Book Review by Sapphire Ng
The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage
by Daymond John, Daniel Paisner
Copyright January 2016
Hardcover, 288 pages
The Power of Broke dispenses essential business and entrepreneurial advice in a highly accessible manner, being incredibly lucid in communicating business concepts and strategies in an easily understandable manner. The distinctly approachable and colloquial tone of voice employed with minimal use of jargon makes it an ideal reading for the general public who may or may not have a business background.
A practical and inspirational book, The Power of Broke is a great source of motivation for entrepreneurs currently building their businesses or contemplating starting new businesses. The book repeatedly emphasizes the importance of being informed regarding one's consumers and market, of intimately engaging with one's passions, and being authentic in approaching entrepreneurship in contrast to a superficial engagement with the building of a “business”.
Particularly interesting is John's coining of “SHARK Points” as a guideline for entrepreneurs. His three-word mantra “rise and grind” and relentless mentioning of the act of “hustling” throughout the book work well to reinforce the psyche of the ideal entrepreneur. It was fun noting the parallels drawn by John between positive characteristics possessed by successful entrepreneurs with sharks, the majestic creatures of the ocean.
The book contains enlightening entrepreneurial stories including the successes of the scholarship app Scholly which exemplifies the concept of first-to-market; the launching of a cupcake business, Gigi's Cupcakes by a woman who simultaneously managed a demanding cleaning business; the struggle and subsequent triumph of the author of the book The 4-Hour Workweek in relentlessly pursuing ways to position himself for strong selling opportunities; and John's boss, the producer of Shark Tank, Survivor, The Voice and The Apprentice, Mark Burnett's journey to becoming one of the most successful television producers in the business.
Though not a substitute for actual experience, this book qualifies as decent tutelage in the subject of entrepreneurship. It contains its fair share of warnings of for example overfunding, to attempts to convey the power of positive thinking, where an instance includes viewing John's dyslexia as an advantage to being a business owner.
Disclaimer: I received a complimentary copy of this book from Blogging for Books for this review.