Business books should be written by people who have succeeded at every level of business – the start-up, the cyclical instability of building their own business and, later, mentoring others to be successful too. Daymond John has done all of that and in his book, this childhood entrepreneur, FUBU founder and Shark Tank business mogul focuses on harnessing the only power that you might have when you’re about to start your own business. What is that power, you might ask, as you lament about the emptiness of your pocket after you sank all your savings into your start-up? It’s all in the title of John’s book: The Power of Broke.
Daymond John shares the story of his mother’s sacrifices and his response as well as the path he eventually followed to make himself a successful entrepreneur. But that’s the first 40 pages of the book. The other 200+ pages are dedicated to studying other successful entrepreneurs who have also discovered and used the Power of Broke – including the Under Armour founder who started building his brand while still a college athlete and the guy who revamped the Icy Hot business by paying people to try his product – and what young business-interested persons can learn from them.
What I Liked About The Book
- John’s language is very conversational so the book reads like the transcript of an interview.
- The success stories mentioned in the book were motivational and relevant.
- I like that the books addresses different kinds of broke-ness including disabilities and other prejudice against minorities – all things that could hinder a person’s ability to succeed. It even shows how corporations can harness the power – not just individuals.
What I Didn’t Like About The Book
There isn’t much to be critical of except that I have heard the stories of a lot of the entrepreneurs John mentioned in this book. I wish he had included a little more of other entrepreneurs that I haven’t heard about, like maybe some of his Shark Tank co-stars or entrepreneurs that he has mentored who’ve harnessed the power of broke to be successful too.
This book deserves at least 4 stars. As a longtime Shark Tank viewer and critic of John’s conservative stance at refusing to broker deals (even when I felt like the pitch was aimed right at him and perfect for him), I feel like I learned to better appreciate John’s position from reading this book and am now inclined to agree with him. It is indeed possible that The Power of Broke that he gives and reinforces by not financing these young startups might actually be more valuable than any deal he could offer.
Note: Blogging For Books provided me with a free copy so I could complete this review. I was not otherwise compensated for my opinions. This post also includes affiliate link so if you click and purchase a book, I make a small commission at no extra cost to you. Thanks.