How Jay-Z Became Such a Successful Businessman?
Jay-Z is one of the most popular celebrities and hip-hop artists of the century, and we can appreciate his several decades of commercial success. He has won 23 Grammy Awards, 14 of his albums have gone number one on the Billboard charts, and he has sold over 100,000,000 records worldwide. Nonetheless, his brand is one of the most interesting things about his career, as he built a powerful image that allowed him to invest in several businesses and increase his riches. He’s a man with thousands of lessons for those who wish to become as famous and wealthy as him. In the following article, we will go through three of the most vital investment consulting lessons we could learn from him.
Be Passionate and Knowledgeable
This is a pretty obvious lesson, but not many people have the needed passion and knowledge to become as successful as Jay-Z. Therefore, you need to focus on your goals and learn what’s required to accomplish them. If you want to become the best musician, you are probably already passionate about music; however, you still need extensive training to learn how making good music and succeed. On the other hand, if you have the knowledge, but lack passion, you aren’t going anywhere either. Please don’t start a business, you don’t love with every inch of your heart, or you will probably forget about it as soon as things get difficult. Your business should be based on a product you already know and are passionate about. This will give you the confidence to focus all your time and energy on your product and skip the troublesome aspect of learning everything about a new industry from scratch.
Jay-Z is known for his fantastic sense of style and urban aesthetic, which other celebrities have often copied. He used this to create Rocawear, his famous urban clothing brand that makes over $700,000,000 annually. This is the perfect example of starting a business based on something you thoroughly understand. His understanding and passion allowed him to skip thousands of hours learning about fashion and style before launching it. He then split Rocawear into two companies and sold one for $240,000,000 in 2007, but he kept the other company and continued developing and manufacturing clothes that appealed to his style.
Take Calculated Risks When Choosing Companies to Invest In
Aside from starting businesses, Jay-Z has also invested in several start-ups and companies he had faith in. It is essential to mention that not all of them played out the way he thought they would, but most of them did and allowed him to increase his wealth. He invested $2,000,000 in Uber in 2013, which is now worth over $70,000,000. In fact, he wanted to invest more in this company, but its C-suite declined his offer. Nonetheless, some other investments made him lose money, such as his $10,000,000 investment in Julep Beauty Products, which went into bankruptcy in 2018. This taught him the valuable lesson of only investing in the industries he completely understands.
However, defeat isn’t always bad, as Jay-Z has mentioned in several interviews that he has learned his most significant lessons after suffering losses. If there’s something we should learn from him, it’s to not shy away from a challenge and don’t punish ourselves for not accomplishing a goal. Maintaining a positive attitude is key to ensuring the future is brighter than the present.
Cross-Promote Your Investments
Jay-Z owns and invests in hundreds of brands, which means he has to promote them to ensure they’re successful. However, a fantastic way of doing this is through cross-promotion. Back then, you would rarely see Jay-Z without some Rocawear item. He wore them in music videos, interviews, performances, and any other possible public appearance.
In addition, when he still promoted the Brooklyn Nets, he would showcase his brands during his games and broadcasts. He would show his cognac and champagne brands, as well as his premium sports bar franchise. If you’re an entrepreneur that manages more than one brand, you must use this power to cross-promote them and increase sales. This will help your new lesser-known brands, as you can introduce them to already-established fan communities.
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Bottom Line
Jay-Z is one of the best entrepreneurs in the music industry, and he has accomplished major things during his career. It is very unlikely for him to stop becoming more and more successful, so it is crucial for those who wish to become entrepreneurs to learn from him and his life lessons. The previously mentioned advice helped shape Jay-Z’s career and turned him into the billionaire he is today. That means anyone who puts in the effort can do it, including yourself. If this article was helpful for you, please don’t hesitate to check out the rest of our page to learn more about the incredible lives of your favorite celebrities.
