The Power of Broke

Summary

Most people have problem in starting a business because they don’t have money or good investment to start a business. this is a major problem which most of the people tell me. hence in this video i have shared how you can start a business with money or no investment. actually it is a myth that you can’t start a business/startup if you don’t have money there are many types of alternative ways in which you can start just one thing you need is passion. opm is concept where you can take other people’s money(opm) to start or expand business. angel investors, vc, sharks, crowd funding sites can help alot. but here are 5 main point which you need to understand to be able to start a business with no money

1. Money problems 
2. Product but leader
3. Authenticity speaks
4. Stay hungry
5. Do research

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Key Lessons from “The Power of Broke”

1. The Plan to Success
2. Dealing with Debts

3. Phases Your Brand Needs to Go Through Before It Can Go Global

The Plan to Success

1. Know where you are going: define your goal
2. Research the market
3. Stay passionate
4. Remember that you are the brand. Act like it.
5. Keep pushing yourself forward.

Dealing with Debts

Do not be scared of debts, since debts are not that easy to avoid.

But, when you do turn a profit, resist the urge to put it back in your business. Instead, use it to pay off your debts, so interest rates do not “eat you up.”

Do not let yourself go under because of debt, as many companies do.

Phases Your Brand Needs to Go Through Before It Can Go Global

• Item. Initially, you’ll have no name, no logo, no brand and no marketing. Just a product or service that (hopefully) satisfies a need. How good can you make it without money?

• Label. Once you do give your product a name, customers have something they can remember and ask for. In 1992, Daymond and his four first employees showed up to a trade show they couldn’t even afford the booth at. All five slept in one room, but what they represented was FUBU, not themselves. They managed to collect $300,000 in orders.

• Brand. A logo, a style, a brand presence all eventually follow. But even here you can be creative. In 1997, LL Cool J, who was once Daymond’s neighbor, pulled another marketing stunt for the brand: he wore his FUBU hat in a commercial he recorded for the GAP and even slipped the brand’s meaning into his rap. That helped a lot, and it was free.

• Lifestyle. When your brand reaches this status, people are used to good quality and seeing it around, even treat it like a status symbol. The power of broke still works. Apple made their headphones white so everyone would recognize them and that color didn’t cost a dime more than black.You see, no matter where you are in your journey, the creativity of a broke beginner is always available to you. But chances are that’s exactly what you are, which means it’s time to actually begin.

“The Power of Broke” Quotes

• The easiest thing to sell is truth.
• Told myself it didn’t matter if my ride didn’t turn heads—it only mattered that it turned things around for me.
• It’s gotten to where an entire nation can be energized by the force of a single idea put out into the world in a passionate way through social media—at little or no cost.