Daymond John’s ‘The Power of Broke’ CHRIS EARLEY’S BOOK OF THE MONTH
Today, Daymond John’s fashion brand FUBU is worth upward of $6 billion. But back when he was just a scrappy young entrepreneur and not a CEO angel investor on “Shark Tank,” he was operating on a $40 budget. He scrounged up the money and used to it buy a little cotton cloth. Then he knit himself a few stylish hats and began selling them on the street at a high profit margin. From those humble, “broke” beginnings, he used his shrewd business sense to turn his brand into an international powerhouse. In his book, “The Power of Broke,” he outlines how low resources are the furthest thing from a hindrance to your business — in fact, those circumstances can be your greatest asset. As John points out, his story isn’t as unusual as it may seem. In fact, it happens all the time. When your back is against the wall and your last few pennies are jingling in your pocket, it forces you to be ruthless with your investments, bold with your ideas, and real with your customers. You get creative, you find workarounds, and you discover approaches that your moneyed peers could never even dream of. And you learn skills that will carry you all the way to the top.
“The Power of Broke” is a useful reminder to keep on innovating and using my imagination to push toward my goals. Even after we’ve achieved some measure of success, it’s important to not get too comfortable — or even worse, lazy. As John writes, it’s vital to keep that fresh mind of a beginner at every stage in business, driving, striving, and hustling until we sit up there with the rest of the Sharks.
It’s been a long time since I started Liberty Inspection Group on a wing and a prayer, building up a cold network and establishing credibility within my field. But
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