Book Review: The Power of Broke
By: Daymond John with Daniel Paisner
You are likely familiar with Daymond John from his position as one of the sharks on the tv show Shark Tank. The Power of Broke is his latest book and focuses on how having no money but being very hungry and determined to succeed can put you ahead of the person who has access to all the resources.
Daymond opens with what he calls "SHARK Points.
- Set a goal.
- Homework. Do yours.
- Adore what you do.
- Remember, you are the brand.
- Keep swimming.
Then he introduces you to several different entrepreneurs operating different kinds of businesses and shows you how they used other assets such as time, hard work, personality, etc to compensate for a lack of cold, hard cash to invest in their business.
One quote from Rob Dyrdek resonated with me because I love observation & research. Rob says, "I learned by watching other people, people I admire." And "It doesn't cost you anything to do a whole bunch of research," he says, "so go ahead and do it. Everything you need to know, it's out there. Tap into it."
The book includes notes called Power Facts. They are motivational details such as, "Coca-Cola sold just 25 bottles in its first year of operation." Or "Walt Disney was turned down 302 times before getting financing for Walt Disney World." Now how many of us would've quit well before 20 rejections, let alone 300? Right? And that's one of the points of the book—Keep going. Keep trying. A lack of money should not prevent you from succeeding.
The book also includes some snippets from Shark Tank. Things that contestants did right, some things they did wrong.
Daymond wraps up the book with 8 Broke Power Principles that are "pulled from the lives of the trailblazing individuals I've just introduced to you."
It's not my favorite business book. It's not a book that I will reread. But part of that might be because I'm not running a product-based business, so much of what I read didn't apply. And the things that did apply, I've already heard elsewhere. If, however, you are a fan of the show, or of Daymond, it is a well-written book and you will likely enjoy it for the stories.
Daymond's book is available at Amazon.
I received this book for free from Crown Publishing in exchange for an honest review.