The Power of Broke by Daymond John - Video Summary
I'm getting online real quick to give a quick summary of this months book: The Power Of Broke by Daymond John. Too often we think in order to start a business we need a huge amount of money, often times we're seeing start ups run to venture capitalist, angel investors, mortgaging their homes, or selling their assets to start heir business. In this book Daymond John reminds us, you know there is power in being broke and there is power in starting a business with not a lot of money.
In my experience I believe in the conservative approach in starting businesses. I don't believe in over leveraging yourself financially or going out there and getting venture capital money. So for the average entrepreneur who is just starting out, the principles that Daymond John lays out in this book makes sense. Meaning; bootstrap it. When you sell a product, reinvest a portion of that back and grow slowly. There is nothing wrong with starting a business out of your homes, there is nothing wrong with starting a business entirely online. Success is not overnight, we shouldn't have the expectations that we can start a business today and make millions tomorrow.