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
- (Video) Sway Speaks on his Infamous Interview with Kanye West Sway speaks on his heated interview with Kanye West.(Video) E-40 - The Breakfast Club Interview; Speaks on Beef with Biggie Smalls E-40 speaks on his short-lived beef with Notorious BIG. (Full Interview drops Tomorrow)The Old Kanye Returning? Q-Tip To Produce His Next Album Q-Tip says he and Rick Rubin will team up to produce Kanye's next album.Kanye's Concert in Kansas City Flops, Only 4,500 Attend (16,000 Capacity) Kanye performs in front of a small crowd at a venue that holds 16,000Jay-Z Ranks All His Albums In Order Hov ranks all his albums in order in honor of his 44th Birthday(Video) Trinidad James Goes On Another Rant Trinidad seems to be losing his mind, as he goes on another rant, this time in AtlantaJustin Timberlake feat J.Cole, ASAP Rocky & Pusha T – TKO (Remix) Justin Timberlake recruits J.Cole, Asap and Pusha T for the official remix for his single "TKO"(Video) Smack URL Presents: John John Da Don Vs. JC SMACK and URLTV celebrate Thanksgiving by giving us another battle from their ‘Sole Survivor’ event.(Video) Obie Trice Speaks on Proof's Death, & Eminem's Reaction Obie Trice opens up about his relationship with fellow Detroit rapper Proof, and explains their strange family connection. He also shares how Eminem and other Shady Records artists reacted after Proof's death, the rumors that were started about the shooting, and D12's status after Proof passed away.(Video) Fat Joe Released From Prison, Surprises Daughter on Thanksgiving While Fat Joe was previously in prison for a few months for tax related offenses, he was recently released and made it home in time to celebrate ThanksgivingNew Music: Cormega feat Raekwon – Honorable Cormega is back with some new music. This time he links up with Raekwon for this collaboration called ‘Honorable’.Lil Durk feat Rick Ross, French Montana & Meek Mill – Dis Aint What You Want (Remix) Lil Durk calls on Rick Ross, French Montana and Meek Mill for the official remix to his track ‘Dis Aint What You WantSuge Knight Speaks On Kendrick Lamar Suge Knight: "Kendrick Lamar Is a Death Row Artist"Video: Eminem – Rap God Eminem premieres the official visual for his new single ‘Rap God’. The clip is directed by Rich Lee and is inspired by Max Headroom.Video: Migos Ft French Montana – Roll On Migos team up with French Montana to deliver a visual for the Zaytoven produced track ‘Roll On’. Directed by Gabriel Hart. Their new mixtape ‘YRN 2′ is coming soon.