Daymond John has been practicing the power of broke ever since he started selling his home-sewn t-shirts on the streets of Queens. With no funding and a $40 budget, Daymond had to come up with out-of-the box ways to promote his products. Luckily, desperation breeds innovation, and so he hatched an idea for a creative campaign that eventually launched the FUBU brand into a $6 billion dollar global phenomenon. But it might not have happened if he hadn’t started out broke – with nothing but a heart full of hope and a ferocious drive to succeed by any means possible.
Here, the FUBU founder and star of ABC’s Shark Tank shows that, far from being a liability, broke can actually be your greatest competitive advantage as an entrepreneur. Why? Because starting a business from broke forces you to think more creatively. It forces you to use your resources more efficiently. It forces you to connect with your customers more authentically, and market your ideas more imaginatively. It forces you to be true to yourself, stay laser focused on your goals, and come up with those innovative solutions required to make a meaningful mark.
Daymond John is CEO and Founder of FUBU, a much-celebrated global lifestyle brand, with over $6 billion in sales. He is also one of the country’s most visible and respected entrepreneurs as one of the stars of ABC series Shark Tank, and the recipient of over 35 awards including the Brandweek Marketer of the Year and Ernst & Young’s New York Entrepreneur of the Year Award. John stands on that same cutting edge as one of corporate America’s leading branding consultants as CEO of the marketing firm Shark Branding. He is also an author of two best-selling books, Display of Power and The Brand Within.