Lessons of entrepreneurship that we can learn from Jay Z.
Brooklyn, New York born and raised Jay Z, is one of the most influential rappers of all time. He has been named one of the richest rappers by Forbes, by recently reaching billionaire status. Although he started his career with topping the billboards with countless hits from albums, he is now a father, music mogul, and a well-known entrepreneur who ensures he stands up for progressing black culture. Here are five lessons of entrepreneurship we can all learn from Jay Z.
1. It doesn’t matter where you come from, it’s where you’re heading.
Jay Z grew up in Marcy Projects, an area plagued with low income, drugs, violence, and crime. In many of his songs he speaks about his estranged relationship with his father, and the choices that led him to the streets. After finding his love for music, he was able to turn his life around and put his energy to building his dream. This is an example of just because you weren’t raised with the resources, doesn’t mean that you can’t work hard to achieve your dreams. His dreams led him to acquiring more resources to provide a better life for him and his family. He didn’t let himself fall victim to his circumstances, instead he found motivation to better himself.
2. You are who you hang around, and this also includes your partner. Entrepreneurs usually place themselves around like-minded people.
There is a saying, that you become who you spend most of your time with. This means that we can become easily influenced by the people we are around. Your partner can be just as important when you are an entrepreneur and building an empire. His partner not only is in the music business but has built her own record and clothing label, Ivy park since being married. In one of his songs, he says “What’s better than having 1 Billion, 2?” But of course, money isn’t everything you need people around you that understands and supports your vision. The support will encourage you during the difficult times to keep going.
3. Never let someone else define you or place you in a box.
Although Jay Z built his success from rap, he also ventured into owning various businesses throughout the years which includes a sport agency to an angel investor business. Here is a list of his business ventures: Roca Fella Records, Rocawear, 40/40 Club, Former CEO of Def Jam Records, Shareholder of The Brooklyn Nets, Roc Nation, Roc Nation Sports, Cofounder of Armand de Brignac, Tidal, and Arrive.
4. Help other people. Share knowledge and give back to your community.
As a businessman Jay Z expresses the importance of giving back to his community. He created the Shawn Carter Foundation, which is an organization which mission is to help individuals facing socioeconomic hardships to further their education at post-secondary institutions. The businessman has recently also been giving his listeners “free game” or a cheat sheet to building wealth and investing in his recent lyrics. An example of this is “You wanna know what’s more important than throwin’ away money at a strip club? Credit” or when he says “I bought every V12 engine / Wish I could take it back to the beginnin’ / I coulda bought a place in DUMBO before it was DUMBO / For like 2 million / That same building today is worth 25 million / Guess how I’m feelin’? Dumbo”
5. Mentors are important!
Jay Z hasn’t reached the level of success alone. He had mentors at each stage that helped him get where he is today. When he was an aspiring rapper, another New York rapper Jaz O (who he is named after) helped him and encouraged him to master his craft. Before becoming a CEO of Rocafellar he had Dame Dash who helped him maneuver the world of business. He has recently credited his mentor Warren Buffet for taking his business moves and investing’s on an even larger scale. His career journey shows the importance of having people help you along the way.