Shark Tank‘s Daymond John gives empowering entrepreneurial advice. And the best thing about John’s advice is that it starts where many entrepreneurs have to start: broke. John’s key idea is that there is power to be found in what many believe is an untenable situation. His book, The Power of Broke, shows people ways to leverage their limitations — something every entrepreneur must consistently face.
In the video below, John takes on the term OPM, which commonly refers to “Other People’s Money.” John advises entrepreneurs not to get stuck with this definition, saying OPM could mean other things. He lists:
- Other People’s Manufacturing
- Other People’s Mind Power
- Other People’s Marketing
- Other People’s Man Power
- Other People’s Mistakes
Those are things that are just as valuable, maybe even more valuable, than just money. John tries to get entrepreneurs to expand how they think. All five of the above versions of OPM can help an enterprise succeed. The Power of Broke forces business people to think differently about received wisdom — even about how something is defined.