Powerful ideas from top nonfiction
Try Blinkist to get the key ideas from 7,500+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trial
Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Listen to the Intro
The Power of Broke summary
How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage
19 mins
Brief summary
"The Power of Broke" by Daymond John shares inspiring stories of entrepreneurs who succeeded with limited resources and how broke can be an asset in business. It motivates to embrace creativity, hustle and the power of perseverance to achieve success.
Topics
Table of Contents
The Power of Broke
Summary of 8 key ideas
Audio & text in the Blinkist app
Key idea 1 of 8
Being broke can lead to innovation and authenticity, two keys to success.
Have you ever had to come up with something for dinner when you’re stuck with only two or three ingredients? If so, you might remember that limitations like this can often result in some of the tastiest meals.
This is just one example of the truth in the old saying, “Necessity is the mother of invention.”
Or, to put it another way, being short on resources can generate real creativity and inspiration that would otherwise never emerge.
Having a million dollars to launch a business doesn’t mean it will be successful. On the contrary, already being rich can take away the passion and innovation that long-term success requires.
But with an empty bank account, it’s clear that your only chance for success is to dig deep and become innovative.
It’s like being a basketball player who has one shot to win the game, but they’re at half-court with only a second left on the clock; there’s no other option but to go for it and take the spectacular shot.
It’s also important to realize that innovation comes from a singular vision that starts from the bottom up, not the top down.
It doesn’t matter if it’s entertainment, fashion or technology, ideas grow organically from the ground up – they aren’t inspired by executives dumping a bunch of money on a project.
And when an idea really takes off, it’s usually because people respond enthusiastically to something real and authentic.
Take Art Basel, for example, one of the world’s biggest art fairs, which takes place in Switzerland, Hong Kong and Miami Beach. While it has many established artists on display, many visitors get more excited about the unfunded street artists who are seen as being more genuine and “authentic.”
This played a key part in coauthor Daymond John’s success with FUBU, which stands for For Us, By Us. The clothing line was inspired by the way real people in the streets were dressing, not by designer studios.
You can also think of your brand as a personal relationship with your customer; like any good relationship, it has to be built on solid foundations. So be true to yourself – otherwise, the relationship is doomed to fail.
Want to see all full key ideas from The Power of Broke?
Key ideas in The Power of Broke
More knowledge in less time
Read or listen
Get the key ideas from nonfiction bestsellers in minutes, not hours.
Find your next read
Get book lists curated by experts and personalized recommendations.
Shortcasts New
We’ve teamed up with podcast creators to bring you key insights from podcasts.
What is The Power of Broke about?
The Power of Broke (2016) reveals how starting a business with a limited budget doesn’t have to be a disadvantage. With the right perspective, one can harness the Power of Broke to produce astounding creativity. With this fresh look at the business world, you’ll stop seeing money – or a lack thereof – as a barrier to entrepreneurship, because the truth is, anyone with the right idea and a can-do attitude can start a business. So what are you waiting for?
The Power of Broke Review
The Power of Broke (2016) by Daymond John with Daniel Paisner offers valuable insights into how being broke can be a source of motivation and a catalyst for entrepreneurial success. Here's why this book is definitely worth reading:
- With inspiring stories from successful entrepreneurs, the book shows that resourcefulness and innovation can overcome financial limitations.
- It provides a practical roadmap on how to leverage your limitations and turn them into strengths, helping readers to unlock their potential.
- The book's engaging and relatable tone keeps readers hooked, ensuring that the journey towards success is not only educational but also entertaining.
Who should read The Power of Broke?
- Entrepreneurs and small business managers
- Executives and CEOs of large corporations
- Readers who have an innovative idea for the marketplace
Categories with The Power of Broke
Book summaries like The Power of Broke
People ❤️ Blinkist
Sven O.
It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.
Thi Viet Quynh N.
Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.
Jonathan A.
Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.
Renee D.
Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.
People also liked these summaries
4.7 Stars
Average ratings on iOS and Google Play
33 Million
Downloads on all platforms
10+ years
Experience igniting personal growth
The Power of Broke FAQs
What is the main message of The Power of Broke?
The main message of The Power of Broke is that being resourceful and embracing limitations can lead to great success.
How long does it take to read The Power of Broke?
The reading time for The Power of Broke varies, but it typically takes several hours. You can read the Blinkist summary in just 15 minutes.
Is The Power of Broke a good book? Is it worth reading?
The Power of Broke is worth reading. It offers valuable insights into the mindset of successful entrepreneurs and provides inspiration for anyone looking to achieve their goals.
Who is the author of The Power of Broke?
The author of The Power of Broke is Daymond John with Daniel Paisner.
What to read after The Power of Broke?
If you're wondering what to read next after The Power of Broke, here are some recommendations we suggest:
- Powershift by Daymond John with Daniel Paisner
- You Need a Budget by Jesse Mecham
- The 4-Hour Body by Tim Ferriss
- How to Win Friends & Influence People by Dale Carnegie
- The 48 Laws of Power by Robert Greene
- Superintelligence by Nick Bostrom
- The Financial Diet by Chelsea Fagan and Lauren Ver Hage
- Same as Ever by Morgan Housel
- Supercoach by Michael Neill
- The Law of Success by Napoleon Hill