Motivational Monday: The Power Of Broke Mentality
The Shark Tank judge and FUBU founder Daymond John has some wise words.
Daymond John has the successful formula to making it in America. Amongst a crowd of hopeful entrepreneurs and 9-5ers who all bought tickets to the conversation hosted by IVY, a social university that offers a monthly membership in exchange for intelligent events and community. The Shark Tank judge and founder of FUBU discussed the process of success and how agile an individual should be when starting a business. He starts off the conversation going through his “credentials”: short, no college education, one parent single household, no knowledge of manufacturing, African American, among other qualities, to show that although his odds were against his favor, he still manage to create a multi-million dollar business in the 90s.
Daymond John grew up in Hollis, Queens, and like many other famous people who grew up in that same neighborhood (Run DMC, LL Cool J, etc) , he had a million dollar vision with nothing his pocket but bubble gum. In his new book, “The Power of Broke Mentality,” John give tips and motivational wisdom about business and how much of a mindset it is to become a CEO..
Here are 7 things we learned from his discussion on embracing “The Power of Broke ” Mentality.
“People want to win too fast and it’s just not like that. It’s the process that a lot of people are afraid of”.
Surround yourself with like minded people who have the same drive as you. Let people be your greatest marketing asset. If no one wants to get behind your product, then maybe your idea isn’t shit.
Ambassadors are not paid for. People are your greatest marketing assets.
Again, your friends and family are you greatest marketing asset. In Daymond’s case, he grew up with some of the world’s most beloved hip hop legends coming from Hollis, Queens. At the event, Daymond talked about being on a video set with rappers and how people came to know him as a fashion guy and not necessary a music guy. That was his entry into the industry.
If someone genuinely likes a product they will tell their friends and family.
There’s power in embracing the “word of month.”
Be charming when you are pitching or presenting your million dollar idea to someone.
Daymond recommends pitching and investing in the companies ranked at number 20 not at number 1. When you are pitching someone or telling someone your business idea, be infectious and energetic. Show them how to make money. They will automatically feel your passion with the twinkle in your eye.
Don’t take in money too soon.
Most startups make this mistake constantly and this is the theme of his book, “The Power of Broke.” When your resources are limited you make better decisions and you think on your toes better. Only accept outside resources until you absolutely need it to get to the next level. Having debt is never a good thing. Daymond suggest taking money at the end. And also preaches, “Be honest with your goals. A lot of people lie to themselves. “
Authenticity is everything.
As long as you are true to yourself, there is no way to fail.
What is your bad day motivation?
On a bad day, what is something that will motivate you? Think of the lowest point of your life and reflect on how far you’ve come. For Daymond, back in the day, it was figuring out how many chicks he could meet while serving shrimp at Red Lobster.