Daymond John intimately knows the power of broke. After three failed attempts, the Shark Tank star launched his first business with just $40 and a hope and a prayer. Of course, scoring an endorsement from LL Cool J didn’t hurt either. Not long after the rap legend began wearing John’s hand-sewn clothing line, FUBU (“For Us By Us”) blew up in the mainstream.
The serial entrepreneur, who started young selling pencils he customized with people’s names in grade school, has since launched and invested in dozens of product-based businesses. The Queens, N.Y., native’s latest product is a book titled The Power of Broke: How Empty Pockets, a Tight Budget, and a Hunger for Success Can Become Your Greatest Competitive Advantage (Crown Business, 2016). In it, he shares the secrets to making something from nothing and how to build a business “from broke,” like he successfully did.
We called the multi-millionaire fashion mogul to glean his tips on how to promote your product like a shark. Here are his top seven: