Transcript for Daymond John Preaches 'The Power of Broke'
And we're back with our buddy daymond John from "Shark tank" and runs fubu. In his spare time he wrote a new book called "The power of broke" right here. Welcome back. Thanks for having me. Define "The power of broke." Defining the "The power of broke," it's touching on those things that you have, assets that you don't realize you have because you don't have any capital and have to actually tap into that. Everybody thinks you need money to make money but you don't because 65% of the inc's top richest came from nothing. They were all broke. Including you. Especially me. Especially you and beyond the tank, new episode of "Beyond the tank" takes you back 0 queens where you grew up and started fubu out of your mom's house. Out of my mom's house. I didn't realize I was executing the "The power of broke" until now on "Shark tank" when I see the pose successful people. Look at me. Don't anybody tell you need money to make money. I'm short, african-american, came from the hood -- Nothing wrong with that. I can't design, dyslexic, I can't count, right. But all that didn't stop me from growing my company and doing what I need to do. I took affordable steps. What difference did your mom make. Mom is great. See, a lot of mothers don't realize. They already are entrepreneurs because they're the ultimate start-up. When you have a child there is no blueprint on how you'll raise this child. When your child has an ear infection three types a month you have to go to the emergency room. You don't give your child up for adoption. Maybe Kevin o'leary would but other than that this is the power of broke. You work it out. You were a scrapper and had to get your business going and find ways to get your fashion seen including get it on the back of ll cool J on on the head of ll cool J. Maybe says you need opm. Other people's marketing, manpower or manufacturing and in the book I put Gigi butler who started off as a maid and doing $30 million a year doing cupcakes and Kevin plank, $4 billion annually doing underarmor. They all exercise the power of broke. Advice. Entrepreneur Ellen park's team hit a roadblock. She's wondering what would draymond do. Let's take a look. Toasty time, hoodies with mittens for pockets. We've been making hoodies for adults since 2007 and we are trying to branch out into kids' sizes. But we've been struggling getting noticed on our kickstarter campaign outside our already loyal clientele. What can we do? We're ready for prime toasty time. All right. Well, she's going on Facebook and find the audiences talking about mittens and/hoodies or going skiing, things of that nature and buys $10 of advertise many, ten separate times with ten separate messages and see how many people come back and like ad one, like ad three, like ad four. Your conversion rate, four people like there or 50 people like that one. When she finds out the one she likes the most she makes that ad and spends more money and starts converting her goods and selling her goods. Daymond, that was specific. We have a little surprise for you because not a lot of people know you kept your job at red lobster -- I did. When you were starting out fubu so in honor of that, let's see a surprise today. Where is he coming from? Yeah. There he is, the manager from our local red lobster right here. How are you doing? All right. Bringing some -- Oh, my goodness. Where are the biscuits. The cheddar bay biscuits. We're bringing you the lobster. Thank you so much on behalf of red lobster, want you to congratulate you on your book. Thank you too guys for sacrificing yourself. I appreciate it. Thanks for coming in. Thank you. You're welcome. Thank you, daymond, "The power of broke" is available right now and daymond is on "Shark tank" on Friday at:00 eastern right here on ABC. Congratulations. Coming up we'll see how rob
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