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The Power of Broke

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

By Daymond John with Daniel Paisner
15-minute read
Audio available
The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage by Daymond John with Daniel Paisner

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?

  • Entrepreneurs and small business managers
  • Executives and CEOs of large corporations
  • Readers who have an innovative idea for the marketplace

Daymond John is an entrepreneur, investor and one of the panelists on the ABC television show, Shark Tank. He is also the founder of FUBU, a successful hip-hop-inspired clothing line.

Daniel Paisner is a prolific collaborator in the publishing world, having cowritten books with celebrities, politicians and athletes. He is also the author of several novels, including Obit.

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The Power of Broke

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

By Daymond John with Daniel Paisner
  • Read in 15 minutes
  • Audio & text available
  • Contains 9 key ideas
Upgrade to Premium Read or listen now
The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage by Daymond John with Daniel Paisner
Synopsis

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?

Key idea 1 of 9

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.

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