5 Things Jay-Z Can Teach Us About Entrepreneurship
The 5 Things Jay Z can teach us about entrepreneurship, courtesy of TheGrio.com
By the time of his first retirement in 2003, Jay-Z’s place as a hip-hop legend was solidly in place. With nothing else left to accomplish in the rap game, it was time for Jay to expand his base. Relying on one segment of the population for all of your income can cause problems over time. If your base decides to purchase your products less often in the future, then you are left with less income and no other customer base to grow your revenue stream.
A good example of expanding one’s base is Jay-Z’s collaborative project with rock group Linkin Park. Through this album, he was successful in creating new fans, which is something that is hard to do as a brand becomes saturated in the market. Their single, “Numb/Encore” won a Grammy and helped Jay-Z transition to the next phase of his career.
2. Reinvent your brand as trends in the market change
It is no surprise that Jay-Z sold his stake in Rocawear at around the same time that he came out of retirement to release his 2006 album, Kingdom Come. Jay-Z was getting older and realized that he could not continue to rap about the same things that made him famous. He decided to move into a more professional sphere, which he highlighted in his song, “30 Something.”
There comes a point when all lasting brands need to change how they sell their products.
In the corporate world, IBM’s story of reinvention is legendary. For decades, IBM was the monopoly player in mainframe computers and the de facto choice for corporate IT buyers at companies around the world. With the invention of the personal computer, their consumers’ needs changed and IBM almost went bankrupt because they were not able to predict this change in the marketplace. Through the leadership of Lou Gerstner, IBM was able to successfully reinvent itself as an IT services consulting firm.
People and businesses change over time, as do market preferences. When this happens, reinvention is necessary. Jay-Z is a master at it.
Full Article: TheGrio
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