If you have any preconceived notions about what it takes to be a success, Daymond John may give you an enlightened perspective. Starting from the ground up, the bottom, with zero dollars, leverage and experience, he shows you The Power Of Broke.
I have taken his interview on 30 Days of Genius with Chase Jarvis, extracted the information, and used it to answer common questions by readers just like you, who are looking to take their lives to the next level, or at least a different level than the one they are on.
How Do I Get Started When I Have No Money?
You start with no money.
There is a misconception out there that you need money to make money. The truth is, that is completely false. Would it be easier to start with some capital? Maybe, but then you have to deal with a whole separate set of issues. You need to resign to the fact that starting a business is tough. If you don’t have capital, it probably means that you are not experienced. If you are not experienced it means you need experience. When you don’t have money, when you are broke, you still have your mind, your ideas, and most importantly, you still have that box you can think outside of. Never limit yourself because you don’t have what you think you need. Look at what you have and start with that. If you can’t do it with what you have, you probably will not be able to do it with what you don’t have.
Broke is a great place to be.
I know it doesn’t feel like it, but that’s only because you are not in the right mindset.
This is the place where you find your passion. You have goals, you have ideas, and you are ready to work. Focus on the next 6 months, 12 months, and 5 years. It is going to be an all-out grind for you to build this business up. 7 days a week, 365 days a year. This will be your life.
How does that sound?
If it sounds awful you need to take this opportunity to check yourself.
If you aren’t doing something you love it is going to feel like forever until you “make it.” If a year seems like a long time, you know you are not doing something you love. Looking back over my career, it was the times that I was doing something I was truly passionate about where the biggest opportunities came.
If you are focused on the short game, or that one big moment, you are in for a long ride. The moment is rarely “the” moment. You never get to see it, and no one every talks about it, but it is all the work behind the moment, all the preparation that allows whatever that moment is to be “the” moment. You need to be prepared before you can even have a moment.
You have to have humility when you are working your way up. That comes in many forms. For me, I was working at Red Lobster, making minimum wage instead of selling drugs and making bank. I knew it was important how I made my money, and I knew it was important not to jeopardize my future and goals with legal issues. You need to think big picture. Have that vision for tomorrow that will allow you to make good decisions today.
This is one of those areas where having money can be an issue. I can’t tell you how many times I’ve seen a company receive funding and they quit their jobs the next day. How is this a gross error in judgment? They have created a situation where they need to make the money they have been funded, and the money they would have gotten from their day job. If there are multiple people working for the company, those day jobs can account for a significant amount of capital for the year. If they were thinking long term, they would have kept their jobs to offset costs. So many small companies fail because of OVER funding. Don’t quit your day job. Just remember: Red Lobster, humility, vision.
As you get your business going, you need to surround yourself with like-minded people and find mentors. These two groups of people in your personal and business life will do wonders for your success. Surround yourself with knowledge and vision. Bad seeds need to be pulled out. Contrary visions need to be separated. If you can do that, you will have a better chance of looking at your business and success realistically. You will see when you are not hitting the goals and why. That is invaluable.
Always remember to think outside the box, but not too far. If it’s too different people won’t get it. Look at the analytics, understand your audience, and work like you have never worked before.
No money is no problem.
You need money to make money is absolute crap.
You have to visualize your goals. You become what you think about all the time.
Life is a series of mentors.
Fail fast. Learn your mistakes small.
Daymond John Links
The Power Of Broke
Chase Jarvis Links
iTunes Podcast Page