Quote by rapper Jay-Z in the song: Diamonds From Sierra Leone (Remix)
When you think of Jay-Z you might portray him as your typical rapper with extravagant jewelry and bad spending habits, but Jay-Z is actually an exception. He is someone to look up to not only in the music industry but also in the business world as he has amassed over a billion dollars according to forbes.
Jay-Z does not keep all his eggs in one basket and made his fortune through a diverse portfolio of ventures. His most recognized assets being in real estate, alcohol brands, art, clothing, fragrances, startups, investments (he owns stakes in Uber & Robinhood), and of course his music.
“For a young person growing up, he’s the guy to learn from,”Warren Buffett
Back to Jay-Z’s quote, it is pretty self-explanatory. Read it again slowly… “I’m not a businessman I’M A BUSINESS, MAN”. It’s such a simple yet profound concept that we all need to keep in mind as we pursue our own businesses.
Trump, Oprah, Dwayne “The Rock” Johnson, Elon Musk and Kylie Jenner are perfect examples of a business. Their image and reputation have been formed into a brand no different than Apple, Walmart, or Google. Their audience trusts them, and their name by itself has immense value.
Something they all have in common is that they are not restricted to one product like a typical business is. If Google wanted to start a clothing brand, its current customers may have a hard time adjusting. Oprah on the other hand can use her brand and reputation to receive millions of dollars in investment capital and backing to open a new hotel, or beauty supplies that her millions of adoring fans will buy because they are loyal customers to her business. This is not to say that having a personal brand gives you the power to have a piece of every industry or that you will be successful in every niche, but you are more flexible than a typical business.
The business model of being a business actually has many advantages over an ordinary businessman. If you haven’t already read my previous article, Attention Is The New Currency, you must do so to truly understand why it is so beneficial and profitable to have a large audience engage with your content.
Let’s compare and contrast a businessman to a “persona business”:
|Your brand is tied to your current product||Flexibility to change what you are selling & the range of products you sell|
|You are selling a service or physical item||You are the product and you are selling yourself first, and sell a range of products under your name.|
|You are apart of the culture||You move the culture|
Here is how Jay-Z explains it in his own words: “My thing is related to who I am as a person,” he says. “The clothes are an extension of me. The music is an extension of me. All my businesses are part of the culture, so I have to stay true to whatever I’m feeling at the time, whatever direction I’m heading in. And hopefully, everyone follows.”
Jay-Z is the embodiment of a living brand and the American Dream, who we could all vastly benefit from learning from and listening to. To read more about his quote and Jay-Z’s brand and business philosophy, check out this article by Men’s Health.