Not so very long ago, I read an informative article from one of our most memorable MACsWomen Connect Summit Keynote speakers, Daymond John, where he spoke about the power of being broke. A golden nugget for women entrepreneurs and startups.
The Shark we love to love, Shark Tank’s Daymond John said this: “Being broke makes people think. It forces creativity and a little unconventional problem solving.” Does any of this sound familiar to you? Well, as an entrepreneur myself who worked in the trenches for years learning, developing and growing the MACsWomen brand, I appreciate this concept. We understand that business ownership can sometimes be challenging and it is a very likely chance that you will run out of money at various stages of your entrepreneurial journey (and I am referring to those of us without a trust-fund or unending supply of cash ready to start our business here) which will usually call for some creative thinking.
When Daymond John spoke at the MACsWomen Connect Summit he shared stories with hundreds of our business women in attendance about his early days as FUBU founder. Back to a time when he lived in Hollis, Queens. One of those stories being the marketing campaign he ran using a photograph he took of LL Cool J wearing his design. Daymond shared how he only had one chance to take the shot, using a back-in-the-day camera, the kind you had to take to the pharmacy to develop. Well, he took the shot and a great shot it was. That picture of a celebrity wearing his product not only boosted the credibility of his brand, but eventually pulled in $350 million in annual sales.
Well, maybe you don’t know a celebrity to take a picture of wearing your product, most of us don't have easy access to celebrities in that way. The wonderful opportunity that awaits business women who invest and take a step up for their businesses is that we create live events where you can present you ideas to our panelists at the next upcoming women in business summit during the "MACs Perfect Pitch" segment or maybe you have a corporation in mind that you’d like to fund your startup idea. Daymond talked about how “They (big corporations) have all the money to throw at things, and they don’t get creative because they aren’t broke.”
As a small business owner, cash flow is crucial to your survival. Be sure that you are staying creative even when you are well past your “broke” spells. To read the article by “Shark Tank's Daymond John on The Business Of Being Broke -- And More” by Forbes staff writer Emily Inverso click here.