THE POWER OF BROKE – Book Summary
BE A TRUE INNOVATOR
In The Power Of Broke Daymond John states that innovation happens from the bottom up, not the top down.
iPods, smart watches, electric cars… all the most creative, the most successful, the most dynamic innovations pop in an organic way, and then grow. Or not. You put your idea out there, no big thing, and it just kind of happens. Or not. People either respond to it or they don‘t, and it doesn‘t matter how much money you throw at it, or how much you try to dress it up, it is what it is and that‘s that.
It has its own beating heart. For instances, our favorite movies, the ones that win all the awards, the ones we talk about with our friends, tend to be the indie films that come from a small, sweet voice, a singular vision, and not the slick, big-budget, mainstream movies from the major studios.
Every important innovation, every lasting impression, every meaningful trend, and every successful business comes from a singular vision, put out into the world with a small, sweet voice. It starts from the bottom and it grows from there—or not.
OR NOT… those two words suggest the possibility that things might go your way, but that depends on your ability to get out of bed every morning telling yourself “rise and grind” reminding yourself that the choice of whether to succeed—or not—is all yours.
It’s not enough to have a good idea for a start-up or a hot new product; execution is key, and part of that execution comes in finding your “voice” as an entrepreneur. Why do so many new businesses fail? Many times, it’s because they’ve been cashed to death. It’s because businesses built on steroids and on injections of capital are living on borrowed time. When the money runs out, the business runs its course.
BE GENUINE
If your business it‘s not authentic, if there’s no there there, your relationship with customers is not about to work in any kind of long-term way, no matter how you dress it up, or how much money you throw at it. You might hang in for a while but it won‘t last. It can’t last
Opening a business because you have money to hire the best, but you have no experience in that kind of business and no vision, no specific market you‘re trying to serve, no style of doing business that speaks to you, but your research tells you that a certain kind of cuisine is crazy popular right now, the edge of the cutting edge, so that‘s what you decide to pursue. But it doesn’t always work out that way.
Do not make a change simply because you can afford to, make a change when there is a genuine need, not just for the sake, some company are making changes for sake of change- because they can afford it, and they have money to facilitate change.
A start up business needs not a fancy staff, laptops, furniture…most people do this simply because they have some cash and then when the shove come to push, they have no cash to bail them out of the financial quagmire.
It doesn‘t matter if you‘re in government, in business, in a relationship, today‘s buzz words are transparency and authenticity. You‘ve got to keep it real, people —and you can‘t keep it real in business today if your strategy is to simply throw money at whatever roadblocks come your way, because chances are, money alone won‘t get you past them. It‘s the force of that single idea, offered in a genuine way, that gets results—no matter how much money you put behind it.