“This year I’m releasing to you the greatest weapon I have used in business. It is called The Power of Broke and is the reason why I am in the position I am in today,” says Daymond John in a New Year message on his Facebook page. Daymond is the founder of hip hop apparel brand Fubu which has over a quarter of a billion dollars in annual revenue. The story goes that he started out selling home-sewn T-shirts in Queens, New York, and later mortgaged his home to start Fubu. Today, he’s also the co-star of ABC’s Shark Tank TV show in which entrepreneurs pitch for investment.
Daymond draws from his own startup experience, behind-the-scenes Shark Tank tales, and interviews with entrepreneurs for his book: The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage. With forecasts of a tighter investment scene this year, and a slowdown in the global economy, the practical advice in this book, which is due out on January 19, may be useful.