The Power of Broke is a Mindset
that exists in all of us
It’s touching on the assets and skills that you have
but don’t realize you have
because you don’t have any capital
People often think you need money to make money
But that’s not true at all
65% of the Inc’s top 1000 riches people in the world
came from nothing
The Power of broke is the half-court shot you fire up
with time running out and the game is on the line
It’s living in the fear that you’ve gone crazy for putting it all on the line
but putting it out there anyway
The power of broke is that one reason that keeps you going
when you have millions of reasons to throw in the towel
It’s realizing when you’ve got nothing to lose
then you’ve got everything to gain
The book is filled with many inspiring stories of various people using the Power of Broke
such as an artist who made millions on Instagram selling t-shirts
an elderly couple making a fortune selling dog houses,
or a cleaning lady who started one of the most successful companies selling cupcakes
Each of these people in the book highlights at least one of Daymond’s 5 Shark Points
which I will now explain
Lesson 1
Set a Goal
You can’t hit a target you don’t see
So you need to first set your direction and have a target on sight
Now be realistic on this and keep it rea
Aim too high and you’re bound to be frustrated and disappointed
Aim too low and you might leave some opportunities on the table
so take the time to get it right
Think what’s possible in a best-case scenario
Think what’s possible in a worst-case scenario
Think what’s in reach
Then reach a little more
but set it all down on paper and commit to it.
Consider starting small
learn from your mistakes, and then expand
Look at Mark Zuckerberg, the founder of Facebook
He grew his business incrementally.
He figured out what worked, what didn’t work, and what could work better
And at some point along the way he hit on a proven formula, a scalable platform
He realized what would work on one market would work in another market
And then another
So ask yourself, what are your goals?
Lesson 2
Homework, Do Yours
Learn the analytics and learn about your competition
because if you don’t know your stuff
how can you know what’s possible?
Remember a shark does not attack unless he knows his prey
Now Daymond believes you will never actually create anything new
that Twitter is just an updated version of a note tied to a pigeon’s leg
that Facebook is just endless chain letters or just scribbles on a bathroom wall.
So with this in mind, learn the key elements of business and sales
because they will never change, but also be willing to try new approaches.
Look at all the businesses that failed, and see what you can learn from them
These people failed so you don’t have to
Use all the resources available to you and take advantage of things like
OPM
Which stands for
other people’s money, other people’s mindset, and other people’s magic
Learn how to predict trends and where the market is heading towards
There’s that great Wayne Gretzky line
I skate to where the puck is going to be, not where it has been
So can you think of ways to bring your product or business closer to your target market?
Lesson 3
Adore what you Do
You gotta own, love and live what you do
To quote Steve Jobs
The only way to do great work is to do what you love
So put all your passion and purpose behind whatever it is you’re doing
Because If you don’t believe in yourself, in your product, your service, or your business,
then you shouldn't expect anyone else to either
You have to set the bar high enough, that people just can’t help but jump in
With that said, you don’t want to come across as a nut either
so don’t be fanatical or unreasonably optimistic
Remember that you’re selling people on the idea of trusting in you
because people invest in people, not just in a product or service
Trust me, once you make joy your biggest asset, you’ll be way ahead of the game
Lesson 4
Remember, you are the brand
You represent your brand
So take the time to understand and appreciate everyone you meet on your path to success
investor, distributor, vendor, prospective buyer, or customer…
whoever it is, show him or her that you get how things are from their perspective.
Tell them that you’re rooting for them
Show them that you have their best interests in mind
They will respect you for respecting their reality
And who knows, maybe they’ll go out of their way to do the same for you
At the end of the day
the more humility and integrity you put out into the world
the more you’ll connect with others who’ll want to help you succeed.
Remember, you are what you eat, wear, drive, live, drink, how you vote, love and hate
One thing you can do, is to define yourself
Let people know who you are in 2-5 words
With Nike, it’s Just Do It!
White Castle is What You Crave
Apple is Think Different
Daymond when he was first starting defined himself as
I’m on a quest!
and now he goes by “The People’s Shark"
So when people ask you what you’re about, what’s your answer?
Lesson 5
Keep Swimming
Many sharks have to keep swimming constantly, even while they’re asleep
So you gotta be hungry, relentless and always moving forward
You gotta be ready to hustle and grind daily
Many people in business get their first breaks handed to them
but they're missing a kind of fire inside,
a hunger, or willingness to do whatever it takes to succeed
Because the truth is,
it takes this certain kind of hunger, to build any kind of real and lasting success
Here’s some facts
In 1982, over 60 percent of the richest Americans on the Forbe’s 400 list came from wealthy families
30 years later only 32 percent could make the same claim
60 percent of professional basketball players are broke or bankrupt within five years of retirement
About 70 percent of all lottery winners end up broke or bankrupt.
So keep pushing yourself, because you could just be one action away from that breakthrough you’re looking for
And remember it’s okay when you fail
Failing is part of getting better
Sometimes you just gotta learn how to hit the reset button
and then plan how to move forward again
To summarize
Number one, set a target in sight.
And remember it’s okay if you have to change targets
but it’s important to always have goals and to write them down
Number 2, do your homework and research
those who fail to plan, should plan to fail
Number 3, adore what you do
The only way to stay motivated in the long run is if you’re passionate about what you do.
Number 4, remember, you are the brand
You are what you eat
Number 5, keep swimming
Don’t give up and get up each time you fall.
Lastly, find a way to hard-wire these Shark points so that they are in the heart of everything that you do
Subscribe!