Ep036: Daymond John

Today on the Listing Agent Lifestyle podcast we've got a special treat for you. We have a conversation with Daymond John from Shark Tank, and Daymond is a really a great advocate for using your brain, your ingenuity and your creativity over money. 

Joe Polish and I had a great conversation with Daymond on our I Love Marketing podcast and he is one of these guys who really looks at the power of broke, and I love that framing of it as a superpower.

One of the questions people always asked me is, 'What do you do if you don't have a lot of money to spend on postcards or direct mail campaigns or buying leads? How do you get started?' and I think there's a lot of great insight to that, in this conversation with Daymond. 

I think really fits with what we're talking about on our Listing Agent Lifestyle journey here.


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Transcript: Listing Agent Lifestyle Ep036

Dean: Hey everybody. It's Dean Jackson.

Joe: And Joe Polish and we have a friend and special guest whose going to be joining us on this episode of I Love Marketing and it's Mr. Daymond John who most people know from Shark Tank and Daymond, where you at right now?

Daymond: Hey, what's happening Joe, Dean? I am in New York, Empire States building here and just hanging out. Thank you for having me.

Joe: Yeah. Well, yeah. Great to have you. We've actually put episodes with Daymond John in the past on I Love Marketing and this is going to be a full episode talking about what he's been up to including a new book that he has coming out called the Power of Broke. Typically, I would share a regular bio, but I actually want to read something that is listed on the Amazon page and then we're going to get into some questions with Daymond that will be incredibly helpful and useful to all of our listeners. Let me read this.

Daymond John who has been practicing the power of broke ever since he started selling his home-sewn T-shirts on the streets of Queens with no funding and a $40 budget, Daymond had to come up with an out of the box ways to promote his products. Luckily, desperation breeds innovation, and so, he hatched an idea for a creative campaign that eventually launched the FUBU brand into a $6 billion global phenomena, but it might have not happened if he hadn't started out broke with nothing but a heart full of hope and a ferocious drive to succeed by any means possible.

Here, the FUBU founder and star of ABC's Shark Tank shows that far from being a liability broke can actually be your greatest competitive advantage as an entrepreneur. Why? Because starting a business from broke forces you to think more creatively. It forces you to use your resources more efficiently. It forces you to connect with your customers more authentically and market your ideas more imaginatively.

It forces you to be true to yourself, stay laser-focused on your goals and come up with those innovative solutions required to make a meaningful mark. Drawing from his experiences as an entrepreneur and branding consultant, kick behind the scenes from the set of Shark Tank and stories of dozens of entrepreneurs who have hustled their way to wealth. John shows you how you can leverage the power of broke to phenomenal success.

You'll meet Steve Aoki, the Electronic Dance Musician DJ who managed to parley a series of $100 gigs into becoming a global superstar who has redefined the music industry, Gigi Butler a cleaning lady from Nashville who built a cupcake empire on the back of a family recipe, her maxed out credit cards and a heaping dose of faith, an 11 year old Shark Tank guest Mo Bridges who stitched together a winning clothing line with just his grandmother's sewing machine, a stash of lose fabric and his unique sartorial flair.

When your back is up against the wall, your bank account is empty and creativity and passion are the only resources you can afford, success is your only option. Here, you'll learn how to tap into the power of broke to scrape, hustle and dream your way to the top. I want to actually read this book immediately because what's funny is we haven't read it yet ready because the book hasn't come out yet at the time-

Dean: Right.

Joe: Where we're doing this, so I can't wait to read this book Daymond. Let's get into it and talk about this book and everything else you're up to and just give all of our I Love Marketing listeners some great how to so that they can build and grow their bigger futures.

Daymond: I'm ready man. Thank you for having me because obviously that's what ... You've exercised the power of broke. I know your story quite well, I don't know if everybody else does, but that's the reason why people follow you because they may not have a jillion dollars of a need to know how to empower themselves so you give them the mindset. My mother used to always say, "Being broke is temporary, but poverty of the mind is permanent."

I'm not sure where she got that quote and who told her that, but it's this thinking of that we grew up on because the media has told us many years of what the television show has got. You need money to make money or you need this huge expensive education or you need to know somebody, but I don't believe that's true. If over 50% of the top richest people in the world came from nothing, then that means they were broke.

If it was you need money to make money, then the top 100% of the people in this world, the Forbes 1000 or Inc. 1000, they should have all been rich and remain rich. It's the power of broke, so thank you for having me.

Joe: Absolutely. You said something that remind a lot of that whole saying, "You need money to make money," and, "It's not who you know, it's what you know," that stuff, which to a certain degree we can always point to things where that's helpful, but I can point to a bazillion examples where if you give somebody money that is literally not a strategic thinker going into it really not knowing what they're doing.

What happens is having money becomes a disadvantage because they can be incredibly promiscuous with month especially if it's not their own and I've seen people blow through money and in the process blow through relationships and hurt people along the way. Like you have written here and what I wrote, necessity is the mother of invention and we've all been through that process. Most people that listen to this podcast know my story.

I started out as a dead broke carpet cleaner, living off credit cards, I learn marketing never thinking I would be doing one of the top marketing podcasts in the world or teaching people marketing or writing courses or doing seminars or running Genius Network, I mean I just needed to get jobs and being in that position, literally I was hungry. Given the choice of starving or eating, I wanted to eat, and so, in that position I did certain things and I know Dean has very much a similar story starting out as a broke real estate agent in Canada.

Yeah. I guess Daymond, I want to mention this before I ask you the first question. I just want to mention that I think talking to you because we've done a couple of interviews, you've spoken out Genius Network events, we've become friends, we first met each other in 2012, I came to your office where you're at right now, the Empire State building in New York, which is super cool where you're located.

You have literally sat with probably thousands of people being on Shark Tank, people pitching their ideas, seeing all kinds of excited entrepreneurs and not only listening to their ideas, but directing them, funding what you think is best. You have such a unique perspective that most human beings never have. I think listening to you and reading your latest book because you've written a couple of books in the past, Display of Power, The Brand Within.

I think its super cool that you have written The Power of Broke and/or taking this whole mindset and sharing with other people because there's very few people that have the business knowledge that you have. Having said that, what is the big idea concept and message behind the book and that you're conveying in the book?

Daymond: Yeah. The big idea and the message is so first of all, in this book is not just myself, I basically interview and tell the story of various different people in all different walks of life. For those who may think The Power of Broke is my rise to what we may call success or the fact that I have secret sauce is not. I interview people such as Mark Burnett, the same reality producer, Steve Aoki as you said, the EDM DJ, Kevin Plank from Under Armor.

The man is probably his business is going to do $3 or $4 billion this year and he took on or he's felt comfortably taking on Nike, Adidas, Rebook when they said that nobody who come into this market and do such ... Think of it such as that. Rob Dyrdek, the skateboard or who now has a lot of intellectual properties and shows on television.

The concept of the book is the fact that you look at all these people and many more and in various different fields of expertise and they've all risen through the top through exercising a certain amount of strategies and disciplines and you'll find that they all will have basically the same different concepts and disciplines, they just took different paths to get to where they are. I don't want to just make it a, "You can win," type of story, so at the end of every chapter I clearly leave things for people to learn from it.

The end of the entire book, I try to give everybody a breakdown on step-by-step what needs to happen, the exact precise steps you need to take to go out there and kick this mindset and acquire this mindset. Also, what I try to do in there is this is not just for people who may not have resources. This is for the people out there who are now running a successful company or moving on to successful companies because those are the people that remain successful.

I made my biggest and most costly mistakes once I had millions of dollars and 200 employees working for me the money to spend on advertising and marketing and those were the times where I made the most crippling mistakes. This is for the people out there who want to get somewhere and these are for the ... This is for the people out there who also are operating their business and they're in this new digital space, so this place and time where things are changing so fast that they need to go back to the fundamentals and remind them what got them here.

Joe: Well, that-

Dean: For me-

Joe: No, go ahead.

Dean: Daymond, your mom said being broke is temporary and it struck me that having ... For people who are coming from that position where being broke is temporary and thinking often that if I just had money, that would solve my problems, but it seems like for those people we've seen it so many times that if you get money without having solved the problem that got you in the broke situation in the first place, having money is a temporary situation too.

Daymond: Having money, that's really a temporary situation. Yeah.

Dean: The thoughts that go you to that didn't ... That kept you from the money are the ones that are going to make you lose it too.

Daymond: Yeah. I mean let's look at a problem example. A kid goes to school for a period of time and they teach him how to read every single playbook in the world. He is the best physical specimen that you can ever have because he is in the gym every single day and then all of a sudden, he's 20 years old getting $2 million checks every month. His career, has a good fair amount of time, let's say 10 years he goes through after a hundred and something million dollars, three years outside the league he is filing bankruptcy.

Now, you may think this is a onetime situation, but this is over 70% of professional athletes are physically broke three years outside of a league. Now, why is that? Because it's not that the kid intentionally took a shortcut in life, but he went from being the best physical specimen in his life, he's not a person who manage money.

They go out there and they spend their money because they never made mistakes that they can recover from because their job was to catch a ball or was throw a ball or do whatever they did and because they don't have a life of financial intelligence, because they think money can cure it all, they go out and spend it. Once they spend it they can't recover from it.

I mean we've seen this in a lot of winners, we've seen it with kids who are athletes. We see it in our personal life. If you ever go out there and you are a guy or a girl and you go out there and start a relationship, let's say I'm a guy and I love this beautiful lady and the day I meet her, I take her shopping and after that we all go to find restaurants and I buy her clothes all the time and things of that nature. When the money is gone in a year, do you think she still will be there? I doubt it.

The relationship was built off of money. It wasn't built off of trust, effort, energy, failure, setbacks, things of that nature, the same thing with the woman. You go and meet a guy and every day you're in six inch heels and your makeup is great and all that stuff and that goes on for six months until the day that you end up unfortunately being sick because you're human and you're not looking that great and a lot of things are going on, he's going, "Hey, where's all that stuff you had around you, all that shiny stuff?"

It's really about no shortcuts. It's about just there's nothing in life that I believe that money can actually buy for you because of ... Because it's going to make you better. I believe money is an afterthought and I know that because I've experienced it.

Joe: There then though, that's very interesting. I mean and true. What you said in the beginning is saying of all the different that are interviewed and profiled in the book. What they have in common is the same concepts and discipline and that you teach people not only how to acquire the mindset, but how to keep the mindset and doing it on a regular basis, which is why what you're basically teaching people in the book is how to not only become successful, but remain successful.

I also like that you mentioned that you made your most, you used the word crippling mistakes after you had money because once you can raise up really high and financially, it can prop you to a certain place, but there is a huge difference between making money and managing money and anyone that has been in business for a long period of time learns that. Most people don't learn it in advance. They usually learn it by very painful, painful ways.

What I wanted to ask you about that is how would define the way that you described mindset? To Daymond John, what does mindset mean and why is it so important?

Daymond: Yeah. Great question. The Power of Broke mindset is this. Number one, when you look at a project or you look at a way or direction you want to go on business, you have to really come up with a formula, three things that I've highlighted. Number one, is there a passion about this product that and/or a company or a brand that you have? Are you doing it because you have a true love of need? You see a need in the market, you want to change somebody's life, are you doing it because you want to make money?

Now, once you understand that you're doing it for a passion, you highlighted the purpose and the passion, then you start to do your homework on what do I need to surround myself with to get this out to market or to people, the vehicle? What are my assets? Because of course your assets feed you and liability to eat you. Now, your assets don't have to be physical things. Your assets could be the way you think, where you live, the people around you, the education you take, the education you don't want to take.

Your liabilities can be the same thing. The fact that you have the wrong people around you advising you, the fact that you think you can buy this education by saying, "You know what? I want to learn online marketing, so let me go and hire online marketing company." Don't hire an online marketing company. Start to learn the process yourself because even if it works, what did that person do to get it out there and if it doesn't work you're already a step back and you don't know how to recover.

Then the third and most important besides all of that is the product and/or the thing that you're going to go to market and how you're going to Z instead of sagging when everybody else is. You're going to think outside the market. You're not going to go and put yourself into the one space where everybody is at. We all know blue ocean strategies or any of those things that show you. Don't go into a crowded space because I don't care how much money you have, you cannot compete with the big boys who will drown you. You have to create a following and how you're going to do that.

Those are the couple of things that you're going to need to do to exercise the power of broke, but more importantly an entrepreneur's mindset is this. They take affordable steps, they learn and then they repeat and they keep doing that until they get to be perfect in what they're doing and that's-

Dean: I love that. That's really-

Joe: Go ahead Dean.

Dean: Go ahead Joe.

Joe: No, I was just going to say Dean-

Dean: Those words affordable steps, that I've never heard it put like that before, but I often see people come and they've got a product or a service that could serve by such a huge market, but they don't have the capacity to go out to that whole market right now and often advise them to pick a local ... Pick a market where they can have an impact or they can afford to, to start because if they're going to cure all of the problem that their product does in the world they can certainly start with all the people in Winter Haven, Florida that have that problem and that makes it much more affordable for people. Very interesting, yeah.

Daymond: Absolutely. We see and why is it easier now than ever before because when I started, I went after the people that I could approach and those are the local kids in the community. I started to get their feedback and those were the kids in Queens. Queens, New York, I kept dressing as many as I could and then kids from Brooklyn will come and say, "Let me buy a shirt. Hey, I'm the FUBU guy or the FUBU girl in Brooklyn," and then the FUBU people, you know where people will come from?

Maryland and DC and I started to create this army that I couldn't have paid for because they started to speak for me and then it started to blossom, but I worked on those people just from the kids in Queens. Now, people always say, "Well, how did you get LL Cool J?" He lived in the neighborhood. I didn't know him that well, but if I would have just went up and knock on LL's door, he would have thrown me down the stairs, but when I went up to ... By the time I went up to him, 50 people in Queens said, "My God, you got to see this guy."

Dean: Yeah.

Daymond: This is the truth and LL Cool J was more like, "Well, you know what? I'm a rapper and I speak about all the shit things and the hip thing in the rap always right around the corner for me so it's a win-win for me because now, there's a community cosigning on me." At that time truthfully, you would have gave me a million dollars, I wouldn't address anybody in the world. I would have went over to LL Cool J's house and I would have gave him a million dollars to do a commercial and would have been one commercial.

Those other 50 people or 500 people wouldn't have been out there speaking. LL would've taken the money. He would've done one commercial and then that would've been it. He wouldn't have ever wore it again and I still would've been broke.

Dean: Yeah. There you go. That was the whole thing about money. Yeah. It would've been an external motivation. That's the whole ... That's really pretty cool because you had to build something. The reason that FUBU it seems in the story really took off is because it was growing from people's internal passion for it, not because you spent a lot of money on a marketing program to get the brand out there.

Daymond: One hundred percent, I mean you will get to the point the business will call you and you may get to a point where you are ready for invest to this financial and potential things that isn't sure, but if you don't create the following or you don't create this drive, you are basically putting this thing on steroids, it's superficial high.

Whether you're a kid in Harvard who wants to put a couple of people in Harvard on this one platform called Facebook, you just want a couple of friends and then they slowly move into Ivy League and then you move into whatever the case is and now you got 1.2 billion friends. You started off with a desire to put just all these kids at Harvard on your Facebook.

Dean: Yeah.

Joe: Yeah. You know what?

Dean: There're so many examples of that too.

Joe: Yeah. What I was going to say Daymond, one of the main things that we teach on I Love Marketing is maybe you've heard me talk about this, but we have a report that is a free report on I Love Marketing. It's called Breakthrough DNA and basically doesn't sell anything. It's literally just the 8-Proift Activators that me and Dean talked about on the episodes of I Love Marketing and it's all built around this model that Dean created called the Before, During and After.

We look at all businesses as having three different units, the before unit, which is what you to generate a lead, a customer, a prospect and once you start interacting with the person there's the during unit. What do you do during the interaction? If you're like a real estate agent and someone's ... You're doing a tour of a home, during unit and then after somebody buys something from you and it gives you money, then they're in the after unit. How do you develop or repeat business orchestrate referrals?

There're three stages of every business, the before, during and after unit and the very first profit activator is select a single target market. Very similar to what you were saying of how you started FUBU and how you targeted something, layering on this mindset of the power of broke into this thinking totally fits extremely well. What I'd like you to talk about Dean for all of our listeners is how would you take the methodology of before, during and after and the 8-Profit Activators and layered it on what Daymond is talking about right now because I see it fitting?

Dean: That's what I was fascinated when Daymond was saying like starting out to do what you can't of those words affordable steps because you can't afford to start a national or international fashion even though that's what some people think they really want to do and that if I just had money I could do that, but what Daymond was saying is starting with what he could do right there in his neighborhood in Queens.

If you're going to be the coolest fashion brand in the world, you got to be the coolest fashion brand in Queens first.

Joe: Right.

Dean: If you're going to be Oprah Winfrey, you're going to be the biggest TV show and star in the world you go to start by being the biggest TV show in Chicago.

Daymond: You know what industry practiced the power of broke for a long, long time? The record industry because as we all know, Bruce Springsteen is from New Jersey, Billy Joel from Long Island, Biggie Smalls is from Brooklyn and wherever it is, but if you couldn't become an artist and be a superstar in your account, don't even try to talk to the record label because the record label wanted to know that your asset test was the fact that the people right next door to you, the place where you live if they want to scream and shout over who you are and then that would go on to an artist and that would follow that artist the history of their career.

There's Bob Marley from Jamaica or anybody else, they always talked about their local and their hometowns because they want ... If you're not a hometown hero then why should I expect you any place else?

Dean: Yeah. That's fascinating. Thanks for sharing that because that gave me a new distinction, affordable steps that just layers on top of our concept of choosing a target market that you can dominate. It's easier to dominate Queens than it is to dominate all of the United States.

Daymond: All right, but and then as you guys obviously ... When he put it the three stages, when you get to the second stage you're actually within the business. I mean what do you think is better when you go out there and you can pay all these individuals and you start paying people because you don't think you need to learn anymore? I think the power of broke mentality is more needed then because you want to see who on your team passes the asset test, who cracks under pressure, who jumped ship, who takes advantage of you or who has your back, who is the problem solver or who is the problem starter?

Tough times reveal your team's character, but if you go out there and say, "Guys, make many mistakes you want, I have more money, I have more money, let's buy this, let's buy this, let's buy this." Your team honestly to tell you the truth, business is all very simple. It's sell more or reduce your cost, right? All of our employees are somebody who was a salesperson and customer service. That's who everybody is, but an employee's number one job, you know who they're number one job is to sell, the number one target? The boss, you.

Employees and I are going to go there and tell you, "You know what? Give me less money because I think we should make this a certain..." They're not going to say it. They're going to say, "Give me more money or blame sales over there, or blame marketing, blame design." No, no, no. Start with you, how did you solve this problem? How are you going to solve the problem? Yes, we're going to have setbacks. No problem, but how are going to solve this problem and money a lot of times can and will camouflage mistakes and players on your team.

Joe: Totally.

Dean: Robert Rodriguez, the filmmaker Robert Rodriguez.

Daymond: Yeah.

Dean: He did ... He made a movie. His first movie El Mariachi made for $7,500 by ... He raised the money by checking into a research hospital and doing some tests and stuff on them and he took the money and made his first movie and took that out to Hollywood, but this whole idea he's a big proponent of this thinking broke like that, like you got a way you can ... He'll say you can solve a problem two ways. You could solve it with money, just put the money hose on it, or you can solve it with creativity. It's always better to solve the problem with creative and less expensive, that's really interesting.

Joe: Yeah. Yeah. The question is why do you think the power of broke works so well increase creativity and innovation compared to having large sums of money to work with? I mean you've already spoken to that, but I'd like you to maybe go deeper with it because I think the biggest thing is there's probably a lot of people that are listening that are like, "Wow, I've never really heard it this way. I think I need to go invest and get investor's money and I need to get partners and stuff." What you're really saying is you just like literally need to learn what to do first before you just start going out and using money or the concept of it as a crotch.

Daymond: Yeah. Correct. I think that there are several reasons why it's invaluable to exercise the power of broke first. First of all, when you don't have any money you don't have any choice. You have to put your back up against the wall and you're going to have to get it done. Now, the power of broke brings out your own character first.

Number one, are you really passionate about what you're doing? If you don't have any money and you can't foresee money ever happening. Why are you still doing it? I think it's because you really love it. I ran out of money three separate times with FUBU so I closed it down from '89 to '92, three separate times, I ran out of only though $2,000, $3,000, but I couldn't get that thing off my mind.

Every time I saw somebody out there wearing one shirt that I sold them, it was ... It brought me the greatest joy and I would address people for the rest of my life for free. That insight came purely because of the power of broke, because the business we generally get, it was gone. Why go back into it? It's almost like visiting an old boyfriend or girlfriend. There's nothing there, but I couldn't get it off my mind. I was obsessed.

One thing it does is it makes you really decide if this is for you and where you want to go because you can't ... You just can't even sleep at night without thinking about this area. Number one and number two is you make your mistakes small. A funny thing is Mike Tyson, I love the use of quote. He always used to say everybody has a plan, until they get in the ring and they get punched in the face.

We have our $50,000 loan that we took from the bank and we know $10,000 is to build this, $10,000 is to operate the store, $10,000 is for staff, $10,000 is for inventory, we got it all planned out. We allocated the $50,000 to a tea and it's the only sell X amount of dollars, no problem like there's not going to be gas shortages, competition, inventory that came in, messed up, a kid who is stealing half of your stuff or recession.

If we only sell this amount we will no problem be millionaires within six months. That's your plan, but the reality is life is going to punch you in the face. Now, if you operate a business with $2,000, $4,000 and you get a couple of jobs in the face, you're okay by the time you get to that point where you're doing big business. Your face was a punching bag, but what you did was you learned what not to do. You're not the person who comes in the ring who didn't fight a bunch ... Didn't fight at all and then Mike Tyson punches you in the face, then you have a problem.

It gives you this rejection muscle that you start to understand that you're not making your mistakes big. You're making them small and you learn from those little mistakes because the day you want to take out the $50,000, $100,000, $200,000 loan, you don't want to make those mistakes because you won't recover from them. I was able to recover from a $2,000 bill on my credit card, but if I would have taken out that $100,000 that I ended up taking seven years later, if I would have taken that out I would have ruined my credit, I would have ruin my reputation with my friends and I would've had absolutely no business.

That's what it makes you do. It makes think outside the box and learn these mistakes. Those are two most valuable things that it really does for you and it also helps you create a team of likeminded people that are not getting paid to be yes-men and yes-women. They're coming around because they believe in something. You have something that they believe in.

Joe: What you just said there, that last part is I want to highlight that because it is so critical and when you get to a certain level of status or fame or financial success, you end up attracting people that want to ride that wave, but when there is no wave then you're dealing with reality because a lot of it is a fantasy land and if you're one of those individuals that just comes right and it goes back to lottery winners.

I mean the average lottery winner that wins millions of dollars within a two year period statistically not only has lost all the money, but is deeper in debt than they were before they won the lottery because money to somebody that has not developed either the skills or strategy in order to acquire it, doesn't know what they hell they're doing. They not only lose it all, but they blow up and leave shrapnel everywhere. They hurt people in the process.

Daymond: Exactly.

Joe: Not intentionally and they attract all kinds of people. What was that story about the guy that won the lottery? He won ... Man, I mean we can find it online, but he won millions of dollars and what he ended up doing is he really started, "Okay, what's going to happen tomorrow when I now have all of this money? He ended up calling a bunch of relatives and friends and asked them if he could have like a $10,000 loan. Before any of them knew he won this money and most of the people said no and a couple said yes.

At that point, once he cashed in the lottery ticket he knew that once everyone was going to try to hit him up he knew the people that really would have been there for him had he been in that position and he literally protected himself from the onslaught of hanger-on's that would immediately come on to play, but it's an interesting illustration to what you said about all the yes-people.

I mean the type of people that come into my world today and the Facebook messages that I get every day, would you fund this, will you support this, will you do that? It's just like man, what do you do with it all in the power of broke mindset-

Dean: Got our own little shark tank going over here.

Joe: Yeah. It's a great insulator from that level of nonsense that comes into your life and keeps things-

Daymond: I think insulator in a couple of different ways. You also like you've just said there're so many people out there who will all of a sudden be your friend, but even when you want to invest in people I know Joe and I know Dean, you guys are the same way and especially when I'm on Shark I get the same thing. When somebody wants to invest in their business and I see that they won't even do the things that I would because I went through it, I got punched in my face a bunch of times.

If I see they don't even want to do that, I immediately shut off because I know what I have been through to get where I am today and I can highlight another people and they better be people who are problem solvers, they work harder than me, they are in the office in the beginning of the day, they're at the office at the end and they're constantly doing their homework and researching. You start to be able to highlight other people and other people who have the same way of thinking as you or the people who are great strategic partners, great partners and you start to highlight the other people you want to be around.

I have to bring this other part up that we get the people who are yessers and all those type of people, yes-men and yes-women. The con men and the con women in this world, they're working twice as hard to get your money than as you are to make it. You're not going to even see them coming, the ones who actually have bad intentions.

Joe: Right. That's interesting. Yeah. There's so much to be said in the lessons here. I want to ask you this question because what you just said makes me think about it. With the power of broke mindset, how do you say yes and how do you say no?

Meaning what do you say yes to, what do you say no to because in your particular situation Daymond being on Shark Tank, you're constantly having people that are pitching and they're wanting to present their idea and they want you to fund their existing business or their dream in looking to you or one of the other sharks to help make it a reality and you're a guy who has more opportunities thrown at probably by 8 am every day than most people get in their entire lifetime. How would you develop the filtering mechanism of when to yes and when to say no to and how does the book teach people how to make decisions?

Daymond: Great. Let's look at the decision I have to make when somebody stands up in front of me. I have to look at and I have to tap into my power of broke and go let me look at the formula here. Number one, has this person failed more than they succeeded? What did they learn from those failures? Number one, that they will never take no for an answer and no as an absolute maybe.

Number two is that they fail so various different times, so if there were 10 courses or 10 roads to go down, they know these eight aren't the roads to go down because they've already tried and they have failed it. They know these two are the magic roads that something is going to happen there. Number three, did they have the discipline and did they have the courage to keep moving on either.

That's about the person itself. Then, I look at the business model or the idea, whatever the case may be. Is it scalable because when I look at all these businesses that I have, if I don't see a scalability in it and if you're operating in the power of broke, it's just like that.

If you're trying to serve as a segment of a market of another market of another market and you have to be seven steps away from the money, you have to create something to then sell it to somebody to hopefully get it to somebody else to hopefully get it to somebody else, until you know there's only 500 customers around the world unless you're selling something for $10 billion, you probably won't be successful, let's look at the scalability of the company.

Then finally, where is the proof of concept? Don't give me an idea. I need to know that you went out there and you made some form of sales. What can sales be? Sales can be you have an item for a dollar and you go outside and you sold 50 of them in 30 minutes. That's huge to me or it can be you create a video in your iPhone asking people do they like this or something stupid and you got 10 million views or you know what, 100,000 views or you up certain Twitter account and you're a mompreneur and you're sharing with mothers are the stories, but you have 5,000, 10,000 people that religiously supports you.

Proof of concept doesn't have to be you sold a million dollars tomorrow. Those are my levels of how I look at a person that's pitching me. Then, the final decision I have to make is in myself, do I love this product and/or feel that there's a need for it? Will I be excited about it and work on every day and will I do my homework on this because I know it needs to be out in the market?

When I see all those things, that's when I go this is something for me and even then, it's a small chance of it being a success and I know that, but I'm happy to take that route with that person.

Joe: No, I love it. I love it. Some of the things, we got a week and spend an hour in each one of these subjects, is it scalable, have I gone through the roads before the proof of concept and will I work on it every day? When you encounter all these different ideas and all these different entrepreneurs, do you bet on the jockey versus betting on the horse or how do you think about that, the idea versus the person behind the idea? Just to be open, I always think of it's the individual behind the product, the service, the idea of the concept than it is the thing. I mean what are your thoughts about it?

Daymond: Yeah. By far, the jockey I bet on, that's why I said the first thing I look for is the person because every business we're not going to be successful or get an A on our report card and the worst scenario was the fact that me and this person will create a relationship, we're going to do something else or that this business that we have tried and/or hoped to be the best at is just opening to something big, something huge. When you have a partner or you're investing on somebody, it is like a marriage.

You may talk to this person especially if you have the same office, eight hours a days for 200 and some days or a year, you're probably with them more than with your family. You have to know that you're ready to invest in this person and this person has your back. Having the power of broke, you don't just hire people because when I pick the people that were around at first, they took me as well, it was purely because we had a mindset and a way and a common goal in mind and we all agreed and we all worked as a team.

Joe: Right.

Dean: That's so funny because I've seen you on Shark Tank even walk away from or go out on a deal or even though it may have been a good deal, the person you've even said it, just like, that would drive me crazy to deal with that person. You just made the decision to go out just because you don't want to take their call every day.

Daymond: It's like who operate for the power of broke every day and they don't realize, well, many who operates the power of broke every single day, parents, mothers. Mothers to me are the ultimate entrepreneur. I don't care how many children books you read and how many shrinks you go to and who gives you advice. When you have a baby and we all have children, a lot of us have children out there, there's no blueprint to how you're going to raise this child in the course that life is going to present you, but we have to figure it out.

Yeah. Okay. Maybe you are a parent who hires a bunch of nannies in grade school, you're flying around on a private jet. When you come back, those are that over 60% of the kids that had money that now don't have it and they're no longer on the Forbes 1000 because they ... You didn't go to the power of broke, you didn't do it every single day, personal care, affordable steps, learn and then act and then repeat.

Moms and mompreneurs, they are the ultimate startup. They operate the power of broke every single day. It's the say with your business. Your business is like your baby. Your child, they go to the ear doctor or the emergency room three times a month because they have earache at 4:00 in the morning. You don't give the child up for adoption, or Kevin at least probably would, but most of us wouldn't give the child up for adoption. You figure it out and that's what a business is, that's what the power of broke is if we had to just put it in a simple way.

Joe: No, that's a great point though. I mean I love that analogy. How do you deal with or transform setbacks and failures into growth and success? I imagine the book is filled with that and I'd like to hear your perspective on it.

Daymond: Yeah. When you learn a lesson and you have to go back and sit and analyze what happens, it's like in the ... I guess you guys know all too well, the copy game. You put in together 10 different ads with the same objective in mind and back in the days, you just put them on newspapers, but maybe today we're putting them out on Facebook, Instagram and all social media and you are learning why this copy is working better than the next.

When I went out with the shirt, I would sell someone on kiosk, I would sell someone standing on the corner, I would go to video sets and sell some, I would go to a club and sell some and I would change the logo, change the names or how to do it, the colors and the sizes and then I will start to learn where my customers were, what they wanted and I was about to cut out, so we know business is 80-20, but then your cost was 80% of your business and I decided to cut the fat out, cut where I was wasting time.

When you start to do that you start to put yourself and put your business in various categories and so you put it in your marketing. You put it on brand and you put it in sales, you put it in distribution, product design, financing, and things of that nature and then you start to scratch out what isn't working and that's in the book. How you start to scratch out what isn't working and you start to come up with the best practices for your business and everybody is not the same because there're so many different markets.

There's a super luxury market. There's a regular market. There is the economy market and there're so many different markets out there that you have to especially what works best for you.

Joe: Yeah. What are a few actionable specific steps or habits that a business person an entrepreneur listening to this can take action on now to grow to innovate and to make money?

Daymond: Okay. Well, a couple would be number one, what is your ... Can you put yourself in two to five words in your objective? Put yourself first of all in two to five words. Apple think different, Nike just do it, FUBU, for us by us, like hustle what you crave, whatever the case may be because you have to understand personally who you want. You have to be very honest with yourself and why you are in business, what do you want to accomplish out of it?

Because when you walk into a room or when you're on social media, if you don't understand what your two to five words are or what they stand for, then you leave it up to everybody else to interpret. They're your mission statement then put your mission statement in regards to your company. The next thing is you're going to then start to write down a set of goals.

Timeline, what you want to hit and how you're going to go about it and what are you going to do to repay those goals and acknowledge it because if you have a bunch of goals and markers that you're going to hit and there is no reward or there is no way to repay it, you're never going to be satisfied.

Then who is your team? Are they likeminded people? Now, you have two different level people in your team. You have number one, there should be a mentor you should have. Go find a mentor, a local mentor, somebody has no interest in your business at all, also no matter what, it's a two way street. What are you doing for the mentor for the mentor to mentor you? Because somebody who's operating a small business in a community for the last 20 years, they still went through competition, gas shortages, recession, everything.

It takes the same mindset to run that business as it does to run apples. You need to go find a mentor and what are you doing for the mentor? Okay. The mentor has money, maybe you're not giving money to the mentor. Maybe the mentor loves to say that in most slogans, go say you're going to spend four hours at a dog pound every single week to show your appreciation for the mentor and then the other part of the team is the likeminded team members around you and you guys have a common goal.

Then you're going to look at your assets and your liabilities in regards to your resources. What are your resources? What do you have in front of you? Are you a great looking guy that has a good humor or do you know a bunch of people who are part of a community? Are you somebody who is a great designer? Are you a great people person? Are you great in mathematics and strategic? You start to look at that and then you look at your liabilities and then you look at the product.

What do we have? Because how are you going to get this? How are you going to create a communication around those product that people are going to gravitate towards and how are you going to find these communities and then you start going out to the communities and I think that I have it ... I think I have 10 steps in the book, but those are approximately six of them.

Joe: No. That's great. That's fantastic. Dean, I've got more questions, but I want to give you an opportunity because I know you probably have.

Dean: I mean we could just talk forever, but the interesting thing. I was thinking about the assets, what you were saying there. One of the assets that people can really have is the proof of concept idea that they actually can show that it works on a small scale. I mean even the smallest scale I think that's really, you've amplified that for me here today and either you realize if something is going to work on a big scale, it's going to work on a small scale too. I'm treating that as the asset.

You were talking about the idea of making mistakes when you had money that some of the biggest mistakes that you've made were them. What are some of the things that you're talking about there, some of the traps that we can fall into by having as a broke mindset?

Daymond: One hundred percent. We got to a certain point where we had several brands underneath the FUBU umbrella, many clothing brands and we want to diversify our portfolio. We saw that there was a company named Heatherette, these are two amazing designers. Two guys that were making things for women and they were the talk of the town when 7th on 6, the big fashion show fashion week in New York came around. Everybody would model their clothes for free, Naomi Campbell, Tyra Banks, Kimora Lee Simmons, they would have these huge holes where they would their fashion.

It's something like a Cyndi Lauper would, it's like the face, the type of angle and these two guys were brilliant. I looked at this and I said, "You know what? Marketing and branding is like a black hole when it comes to anything." You don't know where to spend the money necessarily, but you know what? These guys are all over the newspaper, the television show. Naomi Campbell who would charge normally $100,000, $150,000 to walk the runway walks for free.

I said so let me look at this as being 25% to 30% my initial startup in this company is free, nothing, no cost. We go and acquire the company. Now, we bring the two guys in. I've never really created women's fashion or really good at men's fashion. Anytime we created women's fashion it was a licensed product out to another company that understood women's fashion. We go there and we find out now that because we're back in, the fashion show was $250,000 each one and there's two a year.

Why? Because we couldn't go with FUBU to the head of the fashion industry and say, "We need a break," but these guys, people love them so much that prior to coming with us, they gave them everything for free because they were the sizzle and the buzz. Now, that cost money. Now, we want the guys to go and promote so let's hire a staff. We hire people who have been in the fashion industry for years, but they're a little more mature, they're not millennials and they start running the company.

Then, we do a little bit of advertising, B2B advertising. What happens after three years of fashion show, the $250,000 a pop two times a year, so right there you have $1 million being spent, you have another million and a half in the inventory, you have probably after three years another million or half in payroll, what we realized after that was this. Those guys who designed it, Richie Rich and Traver Rains, they are amazing costume designers.

They can coat a woman like Tyra Banks, they can take her behind the screen at a fashion show and they can hand craft something and then put this beautiful hat on her head and spray paint her and put all this glitz and make her walk down the fashion show, fashion runway, but nobody wants to buy that in the store. You need to make ready to wear clothes in the store, but that's not their level of expertise, right?

Dean: Yeah.

Daymond: Now, you have them and they never said they were experts at that, but what did we do? Because I don't know how to sew women's clothes and I never took some time or rolled up my sleeve and went into their office, the other individuals who were running the company for us, they really didn't know what millennials like. These people were great at making maybe denim but not dresses, but we had these high priced salaries and before you know it, I'm out of $6 million and it hurt.

Dean: Yeah.

Daymond: I don't care what level you're at, spending $6 million and more importantly spending three years of my life was probably the biggest loss because if I look at that and I was starting something else new, I could have probably been more profitable.

It's almost like getting a fine artist to make a cartoon strip, somebody who the sculpture or they make beautiful painting and say, "Hey, make me a comic book," and they go, "That's not what I do," but we tried to force that square peg into a round hole when we bought Heatherette because I didn't roll up my sleeves and go in there and sit in the business and go, "This is wrong, This is right. This wrong, this is right." I thought I was paying everybody, $6 million later, it's gone.

Joe: Wow. Yeah. That's wild.

Dean: Thanks for sharing that because that's something I think even on at any level, people can relate to that, very cool.

Daymond: Absolutely. I don't know how cool that is, but you know what-

Dean: No, I mean some lesson, yehey.

Daymond: No, no, not great that you've learned out of that.

Joe: How cool is that?

Dean: You lost $6 million-

Daymond: Let's celebrate.

Dean: Yeah.

Daymond: Well, I learned my lesson and at the end of the day I learned my lesson and I don't do that anymore. I will start off any company if it's not an acquisition, I will start off a company at my level. I will start it off with $5,000, $10,000. I will not go out and do that again.

Dean: Right.

Joe: Here is one of the things because I've thought a lot. I mean we've all be asked what's the secret of success and how do you do this and how do you that? People are trying to learn all kinds of stuff all the time and I think unlearning is far more important than learning in many cases and I think your not-to-do list is more important than your to-do list. I have a lot of opinions and a lot of philosophies and a lot of strategies and things that I utilize in my business in my personal life that came through a lot of effort.

One of the things that I believe is the very best thing that I did early on when I was a dead broke carpet cleaner, I went $30,000 in debt on credit cards and I really didn't know what the hell I was doing in the beginning, but I remember quote from Anthony Greenback in The Book of Survival where he said and I'm not going to get it exactly right because I'm doing it off the top of my head. He said, "In order to get through an impossible situation, you don't need the mind of an Einstein, the reflexes of a grand prix driver or the muscles of a Hercules. You simply need to know what to do."

When you learn what to do and know how to do it, you can get through insane situations. When I didn't have money, what I did have was hunger and a desire to actually learn what to do and when someone takes their life experience and puts it into a book, or puts it into a conversation and they start directing other entrepreneurs and they start teaching other people, people really would be well-served to pay attention because I mean you'd take your book. What is the retail of this book?

Let me go to Amazon right now and even see what Amazon is selling for. You can get the Kindle version if you preorder it for $13.99 or you can get the hard cover for $17.79 and this is like how many years you've been in business Daymond?

Daymond: I've probably been in business now 30 years.

Joe: Thirty years and out of all of your brands and everything, how many billions of dollars has just your own companies generate?

Daymond: Retail-wise, I would say now probably eight, $8 billion.

Joe: Eight billion and out of the ... How many years you've been on Shark Tank?

Daymond: I've been in Shark Tank seven years, going on seven.

Joe: Seven years and you have literally advised, funded, directed just millions of people in business and have created numerous success stories and you profiled some amazing people in this book and they can literally get this book for next to nothing. It's not about buying a book. Everyone that's listening to this, you should immediately go and preorder the book, The Power of Broke and if you're listening to this episode after it's already come out, you should buy the book.

I mean that's obviously a given and I mean if someone is not willing to do that, this is idiotic thinking. I mean like why wouldn't do that? The bigger thing though is the person that actually understands the importance of why you would do that and why you want to get a roadmap of someone that has had enormous successes and has gone through a lot of failure and has learned lessons and has laid it out and has taken the time to document this and create a blueprint.

That's one thing is one, read the book and get the book. The second thing is a lot of people that listen to I Love Marketing are authors and they're speakers and they're coaches or they want to be in that business. What me and Dean have always done is we're like, "Some of the best times to actually learn marketing is to watch someone when they're right in the middle of launching a business or a campaign."

Here you are, you got the book The Power of Broke and we're doing this podcast interview with you before it comes out, which means that you're a smart marketer. You work with our dear friend Jay Abraham who we've interviewed on I Love Marketing and I've known Jay for many years. He's an amazing guy and I know you and Jay are really great friends and I've talked with Jay about the campaign and everything that you're doing and I want to recommend to all of our I Love Marketing listeners that if you actually want to learn a lot about not only reading the book, but Daymond is in the midst of launching this book.

You should go watch what he's doing because I'm at the site right now, which is the powerofbroke.com and when you go there, you literally can see what it is you're doing and I'd like you to talk about some of the ways that you're positioning this right now because people literally can get all kinds of stuff if they preorder the book. If they buy five books or if they buy 25 books or 50 books, I mean there're all series of things and I like to actually talk about this because some of the people listening would probably want to get a copy of this book for anyone that is an entrepreneurial friend or family member or someone that they're like, "Wow."

I know I'm sure everyone listening could think of someone that would probably be well-served to read this book that's either starting a business or in business, and so, I wanted to talk about some of the marketing stuff that you're doing to mark it the book The Power of Broke since we're on I Love Marketing and a lot of people listen to this because they want to actually know how to market books and they want to know how to get their message out and you're in the midst of doing that.

What are some of the ... Like to go backstage, what are some of the campaigns that you're actually doing right now and you're offering people that want to support The Power of Broke?

Daymond: I think that was a really good point that you brought up. Of course, we want to sell books, but I want to be very honest about it. Authors have offered me 10 times the amount ... I mean publishers have offered me 10 times the amount of money to talk about my history with the Kardashians, Pitbull, Glitz Glamour and things of that I guess the public rather see and I at no point was interested because the books that I want to write really are the ones to empower everyday people and I start to answer the most commonly asked questions of the thousands of people I met whether through Shark Tank or whether in my private life.

The reason I put the book together is because if it changes one or two people and the next person that read this books becomes the next Dean or Joe Polish or Daymond John, I don't even want you to be me. Become the next Steve Jobs. I think that we will hopefully do our jobs as entrepreneurs who've been blessed to pass this on. Now, I also want to make sure that people understand that my marketing through this book, I'm exercising the power of broke as well.

I would not be able to sit on a pedestal and try to tell you how got out and market your new book or your product if you didn't see what I was doing and I'm also learning as I go along. Of course, ad will be purchase, but I'm personally calling on my friend Joe Polish who I've tried to put a likeminded team around me and me to Joe Polish or Ryan Deiss or go after Jay Abraham six, seven years ago and say, "Hey man, I need you to mentor me."

The same things that I'm talking about in the book where I was still on a public stage, but I said I want to find people that are smarter than me. I go out and look for the Joe Polishes and Jay Abrahams then I need proof of concept. What do I do? I go and look for 100 ambassadors on Instagram and go on Twitter. I go try to find and I say, "Read my book please. Tell what you think. How can you become an ambassador?"

People may think 100 people to launch the entire book is very small. It's huge because these people are going to give me the real data that I need and tell me what they like, what they don't like and then I'm going to go and do the normal things where we say you buy 4,000 books for your entire staff and you give it to them, will that increase your bottom line by 1%, 2%, 20% and if you do that, I'm going to come and I'm going to come to your company maybe and show up and talk to you guys. I'm willing to do that.

If you buy five books, I'm going to give you content that I'm not going to give to everybody else. I'm exercising the power of broke. None of those things I'm paying for, all those things are going to take more and more time out of day. I'm going to sleep even less. Now, instead of four hours, I'm sleeping three, but nobody else is going to do it like me and I'm going to learn from the mistakes and I'm also going to get rewarded for the people that are going to tell me, "Wow, this worked. Hey, this didn't work. You should've done this. You should've done that," and I'm exercising the power of broke getting it out there.

I thank you for even allowing me on the podcast because you're very busy and that's basically the route that I'm taking by wanting to get a message out to people to hopefully change lives and to get it out the exact same way that I'm trying to recommend in the book. That's where I'm at with it. I'm very, very excited about this project.

Joe: No, awesome, awesome.

Dean: Are you charging people to watch over your shoulder as you do this?

Daymond: Am I what?

Dean: Can they do it for free?

Daymond: Watching what? No. They could do it for free, following me.

Dean: Daymond, we always joke about that that it was people talk about how we market something. I mean we don't even charge for that. You can watch us do it for free.

Daymond: You can watch us all day. After you watch me in front of the wall, you're going to be tired or you're going to say, "Listen, I need to ... I may be part of what this guy is doing because it's infectious."

Joe: No, no, exactly. I mean and it's like if you want to really learn how to market, I mean watch an orchestrated marketing campaign because see, what people don't realize it's one thing about writing a book and putting it together because most people don't do it because it requires an enormous amount of work. Secondly, the stuff that you have to do along the way in order to get them, it's like creating the product is one thing. People are not going on Shark Tank because they're looking for a product.

Daymond: Right.

Dean: Right.

Joe: People are going down there to do like, "How the hell do we make money doing this?" Here, you have a whole system that's put together. I want to recommend to our listeners to go to powerofbroke.com. We will put links on ilovemarketing.com so anything that is related to the launch of The Power of Broke that we think you should take a look at and see, well, go ahead and do that and we'll also ... Daymond has a couple of videos that you can also watch on powerofbroke.com that are related to this and we will drip those out to our listeners just as extra things that we think will be useful for everyone.

If you want to buy a bunch of books, I think at the beginning of the year, on the upcoming new year, this is like the perfect time to take this mindset and utilize it in order to make next year and this upcoming year your best year ever. If you're someone that literally wants to offer something to your clients, to your friends that will be very beneficial to them, pick up copies of this book. I'm going to buy many copies for Genius Network members and things like that because I know it will be really helpful and I haven't even read the book yet.

I just know Daymond, so I know it's going to be kickass and I've already talked to Jay quite a bit about this. I'm really excited about this and I'm really glad that we had an opportunity to do this interview. I do want to mention because me and Dean get this all the time. How do we do what you guys do? How do we start a podcast? How do we run seminars?

How do we run groups and events and consult with people and get paid to be an adviser and Daymond, your role is you literally are cherry-picking who you want to do deals with and you're in a position being on Shark Tank where you're advising all kinds of people. I mean through shopifying all of these organizations that reach out to you to mentor entrepreneurs, to guide them. What I would like to remind people of is if you read The Power of Broke you're getting one of the world's tops advisors to entrepreneurs and small business owners, his methodologies and strategies.

One of the ways that you become a Daymond John is you actually learn from a guy like Daymond John. Not saying that you're going to end up being a host on Shark Tank, but maybe you will one day or something similar to that. This is the same route that I ended up becoming in the world that I am. I just learned a lot. I read, I've read over 1,000 business books. I went to seminars and one of the very best things that I did because when I was broke is I had to actually learn what to do.

I had to go out and figure out what to do and had I just had money, I probably wouldn't have been as motivated to read books or to go out because I had to and if your business is not succeeding, then there's something that you don't know what you're doing. This may very well guide you on what to do and how to do it and the most important thing is mindset. I mean me and Dean say it all the time. We can teach people the best marketing strategies all day long and we do that for free on I Love Marketing.

They don't need to pass anything. We give them the best strategies and one thing that is more important than that is understanding the importance of marketing because most people undervalue how important and critical marketing is. It's the oxygen that allows your business to work. Reading this book is just going to enhance your abilities to do that.

Dean, before we wrap up, is there anything you'd like to ask Daymond before we wrap up this episode or anything else you'd like to say and then I'll say the same thing to you Daymond, any famous last words?

Dean: Yeah, Daymond. Thank you, we appreciate you coming and sharing all this. I know that there're a lot of people that are going to be affected by the message. A lot of people are going to listen to this and it's the message that they need to hear that they maybe get discouraged that they think of being broke as a detriment and here you are talking about it as a competitive advantage and for $13 or $17, somebody can figure out how to really activate the power and it's a super power the way you described it. Thank you so much.

Daymond: No, I appreciate it and at the end of the of day, people see me on this public stage and they think that I may be smart or brilliant and it's not the case. The reason I write the book is I'm a conduit. I'm somebody that calls a Dean and Joe Polish when I need to know more about marketing or what they're doing today because what they're doing today may not work tomorrow. The fundamentals will, but it's a whole new different way that we're approaching business.

At the end of the day you're never going to create anything new in this world again. The only difference is marketing, branding it and distribution and finding a different audience, right, and positioning them. As I do this and I write this book, I find myself thinking a certain way like what I remember when I read Think and Grow Rich maybe for the 15th time and it said in the beginning of the book, you may not get it today, you may not get it whatever this word is 100 times in the book, I got that word the 15th time of reading it.

That means I probably saw the work 1,500 times. Maybe there's a little bit of going to reinstate what you've already learned, maybe this book is going to finally kick your butt when you've been hearing this theory for many years in different ways, but more importantly what I like about Shark Tank and the stage that I'm on and I remember asking myself a question one day. Why is Mark Cuban on Shark Tank?

The guy has more money than God, right? He has more TV time than God, right? Why is he on Shark Tank all the time? I remember him saying it's one of the top shows watched from kids five to 15 years old and it's one of the top shows watched with parents and kids together and-

Dean: The family, so yeah.

Daymond: It's a family show and when you see a six year old or seven year old, one of you Dean, the Joe Polish, the Daymond John or they finally say to their mother and dad, "I know what you do at work," and they ask them questions and they don't no longer want to necessarily be an actor or a sports figure, not that anything is wrong with that.

When they want to be a shark more than they want to be anything else and they respect what their parents do, I realized why Mark Cuban does this and then I realized why I should write this book because it's going to educate families and when your child is 12, 13, 14 years old and you say read this book because that's why I put a Steve Aoki, which is EDM or Rob Dyrdek all the way up to a Mark Burnett where it covers all ages and all type of industries, when they do that and they end up seeing that the child is understanding it and it's no longer a pipe dream, they're going to go step by step by step towards this word called success.

That's why I do it and that's why I think most of us do what we do. I'm very happy for you guys to highlight myself and I've learned a lot from you Joe. I've actually taken, it's no secret. I've taken trips out to you to say help me, teach me and I'm constantly learning and I tell everybody put themselves in two to five words. Mines are I'm on a quest, I'm constantly learning, I will probably learn more from this book and this launch of this book and my readers will, but just from there, I'm exercising the power of broke.

Joe: That is awesome. As always Daymond, thank you and after we see a few months of this, maybe we'll do a follow-up episode just and I'd love to have all of our listeners not only comment what you thought of this episode, please share it. I'd love to have you share this to other people that you think could benefit from hearing what Daymond has to share and give us your comments. We will leave links at ilovemarketing.com.

You can go to powerofbroke.com and you can see a video from Daymond and you look at the different ways that you can get the book if you want to buy additional books and get additional goodies and the name of the books is The Power of Broke: How Empty Pockets, a Tight Budger, and a Hunger for Success can become your greatest competitive advantage. I want to wish all of our listeners an amazing new year. Thank you so much Daymond and we will talk to everyone on the next episode of I Love Marketing.

Dean: There we have it. Another great episode and if you'd like to continue the conversation, you can go to listingagentlifestyle.com. You can download a copy of the Listing Agent Lifestyle book, the manifesto that shares everything that we're talking about here and you can be a guest on the show if you'd like to talk about how we can build a Listing Agent Lifestyle plan for your business. Just click on the, "Be a Guest," link at listingagentlifestyle.com and if you'd like to join our community of people who are applying all of the things we talk about in the Listing Agent Lifestyle, come on over to gogoagent.com.

We got all the programs, all the tools, everything you need to get listings, to multiply your listings, to get referrals, convert leads and to find buyers and you can get a free, truly free no credit card required trial for 30 days at gogoagent.com. Come on over and I will see you there.