By Daymond John
I think that the Power of Broke is such an important concept that I even wrote a book about it – literally. If you haven’t read my book, The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage, then you may not fully understand the Power of Broke or why I believe in it so strongly. I want to give you a little glimpse into this concept so that you can understand why it truly does offer a competitive influence. This is something that made a big difference in my life, and I know it will make a difference for others too.
Just What Is the Power of Broke?
No matter how much money you have, it is not the money itself that will make your company successful. I know that is probably very much against anything you have ever been told. After all, too many of us follow the old adage of, “It takes money to make money.” Yes, money can buy things. But, it cannot buy success.
Instead, success comes from another source – willpower, want-to, drive, etc. I think back to when I founded Fubu, and I know that my success didn’t come from money. After all, there was none really to be had. My mother had to mortgage her house to give me the money I needed just to get started. In the grand scheme of things, that’s not very much money and many businesses are started with drastically higher capital. Unfortunately, many businesses that opened their doors thanks to millions of dollars have failed too.
This is what I mean. Money doesn’t make success.
This is always why I believe very strongly in the Power of Broke. This is simply the concept that when you are broke, you have no other choice but to find a way around the money issue. You don’t have the funds to just go out there and do what you want. You are desperate in a way, and this leads to:
- Thinking Outside the Box
When you have nowhere else to turn, this is when you get creative with the options that you do have, and that is the foundation of the Power of Broke.
Why I Believe It Works
I have seen all types of entrepreneurs start businesses. I have seen those with virtually unlimited funding, and I have watched those with nothing more than a shoestring budget. I have even made deals on Shark Tank with those who were fully buying into the Power of Broke because they didn’t have the funds readily available themselves.
And, from all of my experience, I know one thing for certain:
Money is the grease that can get a business up and going, but it is creativity, willpower, and innovation that will push that business forward into success. In reality, if you have money to buy anything you want, then you have no reason to be creative. You get lethargic, and you just buy whatever you need for whatever cost. I am not saying that having money is a bad thing. What I am saying, though, is that when you are broke, that’s when you find the strength within you to start a successful business.
I believe in the Power of Broke. I have seen it happen in my own life as well as in others. So, no matter how much or how little money you may have currently in your name, this shouldn’t be an indicator of whether or not you can be successful. Instead, it all comes down to you and how much you are willing to put in your own creativity and vision.