The Power of Broke by Daymond John - Book Review
The Power of Broke is a Mindset that exists in all of us It’s touching on the assets and skills that you have but don’t realize you have because you don’t have any capital People often think you need money to make money But that’s not true at all.
65% of the Inc’s top 1000 riches people in the world came from nothing The Power of broke is the half-court shot you fire up with time running out and the game is on the line It’s living in the fear that you’ve gone crazy for putting it all on the line but putting it out there anyway.
The power of broke is that one reason that keeps you going when you have millions of reasons to throw in the towel.
It’s realizing when you’ve got nothing to lose then you’ve got everything to gain.
The book is filled with many inspiring stories of various people using the Power of Broke. Such as an artist who made millions on Instagram selling t-shirts, an elderly couple making a fortune selling dog houses, or a cleaning lady who started one of the most successful companies selling cupcakes.
Each of these people in the book highlights at least one of Daymond’s 5 Shark Points which I will now explain.
Lesson 1: Set a Goal You can’t hit, a target you don’t see.
So you need to first set your direction and have a target on sight. Now be realistic on this and keep it real .Aim too high and you’re bound to be frustrated and disappointed. Aim too low and you might leave some opportunities on the table so take the time to get it right.
Think what’s possible in a best-case scenario. Think what’s possible in a worst-case scenario. Think what’s in reach Then reach a little more but set it all down on paper and commit to it.
Consider starting small and learn from your mistakes, and then expand.
Look at Mark Zuckerberg, the founder of Facebook. He grew his business incrementally. He figured out what worked, what didn’t work, and what could work better.
And at some point along the way he hit on a proven formula, a scalable platform. He realized what would work on one market would work in another market. And then another.
So ask yourself, what are your goals?
Lesson 2: Homework, Do Yours Learn the analytics and learn about your competition.
Because if you don’t know your stuff how can you know what’s possible?
Remember a shark does not attack unless he knows his prey.
Now Daymond believes you will never actually create anything new. That Twitter is just an updated version of a note tied to a pigeon’s leg that Facebook is just endless chain letters or just scribbles on a bathroom wall.
So with this in mind, learn the key elements of business and sales because they will never change, but also be willing to try new approaches.
Look at all the businesses that failed, and see what you can learn from them. These people failed so you don’t have to.
Use all the resources available to you and take advantage of things like OPM. Which stands for other people’s money, other people’s mindset, and other people’s magic.
Learn how to predict trends and where the market is heading towards. There’s that great Wayne Gretzky line I skate to where the puck is going to be, not where it has been.
So can you think of ways to bring your product or business closer to your target market?
Lesson 3: Adore what you.
Do You gotta own, love and live what you do.
To quote Steve Jobs, "The only way to do great work is to do what you love."
So put all your passion and purpose behind whatever it is you’re doing. Because if you don’t believe in yourself, in your product, your service, or your business, then you shouldn't expect anyone else to either.
You have to set the bar high enough, that people just can’t help but jump in.
With that said, you don’t want to come across as a nut either so don’t be fanatical or unreasonably optimistic.
Remember that you’re selling people on the idea of trusting in you because people invest in people, not just in a product or service.
Trust me, once you make joy your biggest asset, you’ll be way ahead of the game.
Lesson 4: Remember, you are the brand.
You represent your brand. So take the time to understand and appreciate everyone you meet on your path to success whether investor, distributor, vendor, prospective buyer, or customer…
Whoever it is, show him or her that you get how things are from their perspective.
Tell them that you’re rooting for them, show them that you have their best interests in mind.
They will respect you for respecting their reality and who knows, maybe they’ll go out of their way to do the same for you.
At the end of the day the more humility and integrity you put out into the world the more you’ll connect with others who’ll want to help you succeed.
Remember, you are what you eat, wear, drive, live, drink, how you vote, love and hate.
One thing you can do, is to define yourself Let people know who you are in 2-5 words
With Nike, it’s Just Do It!
White Castle is: What You Crave
Apple is: Think Different
Daymond when he was first starting defined himself as: I’m on a quest!
And now he goes by “The People’s Shark"
So when people ask you what you’re about, what’s your answer?
Lesson 5: Keep Swimming
Many sharks have to keep swimming constantly, even while they’re asleep.
So you gotta be hungry, relentless and always moving forward.
You gotta be ready to hustle and grind daily.
Many people in business get their first breaks handed to them but they're missing a kind of fire inside, a hunger, or willingness to do whatever it takes to succeed.
Because the truth is, it takes this certain kind of hunger, to build any kind of real and lasting success.
Here’s some facts In 1982, over 60 percent of the richest Americans on the Forbe’s 400 list came from wealthy families. 30 years later only 32 percent could make the same claim. 60 percent of professional basketball players are broke or bankrupt within five years of retirement. About 70 percent of all lottery winners end up broke or bankrupt.
So keep pushing yourself, because you could just be one action away from that breakthrough you’re looking for.
And remember it’s okay when you fail Failing is part of getting better. Sometimes you just gotta learn how to hit the reset button and then plan how to move forward.
To summarize:
Number one - set a target in sight. And remember it’s okay if you have to change targets but it’s important to always have goals and to write them down.
Number 2 - do your homework and study that those who fail to plan, should plan to fail.
Number 3 - adore what you do. The only way to stay motivated in the long run is if you’re passionate about what you do.
Number 4 - remember, you are the brand and you are what you eat.
Number 5 - keep swimming. Don’t give up and get up each time you fall.
Lastly, find a way to hard-wire these Shark points so that they are in the heart of everything that you do.
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