If you were broke, would you do what you needed to do to survive? Hunger is a great motivator for taking action. I read The Power of Broke last year after having owned it for a few months. Someone told me that the book had a great impact on her, so I decided to read it. Before the race riots, I worried about relatives, especially male relatives, growing up Black in the US. It’s unfortunate that anyone should have that kind of worry.
Daymond John’s mother, Margot John, worried that he would get into trouble. She was a single mother and had to work, so she had to be away from home. The sacrifice she made for her son, not many black mothers would be able to do so. Margot John borrowed money against her home, so that she could stay home to make sure that Daymond wouldn’t get into trouble. He was already getting into trouble, but not the big stuff yet.
Margot wanted to be there for Daymond in his formative years. The loan had to last a few years. And it included repayments on the loan. Needless to say, money was tight for them. Margot John did what she needed to do so her son would survive and thrive. To help his mom, young Daymond tried different things until he founded FUBU – For Us, By Us.
Book Bite: The Power of Broke is substance over flash; creativity over certainty; taking a shot or playing it safe. The power of broke is taking the shot against all odds, when you have nothing to lose, you have everything to gain. Be so hungry that you have no choice but to succeed.
Daymond John founded FUBU in 1992 with J. Alexander Martin, Keith Perrin, and Carlton Brown. The company is an American hip hop one. The Power of Broke tells Daymond John’s rags to riches story. One thing that’s evident in Power of Broke is that Daymond John understands customer service. And he will go the extra mile.
Big Idea in the Power of Broke by Daymond John
When you want it, when you need it, you find a way to make it happen. You'll do what it takes to get out of the bad situation. And that's what it feel like when you MUST succeed.
“When you start from a place of nothing much at all. When you're hungry and laser focused on succeeding at whatever you're out to do. When you're flat out determined to get to where you're going, no matter what… well, then you've got a running start.”
Power of Broke by Daymond John: Shark Points
Additionally, for those who don’t know this, Daymond John is one of the Sharks on Shark Tank, a reality television series. In the book, that's why he mentions Shark Points.
Set a goal: Know where you’re headed. Be realistic. Think what’s possible in the best and worst case scenario.
Homework: Do your homework. Analysis is key in every business. You have to be informed to know what's possible. There's nothing new under the sun, just a new form of delivery, a new market, and a new way to figure it out. What's the history of your idea, your market, and your competition?
Adore what you do: Passion is important, love what you're doing.
Remember you're the brand: How do you care for yourself? What do you put out into the world? How do you interact with other people?
Keep swimming: Keep moving forward. If you don't move forward you die. You have to learn how to be relentless.
Have you read?
What Does it Mean to Be Relentless, Are You Relentless?
Act Now: Do You Act Quickly on Opportunities Or Take Your Time
The Power of Broke by Daymond John Sound Bites
- Be hungry and determined.
- Use being broke to your advantage. Move up and forward. Think big.
- Take affordable next steps.
- Tap into that mindset that finds you in that place of hunger and desperation and let it work for you.
- Being broke forces you to invest in yourself. And to trust yourself.
- Know your stuff.
- Believe in what you do.
- Know your customer.
- Believe in what you put out in the world.
- Know your competition.
- Make time to read and enrich your mind.
- Don’t talk yourself out of doing the things you need to do.
- Your problem is a solution to somebody’s bigger problem.
- Become a student of the game. Look at what others are doing. What works and doesn't work? Figure out how you can improve on that. Find your voice.
- Figure out new variations of old ideas.
- Your ideas are the catalyst for success.
- Read your goals before you go to bed and just after you wake up.
4 Stages How Brands Emerge Over Time
- Item: There’s nothing to distinguish it. It’s plain and basic.
- Label: There’s a name of the product, but not one you know or recognize. It’s not a name that you’d reach for.
- Brand: A label on steroids. It’s become something and the company probably pumped some promotional dollars into it to get visibility.
- Lifestyle: When you start to buy into the lifestyle. A predictable experience is waiting for you. Name has extended its reach into a number of products, goods and services.
Power of Broke by Daymond John Power Principles
- Broke Power Principle 1: Make use of all the resources that you have access to. And use these resources to the smartest advantage.
- Broke Power Principle 2: Keep it real. Be authentic in everything you do. Operate with humility and integrity.
- Broke Power Principle 3: Make the best use of your time, energy, actions, opportunity costs and capital.
- Broke Power Principle 4: Solve other people's problems and be rewarded. Fill holes in the marketplace.
- Broke Power Principle 5: Be passionate and purposeful about what you do.
- Broke Power Principle 6: Appreciate and understand the people you cross paths on your way to success.
- Broke Power Principle 7: Think beyond the movement. Find ways to support your vision with logic, data, and realistic projections.
- Broke Power Principle 8: Make the probability of success part of your thinking.
Final Thoughts: Power of Broke by Daymond John
I enjoyed reading the Power of Broke. If you find yourself broke or not having much money, it’s important to apply the ideas in this book. I recommend Power of Broke by Daymond John because it's a rags to riches story and he's been in the trenches.
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