This piece was originally published on Entrepreneur.

It's impossible to build a business empire unless you're born into wealth and privilege, have a trust fund and are surrounded by well-connected entrepreneurs eager to hand you the keys to the proverbial castle — right?

Wrong. According to FUBU founder and Shark Tank investor Daymond John, nothing could be further from the truth. In his new book, The Power of Broke, the Queens native reveals how he began his entrepreneurial journey, sweeping up after school in a corner bodega, where he learned what it took to run a busy, successful local business.

John didn't have startup capital or high-profile connections when he started out, but he did have a mentor in the bodega owner, who instilled in him business fundamentals he still uses today. When I interviewed him, Daymond John emphasized three fundamentals:

• How to build an empire with no money

• Why being broke is your best business asset

• How a mentor can help you create a business that's worth all the blood, sweat and tears you invest

The power of ‘broke’
Being broke isn't a flaw, a drawback or something to be avoided at all costs. Instead, it is your greatest business asset. According to John, it’s only when you face hardship that you are put into a position to learn the biggest lessons in the shortest amount of time.

For John himself, losing $6 million on a fashion show taught him that he needed to be more involved with the ready-to-wear aspects of his FUBU clothing line. He said he quickly learned that his hands-off management style had allowed his team members to cover up problems in hopes of keeping their jobs.

In other words, what happened is that John paid $6 million in “tuition” fees to learn about the arts of hiring and project management.

I’ve certainly made my own mistakes: At the end of 2013, my income was slashed by 40 percent. At the time, I blamed the company I worked for, but quickly realized that my plunge in income was a blessing in disguise.

It took my bank account almost hitting zero for me to wake up and realize that I was living a lavish lifestyle supported by earned income I had no control over. This forced me to venture out into the world of entrepreneurship and build passive streams of income I could control. As a result, I was able to quit my six-figure job after just 10 months.

If not for the “gift” of adversity, both John and I never would have learned the big-business lessons that have fueled the much greater successes we’ve both had since.

The power of mentors
You don't need to be born into a well-connected family to become a successful entrepreneur. You do, however, need to seek out mentors and like-minded people who believe in your mission and share similar values.