Today we're going to look at rapper turned entrepreneur Jay Z and the top 3 lessons that you can learn from his success.
Born Shawn Carter, he grew up in a housing project in Brooklyn. He was raised with his three siblings by his mother after his father abandoned them. He loved music and used to wake up his siblings by banging out beats on the kitchen table. She bought him a boom box for his birthday and he used it to freestyle and write lyrics. He was known as "Jazzy" in his neighbourhood, a name that eventually developed into "Jay Z."
He started his singing career under a mentor, fellow rapper Jaz-O. He was featured on several of Jaz-O's early records and was involved in several rap battles with LL Cool J in the early '90s.
Today he is worth over $500 million, is one of the most successful hip-hop artists of all time, and has launched numerous businesses that continue to expand his wealth and influence. Here are the 3 lessons that you can learn from Jay Z's success.
Bet on yourself
When Jay Z was getting started, no major label wanted to give him a record deal. Rap music was too unproven and Jay Z wasn't a well-known artist. Instead of giving up, he bet on himself and partnered with Damon "Dame" Dash and Kareem "Biggs" Burke to start his own independent label in 1995, Roc-A-Fella Records. He was the only artist signed to the label and he started by selling his CDs out of his car. Even his mentor, Jaz-O refused to sign with the new label. He continued to hustle and believe in himself and eventually signed a distribution deal with Priority Records. Jay Z's first album, Reasonable Doubt, reached number 23 on the Billboard 200 and would later be included in Rolling Stone's 500 Greatest Albums of All Time. Before anyone else will believe in you, you need to believe first. Bet on yourself and show the world what you can do.
Create alliances
Jay Z never operated alone and always formed alliances to help him achieve his goals. Roc-A-Fella Records was started with his friends Dash and Burke. His first album, Reasonable Doubt, used beats from acclaimed producers DJ Premier and Super DJ Clark Kent as well as an appearance by The Notorious B.I.G. Future albums would be collaborations with Sean "Puff Daddy" Combs, Timbaland, Kanye West, Eminem, Beyonce, Lenny Kravitz, Linkin' Park, and others. He continues to use this strategy today as he creates the Tidal music streaming service with some of the top names in the music community. Don't try to do everything yourself. Find people you can work with who believe in your mission and can contribute to help you move it forward. Create alliances.
Expand your base
Jay Z didn't want to just be a rapper. He wanted to be an entrepreneur and expand his base beyond his music. He co-founded the urban clothing brand Rocawear with Damon Dash as an extension of his brand. He later sold the rights to the Rocawear brand for $204 million but retains his ownership in the business and continues to help run it. He co-owns the 40/40 Club, an upscale sports bar with locations in New York, Atlantic City, Chicago and plans for Tokyo and Singapore. He has invested into entrepreneurial ventures, sports teams, and real estate. He started his own sports agency, Roc Nation Sports, and acquired Armand de Brignac champagne. He has now launched Tidal, a subscription-based music streaming service. Your business ventures should be a reflection of who you are and where your interests lie. Don't box yourself in. Expand your base.
So remember: Bet on yourself, Create alliances, and Expand your base and you could be on your way to a half-billion dollar empire yourself!
Believe.
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