Who's Your Business Role Model?
According to a recent Business Insider article, back in 2005 a freshman filled out a profile for an on-campus recruiting program and was asked to list her business role model. Who did she list?
Jay-Z
Harvard's Office of Career Services asked her to name someone else:
It's not appropriate. I don't think people will respond well to this.
Now, the freshman, Chanequa Campbell, had a particularly unique reason to look up to Hova, she grew up in the same neighborhood as him - Brookyln's notorious Marcy Projects. If he could make it big, so could she. She stood her ground and the OCS let her keep him as her business role-model, albeit under his real name (Shawn Carter).
This article struck a chord with me for two reasons:
Now, before anyone gets any ideas, don't worry, I don't fancy myself some kind of rapper. And I definitely didn't grow up in the projects. But, that's completely beside the point.
I'm certain that if you polled the WSO community at large, the list of names would be dominated by titans of finance: Buffett, Einhorn, Cohen, Jones, and so on. And to be clear, there's nothing wrong with any of those names. If you aspire to run a game changing hedge fund of your own one day, you should admire these guys.
Not me, though. Let's examine the lessons we can all learn from Jay Z while I make the case for the reasons why he's my business role model:
Focus on Your Strengths and Take Intelligent Risks:
Today, Jay Z has a net worth of around $500 million, and while much of his wealth comes from an array of entrepreneurial business ventures, he has always focused on his strengths.
In his early days, hip hop and running drugs were the only two things he had. You don't generally grow up in Bed-Stuy with dreams of one day moving from Goldman to KKR. And while he made some serious cash in the drug game, it was apparent that he had a special talent when it came to rap music.
With no record labels biting and no third party seed capital to speak of, Jay Z self-financed Roc-A-Fella Records with co-founders Dame Dash and Kareem Burke. They produced and distributed copies of Jay's first, and arguably best, record, "Reasonable Doubt" themselves, and from there, the rest is history.
Develop Your Brand and Make Your Own Path:
Something I've always admired Jay Z for was his knack for setting trends. Never one to follow others, he's always blazed his own path.
For at least a decade, he was the trendsetter in hip hop. When he started wearing throw back jerseys, everybody followed. When he famously switched from throwbacks to "a crisp pair of jeans and a button-up," throwbacks died overnight. He even killed auto-tune a few years back.
On a higher level, he's always attached his name to products he's believed in. You won't see him thoughtlessly sponsoring bullshit, which brings us to our next lesson.
Diversify Your Assets:
Having made a few bucks selling records, he did the smart thing and entered into new business ventures to diversify his cash flow generating assets.
He founded Rocawear in 1999. At one point, the Rocawear clothing company was grossing $700 million a year in revenue. In 2007, Jay-Z sold the rights to the Rocawear brand to Iconix Brand Group for $204 million while retaining a stake in the company and its management.
He co-founded the 40/40 Club, a chain of sports bars and lounges located in New York and Atlantic City.
Topping it all off, he has a minority ownership stake in the Brooklyn Nets. Hell, I'm not even sure if they Brooklyn move would've gone through without him on board. But, maybe I'm being naive. That said, his christening of the brand new Barclays Center with a headline concert certainly didn't hurt.
That's only scratching the surface of the way he's diversified himself, but you get the point.
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Now, don't get me wrong, I'm not saying that everyone should feel compelled to build an empire of businesses. But, I do believe that anyone who wants to be successful and build wealth can learn a lot from Jay Z. In short:
- Focus on Your Strengths: Do something that strongly suits your strong points and interests. You'll put more effort and enthusiasm into something that you're good at, and you'll probably grow to like it quite a bit, too.
- Make Your Own Path: Don't worry about following the path others lay out for you. That's a sure-fire way to be miserable and burn out. And there's definitely no money in that.
- Take Intelligent Risks and Diversify Your Assets: Recognize that the best way to build wealth is to take measured risks. And unless you're the next Ken Moelis, David Einhorn, or Paul Tudor Jones, it'll be tough to make it big without some creative risk taking. Find ways to put your money to work. Be it in a portfolio of dividend stocks or a venture you're tinkering with in your off-hours, or both. Find something in your wheelhouse and put some work into it. It might pay off big. And if you're smart and measured about it, it'll at least pay off something.
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So, where does WSO stand? Who are your business idols? Am I alone in picking Jay Z? Anyone else have one that's a bit off the beaten path? Let me know in the comments.
And before I finish, here's one of my favorite Jay Z tracks of all time. Enjoy:







Comments
“I’m not a businessman, I’m a
“I’m not a businessman, I’m a business… man.”
jack welch
jack welch
And so it goes
Jay-Z is one of the best when
Jay-Z is one of the best when it comes to managing his personal brand. He is extremely careful not to over-expose himself by plastering his face on every endorsement deal that comes his way.
Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?
Always enjoyed these lyrics:
Always enjoyed these lyrics:
I'm going through a Jay-Z
I'm going through a Jay-Z phase right now, crazy you posted this. He's personally my favorite rapper and definitely an inspiration given his background.
Nicely done. +1.
Nicely done. +1.
Turbo leverage for capital explosion -- BD Capital
My WSO Blog
sayandarula: Jay-Z is one of
Jay-Z is one of the best when it comes to managing his personal brand. He is extremely careful not to over-expose himself by plastering his face on every endorsement deal that comes his way.
Exactly. That is why when its mentioned how he owns a small stake in the Nets, they don't mention that small stake = 0.067% of the Nets. That isn't even small. That is almost non-existent. But his personal brand is so strong that just his name presence leads people to assume that Jay-Z = Quality.
Jay Z is a swell chap. If I
Jay Z is a swell chap. If I listen to one of his most famous tunes, I notice that it steals the chorus from a famous Broadway musical. Straight up. That sort of "borrowing" is crucial to developing a sucessful business career, and really teaches me a lot about how to build wealth.
And I think it's gonna be a long, long, time
Owning part of the Nets seems
Owning part of the Nets seems like a poor business decision.
like his music, don't know
like his music, don't know much about his business career, but if you're worth 500 mil, you're doin pretty good.
My role model is Mike Ilitch, owner of the Red Wings and Tigers among many other things. Started off with the first Little Caesar's and now he's hella rich. He's a Detroit legend and has done a whole lotta stuff for the city including advertising for the auto companies for free when they couldn't afford the sponsorship. He kinda makes me want to aspire to be him, somebody who can help Detroit rise from the ashes. I hope the Tigers can win a World Series before he goes.
If your dreams don't scare you, then they are not big enough.
"There are two types of people in this world: People who say they pee in the shower, and dirty fucking liars."-Louis C.K.
While Jay Z is a great
While Jay Z is a great business man he is a horrible rapper. For example, listen to this freestyle and tell me who the real rapper is. Jay can't keep up. Could be one of the greatest verses in all of hip hop starting at 4:08. RIP Big L.
Third prize is you're fired.
Let me know when he gets into
Let me know when he gets into the empire business like WW
"Do you like Huey Lewis and the News?"
Solid post. +1 on literally
Solid post. +1 on literally everything you said. And Can I Live, by far the best track he's ever put down
Super Nintendo, Sega Genesis - when I was dead broke man I couldn't picture this
Jack Donaghy, Gordon
Jack Donaghy, Gordon Gekko....
But seriously, Jack Welch and the Koch brothers.
wolverine19x89: like his
like his music, don't know much about his business career, but if you're worth 500 mil, you're doin pretty good.
My role model is Mike Ilitch, owner of the Red Wings and Tigers among many other things. Started off with the first Little Caesar's and now he's hella rich. He's a Detroit legend and has done a whole lotta stuff for the city including advertising for the auto companies for free when they couldn't afford the sponsorship. He kinda makes me want to aspire to be him, somebody who can help Detroit rise from the ashes. I hope the Tigers can win a World Series before he goes.
Oh shit. That guy is awesome. I didn't know any of that. Awesome.
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Jim Simons
I absolutely love Mike
I hate victims who respect their executioners
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State of Trance: Jim
And I think it's gonna be a long, long, time
BlackHat: And fuck Donald
PTJ or Elon Musk.
"I swear, by my life and my love of it, that I will never live for the sake of another man, nor ask another man to live for mine."
BlackHat: I absolutely love
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David Neeleman - Founded
TheKing: Reasonable Doubt is
Apparently I am too
Night putter.
VoidTrading: Cracked ran an
Financial Modeling Training
Guide to Finance Interviews
Banking Resume
MitchKumstein: Apparently I
Reality denied comes back to haunt
See my WSO Blog
Jeff Skilling All you people
Ken Fisher.
Head of Metal Website: www.headofmetal.com
https://twitter.com/headofmetal2012
camspin: Owning part of the
If the glove don't fit, you must acquit!
do athletes count? grant hill
If the glove don't fit, you must acquit!
Bill Gates is legit the
RIP WSO Chat.
I agree with the King 100%
'We're bigger than U.S. Steel"
MitchKumstein: Apparently I
Seriously +1 to this. I
BlackHat: I absolutely love
I'm feeling like a star, you can't stop my shine---Ridin' Solo
So, building 500 mm networth
I may not be on the Jedi Council, but I sure am great with the Force.
See my WSO blog posts
Jay-Z easily makes my top 5
Before he got caught, Viktor
Check out my Blog
Unforseen: Before he got
Check out my WSO Blog
Disincentivy: So, building
"Social cohesion and puritanical morality place roughly on my list of concerns between whether I'll pick up jock itch at the gym this week (not likely, since I don't go the gym) and whether it'll rain in Christchurch, New Zealand next Tuesday."
-Eddie
TheKing: Unforseen: Before
RIP WSO Chat.
Henry Kravis pioneer of PE.
ScoobyDoobie: While Jay Z is
"Life all comes down to a few moments. This is one of them." - Bud Fox
VoidTrading: BlackHat: And
"Do you like Huey Lewis and the News?"
noke2012- The only thing JAY
Third prize is you're fired.
If only Trump could spit some
Yes. Reasonable Doubt is one
"Don't be fooled, my game is mental." - Jay Z
WhoSteen: Brooklyn Nets may
I hate victims who respect their executioners
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How did no one bring up John
You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist. - Friedrich Nietzsche
Very surprised no one has