- Shawn”Jay-Z” Carter has transcended from corner hustler to entertainment industry mogul, amassing a fortune of $450 million, according to Forbes. He has become a household name even Oprah–once a staunch critic–now respects. In fact, he recently credited the talk show host with inspiring his latest venture, Decoded (Spiegel & Grau, $35), a book which was released today. The 300-page read highlights his experiences, from Marcy Projects to the White House, and dissects metaphors and symbolism in his lyrics. Here are a few quotes from the book and what you can learn from Carter’s insights.
- ON SELF-MOTIVATION:
“I’ve discovered that there is really such a thing as a win-win situation. And sometimes I’m only competing with myself, to be a better artist and businessman, to be a better person with a broader vision. But it’s still that old sense of competition that motivates me.â€
- LESSON: Learn to turn stagnation into motivation and reinvent yourself to reassess your professional attractiveness. See yourself as your own worst enemy and your best competition to continue fueling your fire for progression, whether in business or professionally.
- ON CHARITY:
“The highest level of giving…is giving in a way that makes the receiver self-sufficient… When I went to Angola for the water project I was working on…I wasn’t happy because I felt like I had done something great. I was happy to know that whatever money I’d given was actually being put to work and not just paying a seven-figure salary for the head of the Red Cross.â€
- LESSON: Giving to charity can have its perks, such as tax breaks and other incentives; but it also helps communities in which a business serves or where its clients dwell. Learn more about giving and why its a great idea here.
- ON BLACK ENTREPRENEURSHIP AND SELF-SUFFICIENCY:
“…We came out of a generation of black people who finally got the point: No one’s going to help us. So we went for self, for family, for block, for crew–which sounds selfish… The competition wasn’t about greed–or not just about greed. It was about survival.”
- LESSON: When no major label would give him a record deal, Carter decided to start Rocafella Records in 1998 with friends Kareem Biggs and Damon Dash [ pictured above]. Under that label, he released his first album, Reasonable Doubt, which has been listed among Rolling Stone’s 500 Greatest Albums of All Time and is considered by many to be a hip hop classic. He went on to sell more than 50 million albums worldwide.
- In striving for wealth for life and with black buying power at $836 billion, the support of Black businesses can, in turn help build Black communities, thus promoting job creation and self-sufficiency. For more on the Wealth For Life principles, see Using Wealth for Life as a Way of Life.
- ON THE MODEL OFÂ CREATING A LIFESTYLE BRAND:
“Russell [Simmons] made being a CEO seem like a better deal than being an artist… His gift was curating a whole lifestyle–music, fashion, comedy and film–then selling it. He didn’t just create the hip-hop business model, he changed the business style of whole generation of Americans.â€
- LESSON: Branding oneself, whether a professional or a company, is key to ensuring longevity in a chosen industry or field. Savvy entrepreneurs, such as Fubu founder and self-made millionare Daymond John, live by the adage that proper branding is vital in remaining relevant and profitable, and the process is a never-ending one.
- More on branding: Venus Williams gives tips on smart decisions for your brand.
- ON THE POWER OF HIP-HOP’S INFLUENCE ON BRANDING:
“Everything hip-hop touches is transformed by the encounter, especially things like language and brands, which leave themselves open to constant redefinition…. Cristal means one thing; but hip-hop gave its definition some new entries.”
- LESSON: Carter was infamously known for including a mention of Cristal champagne in his songs. But after what he considered racist remarks by Cristal’s managing director, Frederic Rouzand, the rap star led a boycott of the brand, instead shifting his support to Armand de Brignac (also known as the Ace of Spades champagne). This luxury champagne (at $300 per bottle for the Brut Gold) has since risen to become the #1 champagne in the world, and has gained popularity among club-goers and celebrities including Russell Simmons, the New York Yankees, and Samuel Jackson.
- For more on hip-hop’s business and culture influence, see 12 Hip-Hop Who’d Reign Supreme If They Were Politicians and What You Can Learn From … Soulja Boy’s Social Media Marketing Success
- ON EXPANDING HIS NETWORK:
- Oprah: “I was over at L.A. Reid’s house in New York for a dinner party a couple of years ago… Somehow it came up that I’d read The Seat of the Soul… It turns out the author, Gary Zukav, had been a guest on Oprah’s show on multiple occasions, and Oprah expressed surprise that I was also a fan of his work. She didn’t expect that of a rapper.â€
- Bono: “I met [U2 front man and philathropist] Bono years ago in the cigar room of a bar in London… I was completely unprepared for what a genuine humble and open person he is… We became friends after that night. Years later, we both became investors in a restaurant in New York, the Spotted Pig.“
- LESSON: Be sure to remain open-minded and well-versed on various topics so that you can have engaging conversations. This could lead to lucrative partnerships, deals, and insights. For more on making great connections, see Putting Power in Your Networking.