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The Power of Broke Summary

Daymond John

The Power of Broke

by Daymond John

The Power of Broke

Daymond John

Clock Icon5 min
Insight Icon3 key insights
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The Power Of Broke shows you how to leverage having no money into an advantage in business by compensating it with creativity, passion, and authenticity.

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The Power of Broke

by Daymond John

The Power of Broke

Daymond John

Overview

FUBU, short for 'for us, by us' was one of the first fashion brands targeted at the Black community and is now worth $6 billion. Believe it or not, it all started with $40. Entrepreneur Daymond John used the money to buy some cotton and cloth, and knit an overpriced, original hat. When his first good sales day came a few months later, he sold 80 hats for $10 a piece. Daymond continued to hack his way through business, right around the one thing he didn't have: money. He quickly realized his 'brokeness' wasn't a flaw at all. It was an advantage. Lacking money made him more resourceful. Because he didn't have a lot of funds, he had to be insightful and original. After all, there's power in everything - even in being broke.

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Favorite Quote

"Being broke is temporary but poverty of mind is permanent."

Daymond John

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The Power of Broke

Daymond John

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