How to Invest as an Upcoming Artist, Lessons from Diddy

Success for artists takes more than lyrical savviness. You need to have some entrepreneurial wit as well. Young artists can learn a few lessons from Sean Combs or Diddy as he is popularly known. He’s been topping Forbes annual list of highest paid rapper three years in a row now. The secret lies in the branding, diversification and proper management of wealth. A successful artist on the mic should find it hard to strike it rich in business. Much hard work and determination already go into making the music sell, and so materializing your entrepreneurial wet dreams should be reasonably easy.
Don’t be afraid to start out small. In his own words, if it makes dollars it makes sense. Sean Combs was not born with a silver spoon in his mouth; he had to claw his way out of poverty. He did anything and everything including working in restaurants, delivering newspapers and promoting parties on campus. His story, like that of NOW Entertainment pioneers, is a lesson to all that love procrastinating; just start.
Diddy is a man of many talents, getting paid from every angle. The hip-hop mogul has made a name for himself not only as a rapper but also as an actor, producer, designer and entrepreneur. P. Diddy’s career shot up way back when he established Bad Boy Records and signed up the late Notorious B.I.G. Apart from running a chain of restaurants all over New York and Atlanta; the Bad Boy Boss also boasts a luxurious clothing line, Sean John Clothing. Diddy has also bagged whales of deals with companies like Diageo, and he also owns stakes in brands like Ciroc and Aquahydrate. He just doesn’t stop diversifying.
New people will bring new innovativeness and add to your bottom line. Don’t go it alone. Diddy has been a people’s person ever since his early days as an intern at Uptown Records. He had a knack for choosing the right people to work with. Later when he started Bad Boys, he signed up many coming artists and turned them into stars. His ability to work with the right people has immensely skyrocketed his entrepreneurial ventures. But as he says, an investor should do a lot of research before getting into a deal with anyone.
There is no building an empire without hard work and dedication However with Sean Combs, it’s a case of working smart. That’s how he moved from grass to grace. He says as a business owner; you have to be genuinely concerned about your employees. If you are receiving loans, you have to remember that you are also a caretaker of your creditor’s money. You have to be responsible, that’s what he says. The hip-hop mogul tries to focus more on the ventures that have the most significant impact on his ledger. That is a lesson for young entertainers on wealth management and prioritizing.
Before you launch a product or service, you need to understand your market inside out. Just like in music, there are things people want and things that just don’t cut. You cannot sell to consumers who don’t want what you are selling. Sean Combs advises young entrepreneurs to take enough time to find out what people desire before launching a product.
Every artist dreaming of breaking into Corporate America has plenty of inspiration and motivation. Diddy is not the only one; you can learn a few tricks from Dr Dre, Ice Cube and Nicki Minaj too.

Tony Fountain