The Hip Hop Entrepreneur: Mind on their Money and Money on Their Mind

    In
    promoting their new line of multimedia PCs Hewlett Packard created an ad
    campaign featuring successful individuals and how they have incorporated the PC
    into their business and personal activities. The gimmick they used was to film
    the person from below the neck so that the viewer wouldn’t know them by their
    face but by what they do. One of their first commercials featured the
    individual pictured below and during the spot he talked about all the things he
    does with his HP like: listen to new tracks that he’s producing, check out
    photo shoots for his fashion line, look at vacation photos not in the tabloids,
    go over blueprints for a stadium for his new team, play chess online and plan his
    world tour. Who was it? None other than hip hop superstar Jay Z

    What
    was once just about selling records and getting famous has evolved into many of
    these artists looking beyond the ephemeral fame and fortune of hit records and
    looking for other ways to spend and earn money as well as ways to harness their
    entrepreneurial skills. Let’s for instance take a look at founder of Def Jam Records, Russell Simmons:

    – Founded
    Def Jam with Rick Rubin in 1980

    – Launched
    to careers of artists now considered to be legends in the industry (Public Enemy, Beastie Boys, LL Cool J, Run
    DMC
    )

    – His
    hip hop empire expanded beyond music most notably creating

    – Def Comedy Jam, which introduced
    comedians Chris Rock and Martin Lawrence

    – Phat Farm clothing line — a
    staple for hip hop gear.

    – He
    also owns the very successful Simmons
    Jewelry Company
    and even developed a
    videogame for Sony’s Play Station
    Portable
    . (NPR, History of hip hop)

    It’s not just about
    the bling

    Most
    everyone knows the “make money fast, lose
    money faster
    ” stories that have plagued musicians for decades. In hip hop
    the classic example for modern times is MC
    Hammer
    who made a tremendous amount of money with his music but ended up
    wasting way more than he has. With the overabundance of choices and music
    formats for fans these days, it’s hard work sustaining a lengthy career like
    the now pioneers of rap and hip hop were able to do years ago. The opportunity
    of choice means that for artists today they have to think beyond the music.

    A business person is
    born

    So
    what’s a successful rapper to do? Use their success in music and diversify into
    other manageable, profitable avenues like fashion (P Diddy, Jay-Z, Eminem, Outkast, 50 Cent to name a few),
    professional sports (Jay Z, Nelly) and even film (Outkast, Ludacris, Eminem, 50 Cent, LL Cool
    J, Ice Cube, TI,
    etc), and videogames (50
    Cent
    ). The underlying commonality is clear; have a plan that will get you
    beyond the glow of the gold records. With hip-hop being the most popular of pop
    culture, it is easy for these young men to take their street hustle and flip it
    into a corporate hustle.

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