Ideas are a resource in the entrepreneurial world, almost functioning as a kind of currency. The more ideas you have, and the better they are, the better you’ll fare against your competition, especially over the long haul. Of course, there’s one “anchor” idea at the crux of your business model, but don’t forget all the new ideas you’ll have to create from new products and new marketing strategies to how to maximize internal productivity and rebuild your infrastructure for the better.
Daymond John intimately knows the power of broke. After three failed attempts, the Shark Tank star launched his first business with just $40 and a hope and a prayer. Of course, scoring an endorsement from LL Cool J didn’t hurt either. Not long after the rap legend began wearing John’s hand-sewn clothing line, FUBU (“For Us By Us”) blew up in the mainstream.