The Power of Broke by Daymond John


“The power of broke is about taking that shot. It’s living with the constant fear that you’ve gone crazy for putting it all on the line.”

“Those deep pockets you may or may not have, they’ll never be deep enough to buy all the passion, ingenuity, and determination it takes to have success over the long haul.”

“When you got nothing to lose, you’ve got everything to gain.”

“If you got to succeed to survive, you will.”

“Or not. Those two little words, suggesting the possibility that things might not go my way… they’re at the heart of everything I do.They’re why I give myself the same marching orders every morning when I get out of bed: rise and grind. Because in those three words I find tremendous power— The power to do anything. They remind me that the choice of whether to succeed —or not— is all mine.”

“It’s the force of that single idea, offered in a genuine way, that gets results— no matter how much money you put behind it.”

“It helps to be hungry you have no choice but to succeed.”

“The more you’ve invested—and here I’m talking about emotional and personal investment, not a financial investment— the more you’ll get back in return.”

 “When you set a goal, think what’s possible in the best case scenario and worst case scenario. “

“There are no new ideas–only new ways to execute those ideas.”

Steve Aoki – SET A GOAL!

“But it takes an enormous amount of inner strength to see it through. It takes knowing that things will shake out to the good in the end. Because you’ve left yourself no other option but to succeed.”

“You need to bet on yourself, and you need to bet big- almost in an all-or-nothing sort of way.”

“Take affordable next steps and move yourself closer and closer to where you need to be (your goals).”

Acacia-Be yourself 

“Haters like that … I call them cheerleaders with dirty pompoms, because the worst thing in social media space is when people aren’t talking about you at all.”

“Try, fail try again, fail better.”

Rob Dyrdek- Be relentless

“They think it takes some kind of publicity machine, some kind of expertise to build a brand. But the brand is you, plain and simple. It’s what you stand for, how you carry yourself, and it doesn’t cost a thing. Start building the ideology of what your brand is and start living with it.”

“Be bold enough to make up a plan as you go along.”

“How do you define yourself in 2-5 words?”

“Homework these days mean analytics. It means looking at others who’ve succeeded in the same field. Also look at all the businesses that failed and see what you can learn from their missteps.”

Chris- Be first

“What expertise have you developed in your own life thay you can put to work in the market place?”

“Money changes everything.”

“When you take in too much funding too early, it sets you on an artificial high that tends to lift you away where you can’t see your bottom line.”

“Bigger money early on means bigger mistakes–at a time in your growth when you can’t afford to make any mistakes.”

Money allowed you to take a bunch of shortcuts, even when you’re nowhere ready. You must make sure you do have a proof of concept going in.”

“Make mistakes cheaply and frequently. Grow your business organically, rather than artificially injecting it with large capital amount.”

“Proof of concept is not to prove something to a potential investors or customers. It’s to prove something to yourself.”

You are the brand

“Using other people’s money ( or skills) by offering them some cut of your sales.”

“No experience or important contacts or money? That’s fine. Everybody knows somebody, right?”

“But broke shouldn’t mean  you always have your hand out. Go ahead and extend your helping hand to someone else instead– you might be surprised at the good things that come back to you in return.”

“A matching service that connects aspiring business folks with volunteer mentors in their fields.”

“Do you love what you do? Would you do it for free?( Or a bag of chips?) If not, then maybe you should think about doing something else. Sure, money and success can be powerful motivators…”

Tim Ferris- Power of humility

“Treating people with courtesy and curiosity that came naturally to him.”

“Hungry from inside insights, eager to soak up what I could from folks who knew their stuffs.”

“From time to time, I’d reach back out to him with a question or comment.”

“We’d hit it off on the first pass, and he’d seen that I wasn’t just out for myself, so he went out of his way for me.”

“Be sure to have someone on your side to help you see things more clearly. Mentors are great but sometimes a cheerleader is even better. “

“He wasn’t shy about asking for help and guidance, because he’d gone out of his way to be helpful ( not a pain in the ass).”

“Don’t try to pass yourself off as something that you aren’t.”

Josh Peck – This is where I need to be

“For some reason, I had this drive. I said, “No, this is where I need to be.”

“Back then it doesn’t cost you anything to follow your dreams. But then you get a little older and life takes hold. All of a sudden you have bills and responsibilities, and it’s easy to say. “Okay, let me make a little money first and I can worry about the dreams later.” And then, inevitably, that voice gets softer and softer until it almost disappears.”

“Student of the game : 1) study what you’re passionate about 2) see what others are doing  3) learn what works, what doesn’t.  4) find points to improve 5) making it your own.”

“Be in the efforts business, not the results business. Put yourself out there. There’s nothing new here.”

Broke isn’t just personal

“Even big corporations with huge budgets can keep thriving if they find a way to honor their homespun roots and stick to the same principles and strategies that drove their initial growth.”

“No company is too big to think small.”

“There’re no sustainable overnight successes.”

“Coca-Cola sold just 25 bottles in its first year of operations.”

“Item—> Label —> Brand —> Lifestyle. You need to pass each stage before going on to the next.”

“Brand :  label on steroids. Company inputs: Lots of ads, identifiable logo and style.  Customer inputs : expectation of quality and experience.”

“Lifestyle : Similar to brand, but with view of predictability in the experience associated with the brand.”

“Getting the word out using social media. It’s free.”

“Think like a customer —> Girl scout cookies : feel good purchase.” 

“Hear what your customer hears —> Michael Jackson listening to his song through a crappy radio”

“Don’t just spend time looking for new customers — Spend time looking for ways to keep selling to the customers you already have.”

“Find a way to grow your business without changing your business mode, without alienating your core customers, without increasing your ads/promo budgets —> WIN”

Linda Johansen-James — Big things in little packages

“99.7% of businesses had fewer than 500 employees”

“89.9% had fewer than 20.”

“Specialty retail : little tables  outside of the main stores in the mall.”

“The key to successful cart/kiosk :  unique ( can’t find anywhere else in the mall) +  demonstrable( customer can understand through sales demonstration )+ knowledgeable and personable salespeople.”

“Customer who buy from you once are the ones who help you build your business  when you’re starting out. It’s those repeat customers who help you grow over time.”

“SolarCity : lead-generating business. Not selling in the mall, just collecting info and interested clients. Selling through contacting them outside the mall ( calling, email)”

Ryan Deiss — Getting back to zero

“He would start telling people that he was a web developer. It wasn’t entirely true, but he did have that software program.”

“Rise to meet it.”

“Keep your target in sight.”

Loren Ridinger—Own your own style

“We were always tired, but everybody’s tired when they’re trying to succeed. That’s when most people quit. But we knew success was just around the corner.”

“I don’t think we would have made it if we didn’t have to struggle in the beginning.It helped us to refine our pitch. It helped us to think carefully about the products we selected and developed.”

“And it helped us to stick to our business plan, even when others are telling us it just wouldn’t work.”

Be the change

“All businesses are in the business of selling time. If they’re not helping us maximize time, or save it, or spend it wisely,it’s about selling a good time, easy time, memorable time, or avoid uncertain times.”

“At one point, we started talking about self-driving cars, but the talk wasn’t so much about how or when we’ll see this type of innovation but how long it’ll be before it’s illegal for human beings to drive at all— that’s how close we are to seeing this type of change transform the way we work and live.”

“We want what we want when we want it.”

“No, you just have to have the passion, ingenuity, hustle and drive… an entrepreneurial heart.”

“Now the only real commodity you need to start a business is not capital, it’s creativity.”

“Now that all those barriers to entry have come tumbling down, the marketplace has never been more competitive. It pushes us entrepreneurs to strive to be the best of the best at whatever we’ve chose to do.”

“Shopify : merchants directly sell to their customer.”

“The future of selling is “retail everywhere”. “

“They think it’s a question of online vs offline, but that’s not what we’re seeing. What we’re  seeing is retail everywhere. It’s customers that’s calling the shots.”

Having a goal

1) Write the goals

2) Remind yourself every week

3) Put expiration dates

4) Write how you’re going to get there

   ( things you need to do, not things you cannot do)

“The focus is meant to be on what you will do and not what you won’t do.”

“That honor? It goes to my number-one boss — the customer.”

Mark Burnett — Survive and thrive

“My motivator was the fear of looking back and regretting that I didn’t take one of these risks my mom was always talking about.My pain was the fear of future regret, so I didn’t really care so much whether things worked out. I only cared that I took the action and I tried.”

“Thirst of adventure and the determination to surround yourself with people who share in that thirst.”

“Suffering produces perseverance, perseverance, character; and character, hope.”

“97% of the entrepreneurs who give up become employed by the 3 percent who never quit.”

SHARK Points:

1) Set a goal 

2) Do your homework

3) Adore what you do.

4) Remember you’re the brand

4. Keep swimming.

“To think without limits, even though there are all kinds of limits on my resources…”

Broke Power Principles

1) Use other people’s resources when available.

2) Keep it real

3) Use your time in an optimized manner.

4) Help others and they’d help you.

5) Be passionate and believe in your idea.

6) Get to know others and appreciate them.

7)Support your vision with logic, data, and realistic projections.

8) Keep your goals in mind and in reach.

“But we were rich in possibility, rich in hopes and dreams, rich in determination.”


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