential neighborhood helped spur the inspiration for his clothing line that would ultimately change the fashion world.
His first foray into the apparel market came when he wanted a tie-top hat he had seen in a popular music video but could not find one for a good price. With the sewing skills he had learned from his mother, Daymond started making the hats for himself and his friends. Realizing he was on to something, Daymond made a sizeable order of the tie-top hats, sold them on the streets of Queens one day, and made $800 in just a few hours. There was a buzz about Daymond’s products that simply could not be ignored.
Based on that early success, Daymond recruited some of his neighborhood friends and FUBU was born. They created a distinctive logo and began sewing the FUBU logo on all sorts of apparel, including hockey jerseys, sweatshirts and t-shirts. The brand hit a tipping point when Daymond convinced Hollis native and Hip-Hop superstar, LL Cool J, to wear FUBU for a promotional campaign. This was the catalyst behind the entire Hip-Hop community supporting the new brand and instantly giving it credibility. In need of start-up capital to keep up with demand, Daymond and his mother mortgaged the home they collectively owned for $100,000. Soon, the home was turned into a makeshift factory and office space.
FUBU gained even more nationwide exposure when Daymond and his partners traveled to the industry trade show Magic in Las Vegas. Despite not being able to afford a booth at the event, the FUBU team showed buyers the distinctively cut, vibrantly colored sportswear in their hotel room. The company came back to Queens with over $300,000 worth of orders. FUBU soon had a contract with the New York City-based department store chain Macy's, and it began expanding its line to include jeans and outerwear. A distribution deal with Korean electronics manufacturer Samsung allowed their designs to be manufactured and delivered on a massive scale. With the brand transcending into the mainstream markets, FUBU recorded annual sales of $350 million, placing it in the same stratosphere as designer sportswear labels such as Donna Karan New York and Tommy Hilfiger.
In 2009, John joined the cast of the ABC entrepreneurial business show, Shark Tank, produced by acclaimed TV producer Mark Burnett. As one of the “Sharks”, Daymond and four other prominent executives listen to business pitches from everyday people hoping to launch their company or product to new heights. Investing his own money in every project, Daymond becomes partners with the entrepreneurs helping turn their dreams into a reality. Millions of viewers tune into the show as Daymond demonstrates his marketing prowess and entrepreneurial insights.
Due to the increasing amount of requests from major companies, Shark Branding was formed to provide companies with the marketing insights that have made D
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Displaying 1 - 30 of 321 reviews
April 26, 2016
Daymond John is a salesman, and right now he wants to sell you his book. I recommend borrowing it from the library. The text is easy to read, like a conversation between brothers, and just this side of used car salesman. By page 57, I was skimming tales of John's life until I found the main points listed in the back. This could have been boiled down to an inspirational glossy brochure.
March 4, 2016
So...yeah. I think I'm just barely on the outer cusp of the fringe element of this book's target audience. I am a small business owner and a new one at that, but I am not a "rah-rah"/rise-n'-grind son/top of my lungs power-speak type and the jargon of that whole approach usually turns me off. Couple that with his admiration for Donald Trump (geezus - even if he did just mean for business) and him citing George Bush as a great leader. No. In what world (rhetorical)? And the whole thing is sort of talked out rather than written out, which really goes against the spirit of reading for me (may be a great audiobook, as I know he probably speaks with passion and grit). But I digress. Despite far too much recapping of his own experience (and plenty repetition) throughout parts of the books devoted to other entrepreneurs (including repeating himself - see how that got old), there were plenty of great points. I could feel the back smacking and guy chuckles from more lines than I could count, but I did walk away with quality pointers. They aren't unique as far as these types of books go, but they are reiterated and packaged in a way that can be compelling. Even with him returning to the well of himself and FUBU too much for me, I believe this book does what it sets out to do. It's action-oriented and what made me finish it, is that I rarely went three or four pages without a line of info that I immediately translated for my own use. I believe most who like him, watch him on Shark Tank or just like that kind of alpha male, clothes-make-the-man, Wall Street is my street, raw deal personality will enjoy it. The man knows what he's talking about - though more examples of people who made it using current social media was expected for a book published in 2016 - I got my money's worth. Can't complain about that!
October 10, 2017
No structure. The collection of success stories feels like a broken record.
"Here's a success story. Here's how he succeeded because he was broke. And here's how it reminds me of myself, the author."
I finished it because I always do, but my eyes were hurting from rolling so much.
"Here's a success story. Here's how he succeeded because he was broke. And here's how it reminds me of myself, the author."
I finished it because I always do, but my eyes were hurting from rolling so much.
March 12, 2017
I knew about The Power of Broke after reading Tools of Titans by Tim Ferris. It is a smooth read that motivates the reader to embrace uncertainty and lack of resources to make the best out of what they have. Broke is a mentality that does not have to do with only lack of money, it could be the lack of support, resources, knowledge, and experience among other things. What was interesting about this read was the different age range of the people who were mentioned and the vast difference in their experiences. The SHARK points are a great reminder on what to focus on to embrace the PoB. It was also cool to read the story of Tim Ferris himself and how he got started into the blogging world and the release of his first book "The 4 hour work week".
A definite read for real life examples on how to make it in a challenging world!
A definite read for real life examples on how to make it in a challenging world!
May 2, 2018
Shark Tank investor and founder of clothing label, FUBU, Daymond John has written this book about how to use having no money as an advantage in business by compensating it with creativity.
Key Takeways
1. Use all resources available to you - being broke allows you to see what others don't.
2. Keep it real - humility and integrity are important.
3. Optimise - make the best use of time.
4. You will be rewarded for solving other people's problems.
5. Put all your passion into what you are doing.
6. Appreciate everyone you meet.
7. Think beyond the moment.
8. Make the probability of success part of your thinking. Believe in yourself.
9. Set goals.
10. Adore what you do.
11. Expect it to be hard.
Conclusion
The main idea of the book is a powerful reminder, told through the author's personal stories and those of others. The audio version was enjoyable, although it was narrated by Sway Calloway with John's voice interspersed.
However, the book is laden with cliches and offers very little groundbreaking content. If you're trying to learn about business, give this one a miss.
Key Takeways
1. Use all resources available to you - being broke allows you to see what others don't.
2. Keep it real - humility and integrity are important.
3. Optimise - make the best use of time.
4. You will be rewarded for solving other people's problems.
5. Put all your passion into what you are doing.
6. Appreciate everyone you meet.
7. Think beyond the moment.
8. Make the probability of success part of your thinking. Believe in yourself.
9. Set goals.
10. Adore what you do.
11. Expect it to be hard.
Conclusion
The main idea of the book is a powerful reminder, told through the author's personal stories and those of others. The audio version was enjoyable, although it was narrated by Sway Calloway with John's voice interspersed.
However, the book is laden with cliches and offers very little groundbreaking content. If you're trying to learn about business, give this one a miss.
March 9, 2024
FUBU founder and Shark Tank superstar Daymond John has been advocating and practicing the "power of broke" ever since he started selling his home-sewn t-shirts on the streets of Queens.
Per the author, having limited resources puts pressure on entrepreneurs to think creatively and stay laser-focused on one's goals.
I am a huge Daymond John fan and enjoyed hearing his backstory and the business strategies that he advocates.
WHY NOT 5 STARS?
I listened to the 9-hour audiobook that easily could have been a 5-hour book. (Repetitious text!)
Special thanks to NetGalley and the publisher for providing me with an ARC in exchange for an honest review.
February 5, 2016
Shark Tank’s Daymond John, started his home-sewn t-shirt business with no funding and only a $40 budget and eventually launched the FUBU brand into a $6 billion dollar global phenomenon.
The book was a quick read, but I was a little disappointed in the book. I am not saying the book is bad. This book didn’t meet my expectations not in a bad way though. I was expecting to learn about Daymond and his tricks in succeeding, but it ended up being more about other business’s story of success, which was interesting and inspiring. There really wasn’t too much tips and tricks. I learned a few things, but it wasn’t at all what I expected. It seems more of an inspirational book than a “How to” book. He told how people started their business with little money and resources to now having very successful companies. Being broke never stopped them it just made them work harder. Some of the business people he talked about in the book included:
Acacia Brinley, a social media. Rob Dyrdek who is a skateboarder, producer and a reality star. One of my favorite business stories was Christopher Gray, who developed a scholarship app. He raised over a million dollars for school. There are eleven more different business stories to inspire.
Daymond didn’t just focus on fashion industry, but he included cupcake, computer, producing, sports, etc.. in the book. He had a variety of business industry stories everything from cupcakes, to computer apps, to clothing, retail stores and Internet retail. I feel that Daymond John tried to get enough inspirational examples to get the reader inspired.
Broke doesn’t have to be money, as Daymond explains, it can be location, dyslexia, not having experience in the field you want to start your business, or a woman starting a business in an industry dominated by men. I really enjoyed reading the section about being dyslexic and learning that Daymond is also dyslexic. Throughout his book, there are power facts and one of them is a fact on Dyslexia. “Dyslexia is far more common among entrepreneurs than it is among executives in traditional corporate setting bot in U.S. and United Kingdom. (p.131). This sure makes me feel not so alone. Daymond goes on to list a variety of famous people like Ben Franklin, Albert Einstein and Winston Churchill, whom all suffered from Dyslexia.
The main takeaway from that I got from the book was that being broke only breaks you down if you let it, but it can also make you. When you have nothing to lose then you have everything to gain. Don’t give up even if you get turned down. “Walt Disney got turned down 302 times before getting financing for Walt Disney World p.(160).”
I would recommend this book because it truly does inspire.
Always keep in mind that suffering produces perseverance. Perseverance, character; and character, hope.
Check out my blog: https://stephanieslifeofdetermination...
The book was a quick read, but I was a little disappointed in the book. I am not saying the book is bad. This book didn’t meet my expectations not in a bad way though. I was expecting to learn about Daymond and his tricks in succeeding, but it ended up being more about other business’s story of success, which was interesting and inspiring. There really wasn’t too much tips and tricks. I learned a few things, but it wasn’t at all what I expected. It seems more of an inspirational book than a “How to” book. He told how people started their business with little money and resources to now having very successful companies. Being broke never stopped them it just made them work harder. Some of the business people he talked about in the book included:
Acacia Brinley, a social media. Rob Dyrdek who is a skateboarder, producer and a reality star. One of my favorite business stories was Christopher Gray, who developed a scholarship app. He raised over a million dollars for school. There are eleven more different business stories to inspire.
Daymond didn’t just focus on fashion industry, but he included cupcake, computer, producing, sports, etc.. in the book. He had a variety of business industry stories everything from cupcakes, to computer apps, to clothing, retail stores and Internet retail. I feel that Daymond John tried to get enough inspirational examples to get the reader inspired.
Broke doesn’t have to be money, as Daymond explains, it can be location, dyslexia, not having experience in the field you want to start your business, or a woman starting a business in an industry dominated by men. I really enjoyed reading the section about being dyslexic and learning that Daymond is also dyslexic. Throughout his book, there are power facts and one of them is a fact on Dyslexia. “Dyslexia is far more common among entrepreneurs than it is among executives in traditional corporate setting bot in U.S. and United Kingdom. (p.131). This sure makes me feel not so alone. Daymond goes on to list a variety of famous people like Ben Franklin, Albert Einstein and Winston Churchill, whom all suffered from Dyslexia.
The main takeaway from that I got from the book was that being broke only breaks you down if you let it, but it can also make you. When you have nothing to lose then you have everything to gain. Don’t give up even if you get turned down. “Walt Disney got turned down 302 times before getting financing for Walt Disney World p.(160).”
I would recommend this book because it truly does inspire.
Always keep in mind that suffering produces perseverance. Perseverance, character; and character, hope.
Check out my blog: https://stephanieslifeofdetermination...
Read
March 25, 2016 I recently read The Power Of Broke which is ironic because you almost go broke buying the book. The book was subpar in my opinion because the message could have been conveyed in a better way. The book told his story but then went on to tell others less interesting story's that somehow he used to try to pull it together at the bottom of the page. The book highlighted many people who have made appearances on the famous Shark Tank because Daymond John is an investor on the show. The big downfall for me is that I am a huge fan of Shark Tank and I didn't like how he summarized the episodes for a book. The worst aspect of the book was how Daymond John is on the cover because the book is not about him so it was almost like a scam like a degree from Trump University. The book mentioned on the back that Daymond ripped himself up from the bootstraps. His success was mostly luck because he made his money fast and from what I read he didn't work to hard to get it.The book highlighted his seemingly easy path from being poor to rich just be in the right place at the right time. The book was exceedingly boring and I would give it one star.
March 8, 2016
Great practical information about using what you have. It's applicable to a personal brand or a company. Unfortunately, over half way through, the book sounded like a commercial. I still want to check out Daymond's other books.
March 26, 2017
What I got out from this. Probably heard elsewhere. Be realistic, if software sells today, don't try to sell cookies. Or more specific, if software, then which, how and where (-> mobile apps). Prototype and test.
In overall, book is more like stream of consciousness than a book, didn't noticed any organization, at least in audio format, so left with my previous simple knowledge - people "do things" when they feel cold, pain, etc. Problem is you know nothing what exactly to do, so all mentioned examples, as always in this motivation industry are just survivorship bias. I wonder sometimes, do they (tony robbinsons) ever understand something about probabilities? And you can't play poker (life, business, whatever) without probabilities. Well, on the other hand, probably no one from the crowd would buy non-nonsense fooled by randomness.
April 28, 2017
Some good jewels inside. Worth the read.
January 14, 2018
Filled with massive inspiring stories of successful business/entrepreneurs.
Yet another side of successful Daymond, the SHARK.
Yet another side of successful Daymond, the SHARK.
July 22, 2019
This is the Real deal , the author is a real teacher practitioner on what he says, I really enjoyed the book it’s easy to follow , has business wisdom advice that is valuable , had me taking notes down on numerous times plus he really put his tittle Of his book to good use on the entirety of this book , definitely a recommendation on business n self improvement growth n success
Read
August 1, 2020SUMMARY // (4 minute book) In The Power of Broke, he shows you how you can leverage it like he did. Here are my 3 lessons:
If you have no money, you’ll automatically find resources others don’t look for.
The power of broke helps in all four stages of growing a business.
Starting a business gets easier by the day, so start now.
Trust me, you don’t need money to make money. If you don’t believe it, after Daymond’s lessons, you will. Let’s go!
Lesson 1: Being broke allows you to find resources others can’t see.
Gary Vaynerchuk often talks about wishing everybody was an immigrant and it’s because as an immigrant, your default setting is that you have to prove yourself. You’re looking for opportunity where other people see only problems. Well, being broke is similar to being an immigrant.
You know that old saying “necessity is the mother of invention?” When you don’t have anything, it forces you to use whatever you’ve got, leading you to use resources in new, creative ways other people don’t see.
In 2012, I went to a Steve Aoki concert. One of my good friends was a fan of his and we happened to be in Chicago that weekend, so we saw the crazy, club-climbing, cake-throwing DJ, who was immensely popular already. But he too comes from humble beginnings.
At 19 years old, Steve started a music label with $400 and a few friends, cramming up to 13 of them into his apartment, which was the office. They’d produce a single, get Steve a gig for $100 and sell it after the show – out of the trunk of his car. Until they could afford to make another one.
He got this resourcefulness from his father, Rocky Aoki, an immigrant. Back in the 60s, Rocky drove an ice-cream truck around New York City, until he had saved $10,000 to open a Sushi restaurant, which has now become the little-known restaurant chain Benihana – with 5,000 employees.
When passion, creativity and authenticity are all you’ve got, you’ll use them, and that often works out better than having money, but none of these things.
Lesson 2: The power of broke isn’t reserved for startups, it’s helpful in all four stages of business growth.
The power of being broke isn’t limited to when you’re starting. Daymond says there are four stages in a business’s journey to success and it’s helpful in all four.
Item. Initially, you’ll have no name, no logo, no brand and no marketing. Just a product or service that (hopefully) satisfies a need. How good can you make it without money?
Label. Once you do give your product a name, customers have something they can remember and ask for. In 1992, Daymond and his four first employees showed up to a trade show they couldn’t even afford the booth at. All five slept in one room, but what they represented was FUBU, not themselves. They managed to collect $300,000 in orders.
Brand. A logo, a style, a brand presence all eventually follow. But even here you can be creative. In 1997, LL Cool J, who was once Daymond’s neighbor, pulled another marketing stunt for the brand: he wore his FUBU hat in a commercial he recorded for the GAP and even slipped the brand’s meaning into his rap. That helped a lot, and it was free.
Lifestyle. When your brand reaches this status, people are used to good quality and seeing it around, even treat it like a status symbol. The power of broke still works. Apple made their headphones white so everyone would recognize them and that color didn’t cost a dime more than black.
You see, no matter where you are in your journey, the creativity of a broke beginner is always available to you. But chances are that’s exactly what you are, which means it’s time to actually begin.
Lesson 3: There’s no better time than to start using the power of broke than now, because running a business gets cheaper and cheaper.
Every single day new technologies are released by the millions. A lot of them, especially software, are free. Product Hunt alone gives you access to thousands of tools you can use. Maintaining a website is cheap. Blogging is free on a platform like Medium.
In short: This is the opportunity of a lifetime. If you haven’t started a business by now and want to, today is the day. The creativity that results from a lack of money is now more valuable than ever. It’s time you used it.
Of course people have used it for a long time. Steve Jobs sold his car to fund the first few products Apple made. Michael Dell didn’t know computers well, so he designed one for amateurs like himself. In the 90s Daymond started FUBU without knowing how to draw and only being able to stitch a straight line.
The greatest basketball player of our time is 4″ shorter than the average NBA height. Like another famous basketball star said: “Limits, like fears, are just an illusion.”
Never was this more true than now, so get out there and embrace it.
If you have no money, you’ll automatically find resources others don’t look for.
The power of broke helps in all four stages of growing a business.
Starting a business gets easier by the day, so start now.
Trust me, you don’t need money to make money. If you don’t believe it, after Daymond’s lessons, you will. Let’s go!
Lesson 1: Being broke allows you to find resources others can’t see.
Gary Vaynerchuk often talks about wishing everybody was an immigrant and it’s because as an immigrant, your default setting is that you have to prove yourself. You’re looking for opportunity where other people see only problems. Well, being broke is similar to being an immigrant.
You know that old saying “necessity is the mother of invention?” When you don’t have anything, it forces you to use whatever you’ve got, leading you to use resources in new, creative ways other people don’t see.
In 2012, I went to a Steve Aoki concert. One of my good friends was a fan of his and we happened to be in Chicago that weekend, so we saw the crazy, club-climbing, cake-throwing DJ, who was immensely popular already. But he too comes from humble beginnings.
At 19 years old, Steve started a music label with $400 and a few friends, cramming up to 13 of them into his apartment, which was the office. They’d produce a single, get Steve a gig for $100 and sell it after the show – out of the trunk of his car. Until they could afford to make another one.
He got this resourcefulness from his father, Rocky Aoki, an immigrant. Back in the 60s, Rocky drove an ice-cream truck around New York City, until he had saved $10,000 to open a Sushi restaurant, which has now become the little-known restaurant chain Benihana – with 5,000 employees.
When passion, creativity and authenticity are all you’ve got, you’ll use them, and that often works out better than having money, but none of these things.
Lesson 2: The power of broke isn’t reserved for startups, it’s helpful in all four stages of business growth.
The power of being broke isn’t limited to when you’re starting. Daymond says there are four stages in a business’s journey to success and it’s helpful in all four.
Item. Initially, you’ll have no name, no logo, no brand and no marketing. Just a product or service that (hopefully) satisfies a need. How good can you make it without money?
Label. Once you do give your product a name, customers have something they can remember and ask for. In 1992, Daymond and his four first employees showed up to a trade show they couldn’t even afford the booth at. All five slept in one room, but what they represented was FUBU, not themselves. They managed to collect $300,000 in orders.
Brand. A logo, a style, a brand presence all eventually follow. But even here you can be creative. In 1997, LL Cool J, who was once Daymond’s neighbor, pulled another marketing stunt for the brand: he wore his FUBU hat in a commercial he recorded for the GAP and even slipped the brand’s meaning into his rap. That helped a lot, and it was free.
Lifestyle. When your brand reaches this status, people are used to good quality and seeing it around, even treat it like a status symbol. The power of broke still works. Apple made their headphones white so everyone would recognize them and that color didn’t cost a dime more than black.
You see, no matter where you are in your journey, the creativity of a broke beginner is always available to you. But chances are that’s exactly what you are, which means it’s time to actually begin.
Lesson 3: There’s no better time than to start using the power of broke than now, because running a business gets cheaper and cheaper.
Every single day new technologies are released by the millions. A lot of them, especially software, are free. Product Hunt alone gives you access to thousands of tools you can use. Maintaining a website is cheap. Blogging is free on a platform like Medium.
In short: This is the opportunity of a lifetime. If you haven’t started a business by now and want to, today is the day. The creativity that results from a lack of money is now more valuable than ever. It’s time you used it.
Of course people have used it for a long time. Steve Jobs sold his car to fund the first few products Apple made. Michael Dell didn’t know computers well, so he designed one for amateurs like himself. In the 90s Daymond started FUBU without knowing how to draw and only being able to stitch a straight line.
The greatest basketball player of our time is 4″ shorter than the average NBA height. Like another famous basketball star said: “Limits, like fears, are just an illusion.”
Never was this more true than now, so get out there and embrace it.
January 30, 2024
Meh. It was what I expected. May be of some use as a mentality tweak for those in need.
March 28, 2021
Motivation in text form! I've re-read it twice, and know I will again.
Give up the excuses, and get it done!
Give up the excuses, and get it done!
May 24, 2025
Quite inspirational, but not much more than that
February 18, 2025
It’s clear that neither the author nor the narrator have experience in performing audio books. I’m picky about delivery and vocal control, so perhaps others will not be so bothered.
Aside from that, an easy, enjoyable and relatable accounts of various shades of entrepreneurial strategies and successes.
Aside from that, an easy, enjoyable and relatable accounts of various shades of entrepreneurial strategies and successes.
August 6, 2020
This book definitely won’t give you tips on how to succeed but it certainly can motivate you in your entrepreneurial journey. It looks into how to be a game changer in your own life. It highlights that you are broke only if you let it, and there are ways to keep going and that is; to continue to search for way to leverage a power broke in order to reach your personal or professional goals; be your own brand; practice to be kind, be different, be resilient, be small, be funny, be agile, be visionary.
Key points: Set a goal; do your homework; practice, remember you are the brand; keep swimming
The power of broke principles:
1. Use all resources available to you, learn how to use them to your best advantage, especially if you are tapping in to other people money, other people mind sets and magic.
2. Be real. Strive for ethnicity in everything you do. More humility and integrity you put out in the world more you connect with others to succeed.
3. Learn and embrace a power of optimisation. Make the best use of your time, energy, actions, capital and opportunity cost.
4. Understand you will be rewarded for solving other people problems or reach they objective. (Entrepreneurial mindset)
5. Put passion and purpose behind everything you do. If you don’t believe in your product it’s harder to convince others.
6. Take a time to appreciate everyone you meet on your path to success. Show the understanding from their perspective, show them your support and respect of their reality.
7. Think beyond the moment; wishful thinking can only break you.
8. Make a probability of success as a natural part of your thinking. Expect them train yourself to have a goal that in sight and reach. Believe that success is within you.
Key points: Set a goal; do your homework; practice, remember you are the brand; keep swimming
The power of broke principles:
1. Use all resources available to you, learn how to use them to your best advantage, especially if you are tapping in to other people money, other people mind sets and magic.
2. Be real. Strive for ethnicity in everything you do. More humility and integrity you put out in the world more you connect with others to succeed.
3. Learn and embrace a power of optimisation. Make the best use of your time, energy, actions, capital and opportunity cost.
4. Understand you will be rewarded for solving other people problems or reach they objective. (Entrepreneurial mindset)
5. Put passion and purpose behind everything you do. If you don’t believe in your product it’s harder to convince others.
6. Take a time to appreciate everyone you meet on your path to success. Show the understanding from their perspective, show them your support and respect of their reality.
7. Think beyond the moment; wishful thinking can only break you.
8. Make a probability of success as a natural part of your thinking. Expect them train yourself to have a goal that in sight and reach. Believe that success is within you.
September 8, 2022
The book was a simple read with a consistent method of how to approach business.
But to save you time, here is the book distilled into a paragraph.
What can you do to build a business without any debt, investors, or venture capital? Focus on growing the business completely on your own and only use funds or money when there are not any other options.
But to save you time, here is the book distilled into a paragraph.
What can you do to build a business without any debt, investors, or venture capital? Focus on growing the business completely on your own and only use funds or money when there are not any other options.
March 16, 2016
Whether you are starting a new business or trying to determine how to take it to a new level of success, you will gain a number of insights through THE POWER OF BROKE. The storytelling in this book is excellent and the how-to information is practical for every reader.
The focus of this book on the hunger for success is excellent--no matter what your age. Like Daymond John writes toward the end of the book, "Know this: no mater how old you are, the power of broke never leaves you. It's not something you outgrow, outpace, or out-earn. It's not something you can shake once you get a couple bucks in the bank. No, it gets in your DNA--and that's a good thing, because you'll almost certainly need to call on it throughout your career." (page 235)
I enjoyed reading this book and recommend it as a solid business title.
The focus of this book on the hunger for success is excellent--no matter what your age. Like Daymond John writes toward the end of the book, "Know this: no mater how old you are, the power of broke never leaves you. It's not something you outgrow, outpace, or out-earn. It's not something you can shake once you get a couple bucks in the bank. No, it gets in your DNA--and that's a good thing, because you'll almost certainly need to call on it throughout your career." (page 235)
I enjoyed reading this book and recommend it as a solid business title.
June 2, 2017
The Power of Broke provided more entertainment value than it did practical advice based on statistical evidence. Hearing the stories of successful entrepreneurs was interesting to me, however, the main conclusion from this book (or so it seemed) is that extreme risk can grant extreme reward. Daymond John doesn't spend any time looking at those who exercised extreme risk to be met with failure, which is essential in order to assess how much one should give advice to a young entrepreneur to take invest everything they have into a business. However, I recognize that Daymond John does have experience and expertise that is valuable. I would just be much more convinced with more statistical data analysis into the factors that contribute to business success.
July 28, 2022
CCRT BOOK 7: I’m late to the train but dammit, IM HERE lol!! I dreamt that I met this brilliant man and we were doing business!!! 🙌🏽💅🏽 SO LET’S GOOOOOOOOO!!!!
I am enjoying hearing about how the power of broke gets us to the next level. This is very true and I’m picking up nuggets as I move into my future!!! It’s a tops 💚💚💚
I am enjoying hearing about how the power of broke gets us to the next level. This is very true and I’m picking up nuggets as I move into my future!!! It’s a tops 💚💚💚
December 23, 2016
No conocía este autor y tampoco este libro, el que me fue recomendado por la famosa bloguera de negocios por internet, Andrea Rojas.
“The Power of Broke” trata de historias de empresarios que lograron poner en marcha negocios exitosos sin tener el dinero suficiente en sus inicios. Aunque unos no eran pobres de familia, todos aquellos mencionados en el presente libro tienen el mismo factor común: una “hambre de éxito” sin igual que le dio toda la fuerza necesaria para superar las dificultades que se encuentran en lanzar un nuevo negocio y después de tanta persistencia realizar sus proyectos.
¡De ahora en adelante no habrá más excusas para iniciar un negocio aunque sin dinero!
“The Power of Broke” trata de historias de empresarios que lograron poner en marcha negocios exitosos sin tener el dinero suficiente en sus inicios. Aunque unos no eran pobres de familia, todos aquellos mencionados en el presente libro tienen el mismo factor común: una “hambre de éxito” sin igual que le dio toda la fuerza necesaria para superar las dificultades que se encuentran en lanzar un nuevo negocio y después de tanta persistencia realizar sus proyectos.
¡De ahora en adelante no habrá más excusas para iniciar un negocio aunque sin dinero!
May 30, 2017
This had the potential to be a really great book, if only Daymond John would get out of his own way. Why can't he simply share other peoples successes, without constantly bringing up "Oh, this one time on shark tank" or "That reminds me about our experience with FUBU..." Dude - it's not all about you, all the time. I found myself getting very annoyed with his constant interjecting of his own two cents when it was completely unnecessary. The bootstrap entrepreneur stories were very inspiring in spite of his input. If you can get past his ego, you might be able to get through this book and get something out of it.
May 20, 2018
Started reading it, had to stop. Is not so much a book by the author, but a compilation of short stories written by other entrepreneurs and pulled together by the ghost writer. I get the impression that the author’s sum total of input into this book was sitting down with the ghost writer on a couch once for about 30 minutes and being recorded for the book’s initial preamble. Sure, that’s efficient and “smart” for the author, but the book lacks any cohesive thread or set of principles. If the book was promoted as a compilation of chapters by different entrepreneurs, then it would have a more honest pitch to prospective readers. Avoid this one.
August 12, 2023
Started off a smidge slow but picked up speed. I picked up this title at the library bc I'm at a similar spot for my business and was curious what "the power of broke" can do. Turns out - quite a bit! I've been using a form of it most of my life without realizing it, I just need to apply it to my business in the same way these entrepreneurs have done. Overall, a solid title to inspire you to keep going with your business.
Also, a quote at the end really hit home for me - "The 97% of entrepreneurs who quit end up working for the 3% who don't." Thank you Daymond John for putting that perspective into my head.
Also, a quote at the end really hit home for me - "The 97% of entrepreneurs who quit end up working for the 3% who don't." Thank you Daymond John for putting that perspective into my head.
March 10, 2022
This is an easy entertaining read. Through a collection of success stories Daymond illustrates different principles the reader can apply to their own lives in an effort to grow their business, brand, or wealth. This is a great book for those individuals who may want to begin learning more about successful business strategies but may not necessarily have the attention span for some of the drier more instructional books out there. Daymond does a good job of providing relatable stories with easily digestible lessons.
October 2, 2023
This book is perfect for anyone starting a business or chasing a dream on a tight budget. It shows how being broke can actually fuel your hustle and make you more creative! In addition, it really dives deep into the idea that success isn't solely dependent on having a big budget. Daymond John shares inspiring stories of entrepreneurs who achieved greatness without a ton of money. It's all about using your creativity, building strong relationships, and making the most of the resources available to you.
September 24, 2020
This was a great book dealing with Daymond John's "power of broke" theme. The entrepreneurs and their backgrounds mentioned are very motivational. My only critique would be that the book could have probably be condensed some. At times it felt a little repetitive with Daymond mentioning the start of FUBU multiple times. I would still highly recommend this book for new entrepreneurs and anyone who is scared to get out there and take a chance on their dream of starting a new business.
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