Luck is said to be the tenacity of purpose. Jay-Z’s success was born out of his dedication, resilience, and laser beam focus on his craft. His ambitions were beyond merely making hit records. He expanded into artist development and propelling many into stardom. His evolution progressed from being an artist to, executive delving into the world of fashion, luxury, and technology.
In 2006, he acquired a purported $50 million ownership interest in the luxury champagne company Armand Brignac, popularly known as Ace of spades. Seeking to expand his influence decided in 2015 to purchase Tidal streaming service for $56 million. And in 2020, Jay- Z announced the start of a cannabis company called Monogram. Black ownership of posh, luxury, and technology companies is an anomaly, and now Jay-Z is a member of that distinct group.
Jay-Z battled against individuals who saw his ambition to be a business tycoon as an imminent threat to their financial well-being.
And to neutralize Jay -Z as a threat handily crafted stories were created about him, then planted in the media. Vitriolic criticisms of him were made using subtle racial tones, cleverly disguised as merely objective journalism.
Forbes magazine Writer Zack O’Malley Greenberg, in 2018 did a video expośe for Business Insider titled “How Jay-Z And Diddy Made Millions Off Cheap Grapes.” Where O’Malley singled out the only two prominent black distillery executives to serve as his exemplars of sketchy opportunists. O’Malley implicitly claimed the two sold overpriced alcoholic beverages of inferior quality compared to traditional brands. The implication being Jay and Diddy are both hucksters.
Jay-z kept with the values acquired during his formative years growing up in Marcy Projects persevered and excelled despite his opposition. To date, Jay-Z is the wealthiest rapper turned business mogul. His net worth is estimated at well over $1.2 billion. Most of his wealth is derived from his majority share ownership in Roc Nation, Ace of Spades, Tidal streaming, Carols Daughter beauty personal care products, and his most recent acquisition of Monogram cannabis company.
Jay-Z once emblematically stated in a rap song: “ I am not a businessman, I am a business, man” And by the measure of his success, he has handled his business quite well. His decisions reveal that he achieves objectives by way of laser beam focus on the fundamental task. And from the process of laser beam focus, we glean the blueprint for success.
Here are my three key takeaways from Jays-Z’s blueprint for any aspiring entrepreneur.
First, get away from the crowd. There are two types of people in this world producers and consumers crowds are consumers. They seek and desire pleasure and entertainment. In business, you must identify the wants and desires of the crowd then package and sell it. Crowds are like herded sheep, if they are lead, then they will follow. So the nearer you are to the crowd, the further away from the success you are.
Live your strength, not your passion. Passion is too over rather. Now it does not mean being passionate is an inherently bad thing. Passion and conviction should not be the end-all, nor be all. Most important is to have a clear objective, aim, and purpose. Ideally, take inventory of your skills and place particular emphasis on your strengths. And in turn, use your passion to fuel your goals, aims, and objectives.
Lastly, create value. You have to give people a reason to patronize your business. Create products and services that address a particular problem or serves a need. Putting customers first is paramount. Whenever the needs of customers are satisfied, then profitability and success will surely follow.