Friday, November 1, 2013
The Power of Broke, by Daymond John
A promise, a hope, a vision. All well and good, I suppose. But for Daymond John, Founder and CEO of FUBU, none of these matter as much as a deed.
He argues persuasively that entrepreneurs who succeed at securing funding may be setting themselves up to fail. A startup bakery, he says, may boast fancy cash registers. But their funding may be depleted, well before they've even sold a single cupcake.
It's the sale that matters. That's the deed.
So mistakes that John has learned from, in his business dealings, he now abides by the intriguing notion of the power of broke. Lack of funding forces entrepreneurs to scrape by and make a sale, which ultimately may be the seeds of future success.