The Power of Broke Book Summary

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"The Power of Broke" is a motivational business book written by Daymond John, the founder of the fashion brand FUBU and a prominent entrepreneur and investor on the television show "Shark Tank." The book explores how having limited resources, or being "broke," can actually be an advantage in entrepreneurship.

John shares his personal journey and stories of other successful entrepreneurs who started with little to no money but were able to build thriving businesses through creativity, perseverance, and resourcefulness. He emphasizes the mindset and strategies that can help individuals leverage their constraints to their advantage.

"The Power of Broke" encourages readers to embrace their limitations, think outside the box, and find innovative solutions to overcome obstacles. John emphasizes the importance of staying focused, being willing to take risks, and relentlessly pursuing opportunities, even in the face of adversity.

By highlighting inspiring success stories and providing practical advice, "The Power of Broke" aims to motivate aspiring entrepreneurs and individuals with limited resources to believe in themselves, harness their creativity, and use their "broke" status as a catalyst for success.

About the Author

Daymond John is an American businessman, investor, television personality, author, and motivational speaker. He is the founder and CEO of FUBU and appears as an investor on Shark Tank. He is the founder of The Shark Group. He has a network of over $250 million.

He started FUBU out of his mother’s house in Hollis, Queen. During the beginning, he worked for Red Lobster while trying to get FUBU off the ground.

John and his mother mortgaged their house for $100,000 to generate startup capital. He recruited his friends into the business. In 1993, he convinced LL Cool J, an old neighborhood friend to wear a FUBU T-shirt for a promotional campaign. The rapper wore a FUBU hat while filming a 30-second ad spot for Gap.

FUBU has earned over $6 billion in sales and has been featured in Smithsonian's National Museum of African-American History and Culture.

Daymond John is a member of the Shark Tank judge panel. He has invested over $8 million of his own money into Shark Tank companies.

John is also a public speaker. He works with brands and celebrities to create additional revenue streams and brand extensions. Some of his clients include Pitbull and Miss Universe organization. He is a brand ambassador for Shopify.

In 2015, he co-founded Daymond John’s Success Formula to teach young entrepreneurs how to start and grow their businesses. The company is now called Next Level Success and offers a $1500 scholarship to two students every year.