Your Last Dollar

What if having little to no resources could be your greatest competitive advantage?  Daymond John, cohost of Shark Tank, says:

"It helps to be so hungry that you have no other choice but to succeed."  

After making multiple investments through the Tank, Daymond has found that more capital doesn't necessarily make a business successful.  In fact it can be a disadvantage. Here are a few thought on why having little to no resources can be your greatest advantage:

1) Necessity drives innovation.  Human beings are wired to survive.  We are at our best when our backs are against the wall.  We should always try to create a sense of urgency with the things that are important, as if our back was against the wall.  

2) Just like we are wired to survive, we are also wired to quickly become complacent when the pressure subsides.  This is why winning can be dangerous and most people don't stay on top.   We should always strive to maintain a mindset that fights to stay on top.  

3) It is easier to spend money when our wallet is full but that doesn't always mean that we should.  Think about how much more thoughtful you are about each investment or purchase when money is tight.    Even if your bank account is full, we should approach any purchase or investment asking, "Would I do this if it was my last dollar?"

One of the secrets to building wealth is to live like you have limited resources.  Even if you have the resources available, we should always be aware of what we would do if our back was against the wall, if we had to fight to stay on top, or if this was our last dollar.  If you stay hungry, there is no option but to succeed. 

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