Using The Power Of Broke To Create Success
Being broke does not have to stop you from realizing your dreams
I came across the power of broke in the book “The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage” by Daymond John.
You may know him from Shark Tank as an investor in many start ups. Daymond John started the clothes label “FUBU” with little money and a lot of hustle.
Don’t let being broke stop you from pursuing your dreams. Use the hunger of being broke to drive you towards the success that you desire.
Let’s see how you can use being broke to your advantage in this post.
Being Broke Breeds Innovation
When you don't have a lot of money, you're forced to think creatively and come up with new and resourceful ways to achieve your goals. This can lead to finding cheaper alternatives to traditional methods, developing unique solutions to problems, and ultimately creating something truly innovative.
Here are some specific examples:
A cash-strapped restaurant owner might develop a new menu using locally sourced ingredients, which can be more affordable and appealing to customers who value freshness and sustainability.
A small business owner with limited marketing budget might create engaging content for social media to reach a wider audience organically, instead of relying on expensive advertising campaigns.
A company looking to expand its product line without a large budget might partner with another company to share resources and expertise, leveraging the strengths of each organization to achieve their individual goals.
Being Broke Increases Hustle
Financial limitations can be a great motivator, pushing people to work harder and find ways to make money. The "broke" individual often has a strong drive to succeed and a relentless work ethic, fueled by the desire to improve their financial situation.
This hustle can manifest in several ways, such as taking on extra jobs, learning new skills that can be monetized, and constantly seeking out new opportunities for advancement.
This relentless pursuit of improvement can lead to the development of valuable skills and experiences that would not have been acquired otherwise. Additionally, the "broke" individual often develops a resourceful and adaptable mindset, able to find creative solutions to problems and make the most of limited resources.
Beyond the development of specific skills and experiences, the "hustle" born from financial limitations can also foster important personal qualities such as resilience, grit, and perseverance.
These qualities are essential for overcoming challenges and setbacks, which are inevitable on the road to success. When faced with a difficult situation, the "broke" individual is more likely to find a way to work around it or overcome it altogether, rather than giving up. This can be a valuable asset in any endeavor, not just financial pursuits.
Being Broke Sharpens Focus
Without a lot of extra resources, you have to be very careful about how you spend your time and money. This limited resource environment forces you to prioritize ruthlessly and focus on the most important activities that will lead to your goals. This can help you avoid distractions and stay laser-focused on what truly matters.
Imagine you're a college student with limited income: You have to decide how to allocate your time and money between your studies, a part-time job, social activities, and personal well-being. Having limited resources forces you to make tough choices and prioritize the activities that will have the biggest impact on your academic success and overall well-being. This can help you develop strong time management skills and the ability to stay focused on your long-term goals, even in the face of distractions.
Imagine you're a freelance writer: If you have a lot of money, you might be tempted to take on any writing project that comes your way, even if it's not a good fit for your skills or interests. This could lead you to spread yourself too thin and produce work that is mediocre at best. But if you're broke, you'll have to be more selective about the projects you take on.
This will force you to focus on your strengths and develop a niche expertise, such as writing about a particular industry or topic. This can help you land better-paying clients who are looking for a writer with specific expertise. Additionally, by focusing on a niche, you'll be able to build a strong reputation in that area, which can lead to even more opportunities down the road.
Imagine you want to start a clothing line: If you have a lot of money, you might be tempted to hire a fancy designer and spend a lot on marketing. But if you're broke, you'll have to find more creative ways to get your product out there. This might lead you to come up with a more innovative design, like using upcycled materials or creating a unique dyeing process.
You might also have to get creative with marketing, like using social media to build a following or partnering with other small businesses to cross-promote each other's products. This process of having to be resourceful and creative can lead to the development of a unique and successful brand that you might not have been able to create if you had had more money at the outset.
So, while being broke is certainly not ideal, it can be a powerful motivator and force you to think outside the box.