The Power of Broke is a book on the mindsets of success. Specifically, on achieving success starting with little.
- Drop the excuses: starting with nothing is an advantage
- The Power of Broke doesn’t stop when you’re successful: you gotta keep that hustle mentality
- Starting with nothing is the best training for life you can ever get
The Power of Broke is all about making a lot with little:
You Don’t Need Much Money
Instead of going to VC you can start by yourself. You will start smaller, of course, but you will also keep full control. Whatever sale you make, reinvest it.
Being Broke is an Advantage
Having little resources will force you to come up with workarounds and creative ideas to get things done. This is an advantage both because you might come up with new disruptive ways of doing things, and because you are training yourself in the ancient art of hustling.
People live a comfortable life are also more likely to be paralyzed by the fear of what others think and say. But broke people don’t have time for that.
The Hunger of Broke
Being broke makes you hungry to succeed.
People born in money indeed tend to be lazier (read The Millionaire Mind). But hungry broke people… Those are the guys who shake the world going from rag to riches.
Getting Your Hands Dirty
The Power of Broke encourages you to start with your idea because, at the very worst, you will learn more than you could ever learn in any school. The old adge of learning by doing, which Daymond John says it’s the best education you can get.
Shark stands for:
- Set a goal. You won’t go anywhere unless you know where you’re going
- Homework. Study your market and competition. Failing to plan is planning to fail
- Adore what you do. Being passionate about what you do is the best way to stay motivated
- Remember, you’re the brand. Pick something that it’s you and live it in whatever you do
- Keep swimming. Stay hungry, keep going -also read Grit by Angela Duckworth–
Of course this acronym is slightly contrived :D, but the message it sends it’s really a great summary of what it takes to be successful.
Collection of Motivational Stories
The Power of Broke is an ode to hustling. And behind the core message of “leverage your shortcomings” a bit part of it is a collection of inspirational stories.
It’s not necessarily a con, but if you’re looking for practical steps it’s not your book.
The mindset is also the same that Ryan Holiday shares in his amazing The Obstacle is The Way.
Power Moves in Business
The book has a slight tint of power moves and tricks applied to business. Including, for example, how to get attention because attention is power (LL Cool J bombing a Gap commercial, but note that GAP benefited heavily of that stunt, possibly more than FUBU).
In that way, it’s also a bit similar to The 50th Law.
With the SHARK acronym it provides a good overview of what it takes to be successful.
The Power of Broke is more about mindsets than practical steps.
At the time of writing I find myself in a similar situation of having little income and working hard on my goals. And The Power of Broke is exactly my mindset even before I read Daymond’s book.
There’s power indeed in having little options but to make it. I can vibe with the message.
- Disrupt You by Jay Samith
- Bold by Peter Diamandis
- Think Like a Success, Act Like a Success
- Be Obsessed or Be Average
Read more summaries or get the book on Amazon: