Daymond John, founder of FUBU and power investor on “Shark Tank,” released a new book called “The Power of Broke.” The concept behind the title isn’t too complex. In fact, Daymond John has a simple belief. He believes that being broke actually empowers individuals who seek success. He tells CNBC that “the people that use ‘the power of broke’ … most are the people that get to a level of success and realize they still have to maintain that hunger, that drive, that focus.” Understanding that there can be a pot of gold at the end of that rainbow is valuable. Mistakes along the journey pushes us to keep going and that’s exactly what fueled Daymond John while growing his FUBU apparel line. “I probably made the biggest mistakes in my life when I had the most money,” he said, citing the time he tried to expand FUBU into women’s clothing as an example. John said he spent too much on the production value of the fashion show and not enough on market research. “It doesn’t matter how big you make something if your stuff is crap when it’s small, it’s gonna be crap when it’s big, and you’re gonna lose all your money,” John said. “I wasn’t paying attention to the customer, who really is the one who you have to create the following with. And when I didn’t do that, $6 million later, I failed.” “The Power of Broke” is self-infliction turned into triumph. Daymond John says don’t go looking for a handout before failing on your own first. “First, put skin in the game yourself before you go and ask anybody else to help you,” John said.
