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-Daymond John

Once in a while I like to read the struggles of successful entrepreneur So I decided to read the book written by Daymond John.

The book is very motivating and definitely inspires existing and future entrepreneurs.

The words of wisdom from the book are:

  • When you start from a place of nothing much at all, when you’re hungry and laser-focused on succeeding at whatever it is you’re out to do, when you’re flat-out determined to get where you’re going no matter what…well, then you’ve got a running start.
  • When you want it, when you need it, you find a way to make good things happen. When you expect it, when you feel entitled to it, you might just be headed for an ass-whupping.
  • Keep in mind, the concept behind proof of concept is not to prove something to potential investors, or even to customers. It’s to prove something to yourself. Proof of concept is the only way to know if you’re truly on to something, and yet you’d be amazed how many entrepreneurs skip over this all-important piece.
  • “If people aren’t laughing at your dreams, then you’re not dreaming big enough.”
  • Linguistics and anthropology professor at Penn State, that determined the seven most common words to describe human emotions—in English and Spanish. Those words were joy, fear, anger, sadness, disgust, shame, and guilt. Think about that for a moment: seven words, and only one of them describes a positive emotion, so that tells us we’ve been conditioned to think in the negative.
  • EMPTY POCKETS, A TIGHT BUDGET, AND A HUNGER FOR SUCCESS CAN BECOME YOUR GREATEST COMPETITIVE ADVANTAGE.

The author has stated the following principles to be followed:

  • BROKE POWER PRINCIPLE #1: Use all of the resources available to you, but don’t expect to just flip a switch and get them all cranking on autopilot. No. You’ve got to learn how to best use these resources to your smartest advantage, especially if you’re tapping into those OPM–type resources—other people’s money, other people’s mind-set, and other people’s magic.
  • BROKE POWER PRINCIPLE #2: Keep it real. Strive for authenticity in everything you do. At the end of the day, the more humility and integrity you put out into the world, the more you’ll connect with others who’ll want to help you succeed.
  • BROKE POWER PRINCIPLE #3: Learn (and embrace!) the power of optimization. By that I mean make the very best use of your time, energy, actions, opportunity costs, and capital. One of the most precious resources available to you, at absolutely no cost, is time—don’t waste it.
  • BROKE POWER PRINCIPLE #4: Understand that you will be rewarded for solving other people’s problems or filling holes in the marketplace, just as you will be rewarded for helping others reach their desired objectives. In other words, if you can figure out how to do something better, faster, easier, and more efficiently than anybody else, and if you can make somebody else’s life a little smoother in the bargain, you’re way ahead of the game.
  • BROKE POWER PRINCIPLE #5: Put all your passion and purpose behind whatever it is you’re doing. If you don’t believe in yourself, in your product, your service, or your business, you can’t expect anyone else to either. That said, you don’t want to come across as a nut, so don’t be fanatical or unreasonably optimistic. Remember that you’re selling people on the idea of trusting in you, because people invest in people, not just in a product or service.
  • BROKE POWER PRINCIPLE #6: Take the time to understand and appreciate everyone you meet on your path to success. Investor, distributor, vendor, prospective buyer, or customer…whoever it is, show him or her that you get how things are from their perspective. Tell them that you’re rooting for them. Show them that you have their best interests in mind. They will respect you for respecting their reality. And who knows, maybe they’ll go out of their way to do the same for you.
  • BROKE POWER PRINCIPLE #7: Think beyond the moment. This can be tough to do, especially when you’re up against it. Find a way to support your vision with logic, data, and realistic projections. Wishful thinking and conjecture have a way of working against you, and breaking you in a bad way.
  • BROKE POWER PRINCIPLE #8: Make the probability of your success a natural part of your thinking. Expect it…will it so. Why? Because good things come to those who expect them. Now, that doesn’t mean that we only make room in our thinking for pie-in-the-sky outcomes. (See Broke Power Principle #7.) No, this means you need to train yourself to keep your goals in sight and in reach. It means that you must believe wholeheartedly that your success is within you. Keep this thought at the front of your mind. Let it drive every action you take.

In the end I would like to quote this from the book:

Wayne Gretzky said, “We miss one hundred percent of the shots we don’t take.” So, take the shot! Absolutely, take the shot. The power of broke is all about taking that shot.