Book Summary of “The Power Of Broke” by Daymond John

Book Summary of “The Power Of Broke” by Daymond John

Photo credit: @TheSharkDaymond

Quotes that clicks:

“We miss one hundred percent of the shots we don’t take.”

Wayne Gretzky (@WayneGretzky)

“I’ve given you every advantage in life except for being disadvantaged.”

Liz Claman (@LizClaman)

“When you grow up with nothing, it’s like you’ve got nothing to lose, so there’s this thing in me that tends to roll the dice.”

Rob Dyrdek (@robdyrdek)

“I wanted my son to grow up believing that he can do anything,” she says. “Whatever his hopes and dreams, I wanted him to know that I would help him find a way to make them come true, so I could only encourage him in this. Whatever the next step, whatever decisions we had to make, I kept telling him we could make it together.”

Moziah Bridges and Tramica Morris

“Being nice. If you’re nice to people, if you go out of your way to be helpful, then good things tend to happen.”

Tim Ferriss (@tferriss)

“If people aren’t laughing at your dreams, then you’re not dreaming big enough.”

Anonymous

“My motivator was the fear of looking back and regretting that I didn’t take one of these risks my mom was always talking about.”

Mark Burnett (@MarkBurnettTV)

“My pain was the fear of future regret, so I didn’t care so much whether things worked out. I only cared that I took the action and tried.”

Mark Burnett (@MarkBurnettTV)

“we were rich in possibility, rich in hopes and dreams, rich in determination … “

Daymond John (@TheSharkDaymond)


My Learnings:

 

MAKE A PLAN, TEAR IT UP, MAKE A NEW PLAN

Billy’s Note:

It taught me to have the dedication to spend time and plan for the plan. Planning is part of the process. The next is doing. Good or bad, do it first and understand if it would be suitable for me. If that doesn’t work.

MOVE ON AND START TO BUILD ANOTHER NEW PLAN.

“When you grow up with nothing, it’s like you’ve got nothing to lose, so there’s this thing in me that tends to roll the dice.”

Billy’s Note:

What is the worst thing that would’ve happened? The scariest part is not that scary, I reason to myself now. The worst would be we end up where we have started. The physical would be reset, but I believe that what remains is the years of knowledge, experience and relationship that was built along the way.

Embrace the “NOTHING TO LOSE” attitude.

For a long time, my two to five words were “I’m on a quest!”

Billy’s Note:

Daymond mentioned this in his book. I am on a quest too. You are on a quest too. Everyone is on the quest of their life. My dad once told me that, “Life is a journey, a travel that we take for the longest time we can remember. In this travel, we face challenges. We face with happiness and sadness…” Yes. It is true, I would want this quest to be a good one for myself; the people that mean the most to me too.

I’m going to learn. The same to be in a search mode, trying to learn as much as I could and move into as many different arenas as possible. I have no regret in doing things and failed. But in deep remorse when I don’t do and keep thinking. That mental burden was there to slow me down.

Remember, you still haven’t sold a single cupcake at this point, and here’s where it starts to get real. You’ve sunk all this money into your business, and just before your grand opening,

Billy’s Note:

The learning is to do market research before going onto the market. The market might be asking for a different product that we provide. When the product is aligned, we surf with the wave.

The takeaway here is, don’t just spend your time looking for new customers—spend time looking at ways to keep selling to the customers you already have.

Billy’s Note:

Good learning to me. Sometimes, growing is not merely about ADDITION. It might be about MULTIPLICATION. Even, SUBTRACTION is one of the ways to keep expanding and grow. Perhaps, creativity and asking myself about the right question is the right question for the right answer.

“It’s a lead-generating business. We’re setting up in the middle of the mall, where there’s a captive audience, and we’re offering all this useful information, getting people excited about solar. We’re also collecting names, phone numbers, talking about ways to save money, and then we sell them solar outside the mall setting.” I love that her business plan is flexible enough to make room in her company for this kind of creative approach to retail, and it only came about because she studied the market and saw an opportunity. That’s what I call outside-the-box thinking in an inside-the-box setting.

Billy’s Note:

Remember to look at the opportunity for another opportunity. At the time, not selling is selling in disguise. The keypoint is to create a win-win situation. Once you able to bring value to the consumer, society and the world. The world will bring value back to us.

reflect on what the future might look like in five years. – Gary Vaynerchuk

Think about it: Time is the one thing money can’t buy, and yet we’re all out there selling it, one way or another. And if they’re not helping us maximize our time, or save it, or spend it wisely, companies are selling us a good time, an easy time, a memorable time. Financial service companies are helping us avoid an uncertain time.

What is Uber, after all? It’s a ride service designed to save you time and money.

Apple Pay—a way to help merchants and customers make seamless, cashless, frictionless transactions, ultimately saving them time.

Billy’s Note:

My notes on this are a product that is about saving people’s time is a very valuable product to the society. Personally, I believe that the advancement of technology had allowed us to focus our time and energy on something that matters more. Finding a new place for the human to stay outside Earth. Mining other minerals on an asteroid. Living without gravity. Quantum travel. The possibility is only limited by our limitation. Don’t set a limit to yourself, ask a smart question and do smart things.

the power of positive thinking, goal-setting, perseverance…all that good stuff.

Billy’s Note:

My frequent mantra to always have a positive thinking.

“Tony’s thing was to write down a list,” Mark tells me, “an outrageous list of your hopes and dreams and what excites you.”

Billy’s Note:

Good to spend the time to really think about this question. Live life with no regret huh.

 


Success STORIES:

 

Story #1

“Somehow, he’d built a platform of over 100,000 Instagram followers, and each week he’d put up an original painting and announce to his followers that the design would be available on a T-shirt for the next twenty-four hours. It was a “one day and one day only” type deal, and off of that, he would collect all these preorders for the limited-edition shirt, which he’d price at $40, $50, $75, whatever the case might be. Next day, he’d take his design to the screen printer, run off the precise number of shirts in all the right sizes to fill his order, and ship everything out. Every week, he’d repeat the process with a new design.”

This era is full of possibility and the best moment to create value for the society. We have Facebook, Youtube, Instagram, Mudah, Carousel and so much more. If the guy that Daymond met can do it. Everyone should have the equal chance to do it.

CREATE A BUSINESS MODEL THAT ALIGN WITH OUR PASSION

Story #2

“Last year they sold $2.5 million worth of custom doghouses—not bad for a couple old folks, .. “

This is the story of a retired grandfather to latch on his construction experience to build a DOGHOUSE. This is not a regular doghouse. I will call it as the mother-of-all-doghouse or more like a bungalow for a dog; targeting the rich family to pamper their dog. Imagine the price tag for this dog house is USD 50,000 – USD 100,000 each. Really a good model for the grandfather, plus he really brings value to the society.

Story #3

Daymond is selling buying T-Shirt on a bargain from outlets and sell it behind his car for profit. He is talking about 3x profit from the sales. I am calling that product flipping.

Story #4

By Ryan Deiss

“He called it the Opt-In Automater, because that’s what it did—it automated the process to allow people to opt in to an email newsletter, which had very quickly become a key component of permission-based email marketing.”

This kind of business is a great one. To have a scalable business it is about creating a process, template, mould, blueprint or whatever that you would call it. This automater is very useful for busy people to automate their life. The simple math that I can do. Price the product at USD 14, then sell it to 1000 people. The cash value would be USD 14,000 that will be earned as long as more people are using the product. It is recurring revenue. This is when the more you do the easier it get.

Yes. The key point is, “THE MORE YOU INVESTED IN DOING, THE EASIER IT GETS.”


Broke Power Principles

  1. Be resourceful. Think about OPM (heard about this from my lecturer back in the old days) – other people’s money, other people’s mindset, and other people’s magic.
  2. Be REAL. Be yourself, as 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 to success.
  3. 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.
  4. The reward/value comes to you when you are solving people’s problem or filling holes in the marketplace. As long as 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.
  5. Put your passion and purpose behind your creation. 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 you provide.
  6. Relationship. Take the time to understand and appreciate everyone you meet on your path to success. Appreciate people sincerely and have the best interest of them in you. When you sincerely appreciate, it emphasizes the blessing you have had and also making people feel appreciated. It is a win-win anyway.

The SHARK Point:

  1. S : Set a Goal
  2. H : Do your Homework
  3. A : Adore what you do
  4. R : Remember, YOU are the brand
  5. K : Keep Swimming

The link worth to check out:

MicroMentor.org

A site that provides service to be a mentor. Even to find the suitable mentor for you.


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The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage

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