The Power of Broke was the selection for our 2016 third quarter book club discussion and honestly, it would not have been my first choice. But it has been fun to read the titles the team picks that are outside my long running list of business books to tackle, in addition to the enthusiastic discussions (like or dislike) that ensue.
My biggest take away came as I reflected on investments I’ve made over the last 20+ years. On occasion, when entrepreneurs take on new capital they change their mentality on the value of each dollar, even when they continue to hold a big percentage of the ownership. I literally remember countless conversations with company leaders, following an investment, where statements like the ones below were made:
However, as I read the book and then reflected on the conversations and actions of some of our most successful partner company leaders, I realized there was a common trait or theme. They all fully respected each dollar that was spent. There was a leader that audited a $20,000 bill at the end of a $72,000,000 sale; leaders that have called to complain about airline baggage fees; and even leaders that refused to claim a business expense on any alcohol they consumed while traveling; and many more statements like this… I want to stress, these leaders are not cheap, they are frugal and respect every dollar. I agree with Daymond John, the power of feeling broke drives creativity, energy, focus and often is the key to success.
Some additional powerful take-aways include:
Overall, worth a read, and I would encourage you to create a formal book club within your organization to actively engage your leadership and employees in discussion, and possibly even learn a little something about and from those you work with! It has been fun here at Evolution.
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