The Power of Broke 2016

Summary:

• The Power of Broke by Daymond John is a book about how to use the power of being broke to your advantage. It explains that when you are starting out with limited resources, it can actually be an advantage because it forces you to think outside the box and come up with creative solutions. The book also emphasizes the importance of having passion for what you do and believing in yourself even when no one else does.

  John shares his own story as an example of how he used the power of broke to become successful. He started out selling t-shirts on the streets of Queens, New York, and eventually grew his business into FUBU, a multi-million dollar fashion brand. He talks about how he was able to leverage relationships with celebrities like LL Cool J and Queen Latifah in order to get exposure for his brand at a time when there were few other options available.

  John also provides practical advice on how entrepreneurs can make their dreams come true despite limited resources. He encourages readers not only to take risks but also be prepared for failure so they can learn from their mistakes and move forward quickly without getting discouraged or giving up too soon.

  In addition, John discusses why it’s important for entrepreneurs not just focus on making money but instead strive towards creating something meaningful that will have lasting impact beyond financial gain. He believes this is key if we want our businesses—and ourselves—to truly succeed.

Main ideas:

• #1.     Leverage Your Resources: You don’t need a lot of money to be successful; you just need to be creative and resourceful with what you have.
  
  

  Leveraging your resources is an important part of achieving success. It doesnt matter how much money you have, what matters is how creative and resourceful you can be with the resources that are available to you. In his book The Power of Broke, Daymond John explains that having limited funds can actually be a blessing in disguise because it forces us to think outside the box and come up with innovative solutions.

  John encourages entrepreneurs to use their creativity and ingenuity when faced with financial constraints. He suggests looking for free or low-cost alternatives such as bartering services or using social media platforms like Twitter and Facebook to promote products or services. Additionally, he recommends networking with other professionals who may be able to provide valuable advice or assistance.

  By leveraging our resources we can find ways around obstacles that would otherwise seem insurmountable. We don’t need a lot of money; we just need to get creative and make the most out of what we have available. With enough determination, anything is possible!

• #2.     Take Risks: Taking risks can be scary, but it’s often necessary to achieve success.
  
  

  Taking risks can be a daunting prospect, but it is often necessary to achieve success. As Daymond John writes in his book The Power of Broke, “Risk-taking is the only way to get ahead and make something happen.” Taking risks means pushing yourself out of your comfort zone and trying new things that may not always work out as planned. It requires courage and determination, but it also opens up opportunities for growth and progress.

  When taking risks, its important to weigh the potential rewards against the possible consequences. Consider what you stand to gain or lose by making a certain decision before committing to any course of action. Be sure that you are comfortable with whatever outcome may result from your risk-taking endeavors.

  Its also important to remember that failure is part of life; even if an endeavor doesnt turn out as expected, there are still valuable lessons that can be learned from the experience. Dont let fear stop you from taking chances—embrace them! With each risk taken comes greater knowledge and understanding about yourself and how best to move forward in life.

• #3.     Embrace Failure: Failure is a part of life, and it can be a great learning experience.
  
  

  Embracing failure is an important part of life. It can be difficult to accept that we have failed at something, but it is essential for growth and development. Failure teaches us valuable lessons about ourselves and our capabilities, as well as how to better approach future challenges. By accepting failure, we are able to learn from our mistakes and become more resilient in the face of adversity.

  Failure also helps us develop a sense of humility and perspective on what truly matters in life. We may not always succeed at everything we attempt, but by embracing failure we can gain insight into what really matters most: relationships with family and friends, personal growth, meaningful work or hobbies, etc.

  Finally, embracing failure allows us to take risks without fear of judgement or criticism from others. When faced with a challenge or opportunity that could potentially lead to success or failure, taking the risk despite potential consequences can help build confidence in ourselves and our abilities.

• #4.     Think Big: Don’t limit yourself to small goals; think big and aim high.
  
  

  The idea of “Think Big” is an important one for entrepreneurs and business owners. It means that you should not limit yourself to small goals, but instead aim high and strive for something bigger. This can be applied in many different ways, from setting ambitious sales targets to launching a new product or service. By thinking big, you are pushing yourself out of your comfort zone and challenging yourself to reach higher levels of success.

  When it comes to achieving success in business, having the right mindset is essential. Thinking big allows you to dream bigger than ever before and set more ambitious goals for yourself. It also encourages creativity as you come up with innovative solutions that will help you reach those lofty objectives. Additionally, by aiming high, you are giving yourself the opportunity to make mistakes along the way without feeling like a failure.

  Ultimately, “Think Big” is about believing in your own potential and taking risks when necessary. You may not always succeed on your first try but if you keep pushing forward with determination then eventually all of your hard work will pay off. So don’t be afraid to think big – it could just be the key ingredient needed for achieving great things!

• #5.     Believe in Yourself: Believe in yourself and your abilities, and don’t let anyone tell you that you can’t do something.
  
  

  Believing in yourself is essential to achieving success. It’s important to have faith that you can accomplish whatever goals you set for yourself, no matter how difficult they may seem. When faced with a challenge, don’t let anyone tell you that it can’t be done – instead, believe in your own abilities and take the necessary steps to make it happen.

  Having self-confidence will help you stay motivated and focused on reaching your goals. Dont be afraid of failure; use it as an opportunity to learn and grow from the experience. Believe in yourself enough to take risks and try new things – this is often where great successes come from.

  Surrounding yourself with positive people who support your dreams will also help keep your belief strong. Find mentors or role models who have achieved what you want to achieve, and draw inspiration from their stories of success.

  At the end of the day, believing in yourself is key if you want to reach any level of success. Have faith that anything is possible when we put our minds towards something – even if others doubt us along the way.

• #6.     Find Your Passion: Find something that you’re passionate about and use it to drive your success.
  
  

  Finding your passion is an important step in achieving success. It can be the driving force behind all of your hard work and dedication, helping you to stay motivated and focused on reaching your goals. When you find something that truly excites you, it will give you the energy and enthusiasm needed to push through any obstacles or challenges that come up along the way.

  The Power of Broke by Daymond John encourages readers to take a closer look at their passions and use them as fuel for their success. He explains how having limited resources can actually be beneficial because it forces us to think outside of the box and get creative with our solutions. By embracing this mindset, we are able to make more progress than if we had unlimited resources.

  John also emphasizes the importance of taking risks when pursuing our passions. He believes that taking calculated risks is essential for growth, even if there’s a chance of failure involved. Taking these risks allows us to learn from our mistakes so that we can become better versions of ourselves.

  Ultimately, finding your passion is key in order to achieve success in life. It gives us purpose and direction while providing motivation during difficult times. With enough determination and hard work, anything is possible!

• #7.     Take Action: Don’t just sit around and wait for success to come to you; take action and make it happen.
  
  

  The idea of taking action is a powerful one. It means that instead of waiting for success to come to you, you are actively pursuing it. You are not sitting around and hoping something will happen; rather, you are making things happen yourself.

  Taking action requires courage and determination. It means getting out there and doing the hard work necessary to make your dreams a reality. It also involves taking risks and being willing to fail in order to learn from mistakes and grow as an individual.

  When we take action, we open ourselves up to new opportunities that may have otherwise been unavailable if we had stayed stagnant. We can create our own luck by putting ourselves out there and trying new things. Taking action allows us to be proactive in our lives instead of reactive.

  By taking action, we can achieve more than what was previously thought possible. We can push past our comfort zone into uncharted territory where great rewards await us on the other side.

• #8.     Network: Networking is key to success; make connections and build relationships.
  
  

  In his book The Power of Broke, Daymond John emphasizes the importance of networking in order to achieve success. He believes that making connections and building relationships is essential for any entrepreneur or businessperson who wants to succeed. According to John, networking can open up opportunities that would otherwise be unavailable, as well as provide valuable advice and resources from experienced professionals.

  John encourages entrepreneurs to take advantage of every opportunity they have to network with others in their field. This could include attending conferences and seminars, joining professional organizations, or even just striking up conversations with people at social events. By expanding your circle of contacts you can gain access to new ideas and resources which may help you reach your goals.

  Networking also allows you to build relationships with potential customers or partners who may be able to help you grow your business. It’s important not only to make connections but also nurture them over time so that they become strong partnerships which will benefit both parties involved.

  Daymond Johns message is clear: if you want success then it pays off big time when it comes down investing in yourself by networking with other like-minded individuals. Take the initiative today and start reaching out!

• #9.     Be Persistent: Don’t give up; keep pushing forward and don’t let obstacles stand in your way.
  
  

  Being persistent is an important trait to have when striving for success. It means that you dont give up, no matter how difficult the task may be or how many obstacles stand in your way. You keep pushing forward and never let anything stop you from achieving your goals. This can mean working harder than everyone else, staying focused on what needs to be done, and not letting any distractions get in the way of progress.

  Persistence also requires a certain level of resilience; its easy to become discouraged when things dont go as planned or if something doesnt work out the first time around. But having persistence means being able to pick yourself back up after a setback and continue moving forward with determination and optimism. Its about believing in yourself even when others doubt you, and knowing that eventually all your hard work will pay off.

  The Power of Broke by Daymond John emphasizes this idea: “Be Persistent: Don’t give up; keep pushing forward and don’t let obstacles stand in your way. This quote serves as a reminder that success isnt always easy but it is achievable if we stay determined and never give up on our dreams.

• #10.     Be Flexible: Be open to change and be willing to adjust your plans as needed.
  
  

  The idea of being flexible is an important one in business. Its essential to be open to change and willing to adjust your plans as needed. This means that you should always be prepared for the unexpected, and have a plan B ready if things dont go according to plan. Being flexible also means being able to adapt quickly when circumstances change or new opportunities arise. You need to stay agile and responsive so that you can take advantage of any situation.

  Flexibility is especially important in todays ever-changing world where technology advances rapidly and markets are constantly shifting. To remain competitive, businesses must be able to pivot quickly when necessary, while still staying true to their core values and mission statement. By remaining open-minded and embracing change, companies can stay ahead of the curve by taking advantage of new trends before they become mainstream.

  Being flexible doesnt mean compromising on quality or giving up on your goals; it simply means having the ability to adjust your strategies as needed in order for them to work best for you. It requires creativity, resourcefulness, resilience, and a willingness not only accept but embrace changes along the way.

• #11.     Find Mentors: Find mentors who can help guide you and provide advice.
  
  

  Finding mentors is an important part of success. Mentors can provide invaluable advice and guidance, helping you to navigate the often-challenging world of business. They can help you identify opportunities, develop strategies for success, and offer support when times get tough.

  Mentors come in many forms – from family members or friends who have experience in the field to professionals with expertise in a particular area. It’s important to find someone who has achieved what you want to achieve and is willing to share their knowledge with you. A mentor should be able to provide honest feedback on your ideas and plans as well as offer constructive criticism.

  When looking for a mentor, it’s important that they are passionate about what they do and have a genuine interest in helping others succeed. You should also look for someone who will challenge you intellectually while providing emotional support when needed.

  Having access to experienced mentors can make all the difference between achieving your goals or not. Take some time out of your day-to-day activities and actively seek out people who could potentially become mentors – it may just be one of the best investments you ever make!

• #12.     Learn from Others: Learn from the successes and failures of others and use them to your advantage.
  
  

  Learning from others is a powerful tool that can help you reach success. By studying the successes and failures of those who have gone before us, we can gain valuable insight into what works and what doesnt. We can use this knowledge to our advantage by avoiding costly mistakes and taking advantage of proven strategies.

  For example, if someone has already tried a certain business strategy or marketing tactic with great success, it may be worth trying for yourself. On the other hand, if someone else has failed at something similar in the past, you may want to avoid making the same mistake they did. In either case, learning from others experiences will give you an edge over your competition.

  In addition to learning from others successes and failures, its also important to learn from their attitudes and approaches as well. Pay attention to how successful people think about problems and challenges; observe how they handle difficult situations; take note of their work ethic; study their communication styles; analyze their decision-making processes—all these things can provide invaluable lessons that will help you on your own journey towards success.

• #13.     Don’t Be Afraid to Ask for Help: Don’t be afraid to ask for help when you need it.
  
  

  The idea of not being afraid to ask for help is an important one. Asking for help can be difficult, especially if you are used to doing things on your own or feel like you should know the answer already. However, its important to remember that asking for help doesnt make you weak; in fact, it can often be a sign of strength and resilience.

  When we reach out and ask for assistance from others, we open ourselves up to new possibilities and opportunities. We also create connections with people who may have valuable insights or resources that could benefit us in our journey towards success. By seeking advice from those around us, we gain access to knowledge and experience that would otherwise remain untapped.

  Its also important to recognize when it might be time to seek professional help as well. Whether this means talking with a therapist or coach about personal issues or consulting with an expert in your field about business matters, don’t hesitate to take advantage of the resources available.

  At the end of the day, don’t be afraid to ask for help when needed – no matter how big or small the issue may seem. It takes courage but will ultimately lead you down a path towards greater success.

• #14.     Focus on Quality: Quality is more important than quantity; focus on doing things right.
  
  

  The idea of focusing on quality over quantity is an important one, especially in todays world where it can be easy to get caught up in the hustle and bustle of everyday life. Quality should always come first when making decisions or taking action. It is better to do something right than to do a lot of things wrong. Quality work takes time and effort, but it pays off in the end with results that are more meaningful and lasting.

  When you focus on quality, you are investing your energy into creating something that will stand out from the rest. You are putting extra care into each step of the process so that everything comes together perfectly. This attention to detail ensures that whatever you create will be top-notch and have a lasting impact.

  Focusing on quality also means being mindful about how much time you spend doing something versus how much value it brings. If there is no real benefit from spending hours upon hours working on a project, then it may not be worth your while at all! Instead, take some time to think through what needs to be done and make sure each task has purpose before diving in.

  At the end of the day, focusing on quality rather than quantity can help ensure success both now and down the road. Taking pride in your work by ensuring its excellence will pay dividends for years to come.

• #15.     Don’t Be Afraid to Take Calculated Risks: Don’t be afraid to take risks, but make sure they’re calculated and thought out.
  
  

  Taking risks can be intimidating, but it is often necessary to reach success. In his book The Power of Broke, Daymond John encourages readers not to be afraid of taking calculated risks. Calculated risks are those that have been thought out and planned for in advance. This means doing research on the potential outcome and understanding what could happen if things don’t go as expected.

  When considering a risk, ask yourself questions such as: What will I gain from this? How much money am I willing to invest? What are the chances of success? Is there anything else I need to consider before making my decision? Answering these questions can help you make an informed decision about whether or not a risk is worth taking.

  It’s important to remember that no matter how well-thought-out your plan may be, there is still a chance that things won’t work out as expected. That doesn’t mean you should avoid taking risks altogether; instead, use caution when deciding which ones are right for you and understand that failure is sometimes part of the process.

• #16.     Don’t Be Afraid to Take Chances: Don’t be afraid to take chances and try something new.
  
  

  The idea of not being afraid to take chances is an important one. Taking risks can be scary, but its often necessary in order to achieve success. Its easy to get stuck in a rut and do the same things over and over again, but if you want to make progress, you have to step out of your comfort zone and try something new.

  Taking chances doesnt mean that you should recklessly jump into any situation without considering the consequences. Instead, it means that when presented with an opportunity or challenge, you should evaluate it carefully before deciding whether or not its worth pursuing. If there is potential for growth or reward from taking a chance then go for it!

  It may seem daunting at first, but dont let fear stop you from achieving your goals. You never know what could happen if you just take that leap of faith and give something new a try. So don’t be afraid – embrace the power of taking chances!

• #17.     Don’t Be Afraid to Make Mistakes: Mistakes are part of the learning process; don’t be afraid to make them.
  
  

  The idea that mistakes are part of the learning process is an important one. Making mistakes can be a great way to learn and grow, as long as we take the time to reflect on them and use them as opportunities for growth. Its easy to get discouraged when things dont go our way or when we make a mistake, but its important to remember that these experiences can help us become better in the future.

  When faced with a difficult situation or challenge, it’s natural to feel afraid of making mistakes. But if you focus too much on avoiding failure instead of striving for success, you may miss out on valuable lessons and opportunities. Instead of being scared of making mistakes, embrace them as part of your journey towards achieving your goals.

  Making mistakes doesnt mean youre not good enough; it just means that youre human. Everyone makes errors from time to time - even successful people like Daymond John! The key is not letting fear stop you from trying new things and taking risks in pursuit of your dreams.

• #18.     Don’t Be Afraid to Try New Things: Don’t be afraid to try new things and explore different opportunities.
  
  

  The idea of not being afraid to try new things is an important one. It can be difficult to step out of our comfort zone and take risks, but its often necessary in order to grow and reach our goals. Trying something new can open up a world of possibilities that we may have never considered before.

  In his book The Power of Broke, Daymond John encourages readers to embrace the power of taking risks and trying something different. He believes that when you are willing to put yourself out there and explore uncharted territory, you will find success more quickly than if you stay within your comfort zone. By pushing ourselves beyond what we know, we can discover hidden talents or uncover opportunities that would otherwise remain undiscovered.

  John also emphasizes the importance of learning from failure as well as success when trying something new. He argues that by understanding why certain attempts don’t work out, we become better equipped for future endeavors. This helps us build resilience so that even if a venture doesnt turn out as planned, it wont stop us from continuing on our journey towards achieving our goals.

• #19.     Don’t Be Afraid to Take a Leap of Faith: Don’t be afraid to take a leap of faith and trust your instincts.
  
  

  Taking a leap of faith can be daunting, but it is often necessary to reach our goals. In his book The Power of Broke, Daymond John encourages us to trust our instincts and take the plunge when we feel uncertain. He explains that taking risks can lead to great rewards, even if they don’t always work out as planned. By pushing ourselves outside of our comfort zone and embracing uncertainty, we open up new possibilities for success.

  John also emphasizes the importance of having a plan in place before making any big decisions. Having an idea of what you want to achieve and how you will get there helps reduce some of the fear associated with taking a leap of faith. It also allows us to make more informed decisions about which risks are worth taking and which ones should be avoided.

  Ultimately, John believes that by being brave enough to take leaps of faith we can unlock potentials within ourselves that would otherwise remain dormant. Taking calculated risks gives us opportunities for growth and development that wouldn’t exist without them. So don’t be afraid – embrace your inner courage and take a leap into the unknown!

• #20.     Don’t Be Afraid to Dream Big: Don’t be afraid to dream big and set ambitious goals.
  
  

  The idea of dreaming big and setting ambitious goals is one that has been around for centuries. Its a concept that encourages us to think outside the box, push ourselves beyond our comfort zone, and strive for something greater than what we currently have. By having lofty ambitions, we can create opportunities for ourselves that may not have existed before.

  When it comes to achieving success in life, there are no limits or boundaries. We should never be afraid to dream big and set ambitious goals because they provide us with motivation and direction. When we take risks and challenge ourselves to reach higher levels of achievement, it helps us grow as individuals both professionally and personally.

  Dreaming big also allows us to explore new possibilities in our lives. It gives us the courage to try things that may seem impossible at first glance but could ultimately lead to great rewards if pursued properly. With hard work, dedication, and perseverance anything is possible.

  Don’t be afraid of failure either; instead use it as an opportunity for growth by learning from your mistakes so you can become better prepared next time around. The key is believing in yourself enough to take those chances even when others don’t believe in you or your dreams.