The Power of Broke Summary


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Originally published at: https://blog.12min.com/the-power-of-broke-summary/

How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage


“The Power of Broke” shows you how you can learn some lessons by being broke, and use them to pave the way to your success.

About Daymond John & Daniel Paisner

Daymond John is an investor, the founder of FUBU, entrepreneur, and one of the panelists on ABC’s Shark Tank.

Daniel Paisner is a writer and a prolific collaborator in the publishing world.

"The Power of Broke Summary"

We all love those rags-to-riches stories about a now-wealthy entrepreneur who started from the bottom.

These stories are truly motivating and inspiring in the first moment, but then they are easily considered as something that has happened due to chance, and to only a “happy few.”

Even if that is the case, it is still true that being broke holds an immense power, which can help us achieve greatness.

We know it may sound illogical, but, when people face a limitation, such as shortness on resources, they are pushed to become more creative and imaginative, thinking of ideas which they would otherwise never come up with.

Innovation and ideas stream from a singular vision that moves from the bottom up and are not connected to money.

In fact, when an idea takes off, it is not because of the money that founded it, but because of people’s enthusiastic responses to it.

So, yes, being hungry can push you to focus on progress and growth, while at the same time helping you stay realistic and observant of what is within your reach.

We cannot all be equal but do not be disappointed if you have not been born with certain advantages that other people have.

Even if you have to work harder to get to the top, it will pay off, since when you have nothing to lose, you can only go up.

There will be people who will not recognize your vision, and not believe in you, but you have to stay true to yourself and persist. Remember that your goal is not pleasing everyone, but making yourself happy.

The best growth is slow and incremental.

Yet, many companies use other people’s money to conduct business.

And yes, we agree that the thought of finding an investor might sound appealing, but be careful that you do not risk losing control of your company.

It all comes at a certain price.

What you need to do is decide how much you are willing to pay.

Key Lessons from “The Power of Broke”

1. The Plan to Success 2. Dealing with Debts 3. Phases Your Brand Needs to Go Through Before It Can Go Global

The Plan to Success

  • Know where you are going: define your goal
  • Research the market
  • Stay passionate
  • Remember that you are the brand. Act like it.
  • Keep pushing yourself forward.

Dealing with Debts

Do not be scared of debts, since debts are not that easy to avoid.

But, when you do turn a profit, resist the urge to put it back in your business. Instead, use it to pay off your debts, so interest rates do not “eat you up.”

Do not let yourself go under because of debt, as many companies do.

Phases Your Brand Needs to Go Through Before It Can Go Global

  • Item
  • Label
  • Brand
  • Lifestyle
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“The Power of Broke” Quotes

[bctt tweet="The easiest thing to sell is truth." username="get12min"]

[bctt tweet=“Told myself it didn’t matter if my ride didn’t turn heads—it only mattered that it turned things around for me.” username=“get12min”]

[bctt tweet=“It’s gotten to where an entire nation can be energized by the force of a single idea put out into the world in a passionate way through social media—at little or no cost.” username=“get12min”]