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Daymond John - The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage

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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: summary, description and annotation

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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 entrepreneurs 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 hadnt started out broke - with nothing but hope and a ferocious drive to succeed by any means possible.
Here, the FUBU founder and star of ABCs 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. Youll meet:
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 grandmas sewing machine, a stash of loose fabric, and his unique sartorial flair
When 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 youll learn how to tap into that Power of Broke to scrape, hustle, and dream your way to the top.
New York Times Bestseller

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Copyright 2016 by Daymond John All rights reserved Published in the U - photo 1
Copyright 2016 by Daymond John All rights reserved Published in the United - photo 2Copyright 2016 by Daymond John All rights reserved Published in the United - photo 3

Copyright 2016 by Daymond John

All rights reserved.

Published in the United States by Crown Business, an imprint of the Crown Publishing Group, a division of Penguin Random House LLC, New York.

www.crownpublishing.com

CROWN BUSINESS is a trademark and CROWN and the Rising Sun colophon are registered trademarks of Penguin Random House LLC.

Library of Congress Cataloging-in-Publication Data

John, Daymond, author.

The power of broke : how empty pockets, a tight budget, and a hunger for success can become your greatest competitive advantage / Daymond John with Daniel Paisner.First edition.

pages cm

1. New business enterprises. 2. Success in business. 3. Creative ability in business. 4. Strategic planning. 5. Entrepreneurship. I. Paisner, Daniel, author. II. Title.

HD62.5.J6336 2015

658.1'1dc23 2015021158

ISBN9781101903599

eBook ISBN9781101903605

Cover design by Michael Nagin

Cover photograph by Geordie Wood

v4.1

ep

Contents

This book is dedicated to David Freschman, a man who embodied the very best qualities of entrepreneurship and friendship. David always fought for what he believed in. A great father, a great husband, and a great contributor to his community, he never saw the color of a mans skin but focused only on the integrity of a mans heart. David was one of the great early adaptors in the small business space, before the days of incubators and angel investors and venture capitalists, who saw the value of focusing in this area. I cant thank David enough for always being there for me, and for investing in mewith his faith, love, and knowledge. The world was richer for his being here, and its a poorer place without him. May he rest in peace.

Yes, there were times, Im sure you knew,

When I bit off more than I could chew.

But through it all, when there was doubt,

I ate it up and spit it out.

I faced it all and I stood tall;

And did it my way.

Frank Sinatra, My Way

(I know Paul Anka wrote the song, but its the Sinatra version that gets me going)

ONE
T HE POWER OF BROKE

THE POWER OFBROKE is a mind-set. It exists in all of us, whether we have money, opportunities, or advantages. Trouble is, most people dont recognize this power for what it is. They leave it alone, or maybe they dont even know its there. Instead, they buy into the line from people in suits, fancy offices, or business schools who tell us that theres a certain way to start businesseswe need money to jump-start our business.

But that only works for a few of usand only for a while. Why? Because, take it from me, the power of broke is all about substance over flash. Its about creativity over certainty. Its about taking a shot over playing it safe. And heres another thing: The money runs out after a while. Those deep pockets you may or may not have, theyll never be deep enough to buy all the passion, ingenuity, and determination it takes to have success over the long haul. Even if youve got money behind you, theres no guarantee that it will see you through. Its the money in front of you that counts, after all. Its the money you need, not the money you have, that makes all the difference. And this book is all about that difference, and how to put it to work for you.

Lets face it, when youre up against all odds, when youve exhausted every opportunity, when youre down to your last dimethats when youve got no choice but to succeed. Youre out of options, man. So you double down, dig deep, and switch into that relentless turbo mode weve all got kicking around in our machinery. And thats when the real magic happens. Are we clear on this? Thepower of brokeis the half-court shot you fire up with time running out and the game on the line. Its the shot your teammates wont take because the likelihood of that ball kissing the net is pretty damn thin and they dont want to mess with their stat lines. Theyre playing the percentages while youre playing to winand this can mean everything. I dont mean to mix my sports metaphors here, but Im reminded of that great Wayne Gretzky line, We miss one hundred percent of the shots we dont take. So, take the shot! Absolutely, take the shot. Thepower of brokeis all about taking that shot. The power of broke is looking up at the sky, wondering what youve got to do to catch a break, and saying, God, why am I doing this? Its living with the constant fear that youve gone crazy for putting it all on the linebut putting it out there anyway. There might be a million reasons for you to throw up your hands, throw in the towel, throw away your dreams, and put an end to whatever craziness youre pursuing, but the power of broke is that one reason you keep going. Maybe youve been rejected by thirty loan officers, but that green light could be waiting for you on the thirty-first try. Perhaps your product or service has been totally slammed by the first thirty people who try it, but the thirty-first review is a rave. And that comes from the one guy whose opinion really matters.

Whatever it is, keep at itabsolutely, keep at it! Because, hey, you never know. When youve got nothing to lose, youve got everything to gain. Sometimes it takes having your back against the wall, leveraging your last dollar, and having no place to go but up, up, up if you expect something to happen. Because if youve got to succeed to survive, you will. Trust me on this.

BE A TRUE INNOVATOR

Heres my take: Innovation happens from the bottom up, not the top down.

Break dancing, rap music, slam poetry, iPods, smart watches, electric carsall the most creative, the most successful, the most dynamic innovations pop in an organic way, and then grow. Or not. You put your idea out there, no big thing, and it just kind of happens. Or not. People either respond to it or they dont, and it doesnt matter how much money you throw at it, how much you try to dress it up, it is what it is and thats that.

It has its own beating heart.

You dont need me to tell you thisjust take a look at the world around you. Our favorite movies, the ones that win all the awards, the ones we talk about with our friends, tend to be the indie films that come from a small, sweet voice, a singular vision, and not the slick, big-budget, mainstream movies from the major studios. Yeah, those big blockbusters make the big bucks, and they can be a lot of fun, but they dont always light our imaginations or stir our soulsat least, not in the same way.

Just look what goes on at Art Basel in Miami Beach, the biggest gathering of international artists on the calendar. Hundreds and hundreds of the best artists in the world come to Florida every December to share their work, strut their stuff, do their thing. Its an amazing thing to see, what some of these folks are up to, but its not just the fine art displayed on the walls by the top galleries that makes all the noise. A lot of folks, theyll tell you the real excitement of the show, the raw energy, is off to the side. Thats where youll find the street artists, the pop-up displays, the next big thing. And thats where youll find the crowdsbecause, when it comes down to it, people want to experience something pure, something real. They want to be lifted from their everyday experiences, from whats expected, and set down in the middle of something completely and breathtakingly

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