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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.
Drawing his own experiences as an entrepreneur and branding consultant, peeks behind-the scenes from the set of Shark Tank, and stories of dozens of other entrepreneurs who have hustled their way to wealth, John shows how we can all leverage the power of broke to phenomenal success. You’ll meet:
· Steve Aoki, the electronic dance music (EDM) deejay who managed to parlay a series of $100 gigs into becoming a global superstar who has redefined the music industry
· Gigi Butler, a cleaning lady from Nashville who built cupcake empire on the back of a family recipe, her maxed out credit cards, and a heaping dose of faith
· 11-year old Shark Tank guest Mo Bridges who stitched together a winning clothing line with just his grandma’s sewing machine, a stash of loose fabric, and his unique sartorial flair
When your back is up against the wall, your bank account is empty, and creativity and passion are the only resources you can afford, success is your only option. Here you’ll learn how to tap into that Power of Broke to scrape, hustle, and dream your way to the top.
About the Author
A young entrepreneur, an industry pioneer, a highly regarded marketing expert, and a man who has surpassed new heights of commercial and financial success are just a few ways people have described Daymond John. Over the last 20 years, Daymond has evolved from one of the most successful fashion icons of his generation to one of the most sought after branding experts, business, and motivational speakers in the country.
Daymond’s creative vision and strong knowledge of the marketplace helped him create one of the most iconic fashion brands in recent years. FUBU, standing for “For Us By Us”, represented a lifestyle that was neglected by other clothing companies. Realizing this need in the marketplace, Daymond created the untapped urban apparel space and laid the groundwork for other companies to compete in this newly established market.
Daymond grew up in the community of Hollis, Queens, quickly becoming known as the birthplace of the new genre of music called Hip-Hop, with acts like RUN DMC and Salt-N-Peppa rapidly making names for themselves. Being surrounded in this influential neighborhood helped spur the inspiration for his clothing line that would ultimately change the fashion world.
His first foray into the apparel market came when he wanted a tie-top hat he had seen in a popular music video but could not find one for a good price. With the sewing skills he had learned from his mother, Daymond started making the hats for himself and his friends. Realizing he was on to something, Daymond made a sizeable order of the tie-top hats, sold them on the streets of Queens one day, and made $800 in just a few hours. There was a buzz about Daymond’s products that simply could not be ignored.
Based on that early success, Daymond recruited some of his neighborhood friends and FUBU was born. They created a distinctive logo and began sewing the FUBU logo on all sorts of apparel, including hockey jerseys, sweatshirts and t-shirts. The brand hit a tipping point when Daymond convinced Hollis native and Hip-Hop superstar, LL Cool J, to wear FUBU for a promotional campaign. This was the catalyst behind the entire Hip-Hop community supporting the new brand and instantly giving it credibility. In need of start-up capital to keep up with demand, Daymond and his mother mortgaged the home they collectively owned for $100,000. Soon, the home was turned into a makeshift factory and office space.
FUBU gained even more nationwide exposure when Daymond and his partners traveled to the industry trade show Magic in Las Vegas. Despite not being able to afford a booth at the event, the FUBU team showed buyers the distinctively cut, vibrantly colored sportswear in their hotel room. The company came back to Queens with over $300,000 worth of orders. FUBU soon had a contract with the New York City-based department store chain Macy’s, and it began expanding its line to include jeans and outerwear. A distribution deal with Korean electronics manufacturer Samsung allowed their designs to be manufactured and delivered on a massive scale. With the brand transcending into the mainstream markets, FUBU recorded annual sales of $350 million, placing it in the same stratosphere as designer sportswear labels such as Donna Karan New York and Tommy Hilfiger.
In 2009, John joined the cast of the ABC entrepreneurial business show, Shark Tank, produced by acclaimed TV producer Mark Burnett. As one of the “Sharks”, Daymond and four other prominent executives listen to business pitches from everyday people hoping to launch their company or product to new heights. Investing his own money in every project, Daymond becomes partners with the entrepreneurs helping turn their dreams into a reality. Millions of viewers tune into the show as Daymond demonstrates his marketing prowess and entrepreneurial insights.
Due to the increasing amount of requests from major companies, Shark Branding was formed to provide companies with the marketing insights that have made D