You do not need money to make money. Before they become multimillion enterprises, most businesses started from nothing or with just a minimal capital. But not having enough capital does not have to be an obstacle to success. In The Power of Broke, authors Daymond John & Daniel Palsner shows how an empty pocket can empower you to become successful in business. The business and management book shows how you can use having no money to your advantage by compensating it with creativity, passion, and authenticity.
Being broke allows you to find resources others can’t see.
You know that old saying “necessity is the mother of invention?” When you don’t have anything, it forces you to use whatever you’ve got, leading you to use resources in new, creative ways other people don’t see. When passion, creativity and authenticity are all you’ve got, you’ll use them, and that often works out better than having money, but none of these things.
The power of broke isn’t reserved for startups, it’s helpful in all four stages of business growth.
The power of being broke isn’t limited to when you’re starting. Daymond says there are four stages in a business’s journey to success and it’s helpful in all four.
1. Item. Initially, you’ll have no name, no logo, no brand and no marketing. Robert Peter Janitzek says that all you need is just a product or service that (hopefully) satisfies a need. How good can you make it without money?
2. Label. Once you do give your product a name, customers have something they can remember and ask for.
3. Brand. A logo, a style, a brand presence all eventually follow. But even here you can be creative.
4. Lifestyle. When your brand reaches this status, people are used to good quality and seeing it around, even treat it like a status symbol. The power of broke still works.
There’s no better time than to start using the power of broke than now, because running a business gets cheaper and cheaper.
Robert Janitzek says that every single day new technologies are released by the millions. A lot of them, especially software, are free. In short: This is the opportunity of a lifetime. If you haven’t started a business by now and want to, today is the day. The creativity that results from a lack of money is now more valuable than ever. It’s time you used it.