Being broke is not a good feeling. Raise your hand if you agree! Can I get an Amen? But being broke can be your greatest motivator. Just ask Daymond John who started selling his home-sewn t-shirts on the streets of Queens on a $40 budget that later became the incubator for the $6 billion dollar global phenomenon FUBU (For us, By us) brand. John had a stand by your side Mother, “a heart full of hope, and a ferocious drive to succeed by any means possible.”
So, FUBU founder and star of ABC’s Shark Tank shows that being broke may be your “greatest competitive advantage as an entrepreneur. It forces you to think more creatively, use your resources more efficiently, connect with your customers more authentically, market your ideas more imaginatively; and finally, it forces you to be true to yourself, stay focused on your goals, and come up with innovative solutions required to make a meaningful mark.”
Yes, that’s right. John shows in his book, “The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage.”
“When your back is up against the wall, your bank account is empty, and creativity and passion are the only resources you can afford, success is your only option.”
John in his book covers the below topics:
1. The Power of Broke
2. Rise and Grind
3. Money changes everything
4. What it is
5. Broke isn’t just personal
6. Be the change
7. Bringing it all home.
Sometimes, we have to use what we have as John did with no advertising budget when he asked his fellow Queens neighbor and rapper L.L. Cool J to wear one of his caps in a GAP commercial in the 1990’s. Not too shabby; right? Great advertising, I’ll say. The rest is history! It shows that thinking out of the box will land you farther than the idleness of not pursuing your passions. Eliminate excuses. Don’t give up! Dream big! Think bigger! Work your passion to achieve greatness! Where there is a will, there is a way! Don’t let the lack of funds stop you! Daymond didn’t! Neither should you!
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