Being broke forces you to dig deeply—to trust and invest in yourself.Being broke means you have to occasionally “kick yourself in the butt” to keep moving forward, writes Daymond John, founder of fashion empire FUBU and star of ABC’s Shark Tank.
Revisiting his entrepreneurial origins, John recounts his start selling hand-knit hats with $40 in startup money, being turned down by 27 banks when seeking funds to finance his first FUBU orders, and borrowing $100,000 against his mother’s house for equipment and supplies to fill those orders. His story and that of the other entrepreneurs he profiles prove that success requires perseverance, creativity, ingenuity and a hefty dose of hustle.
The Power of Broke is an entertaining mix of practical advice, success stories and behind-the-scenes Shark Tank tales. Still, readers may be left longing for more of John’s invaluable business intelligence.
By Daymond John with Daniel Paisner
January; Crown Business; $26
This article appears in the January 2016 issue of SUCCESS magazine.