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I recently spoke with Master P, known to many as an entertainment mogul and serial entrepreneur. But luckily for me I was able to call a friend. We spoke about his continued success and business journey. On a personal note, it inspired me to become the entrepreneur I am today.
I was a teenager in Kentucky in the 1990s when No Limit Records started. I watched No Limit grow from an independent label to a powerhouse and transform the music industry in the process.
Master P overcame a childhood of poverty in New Orleans to found No Limit Records with just $10,000 in his pocket. This is a product that my grandmother invested in an insurance policy in which each of her 12 children would receive an amount. Master P saw this as an opportunity to fund his dream.
Master P sought to revolutionize the music industry by opening the original No Limit Records in Richmond, California. He adopted his guerrilla marketing methods and kept costs down to ensure the success of No Limit Records, which soon transformed into a full-fledged label. The rapper took a different approach to his label, signing independent artists and releasing new music every week, in a way that hasn't been done before in the industry. This led to a lucrative distribution deal with Priority Records. This was revolutionary at the time, as No Limit Records would retain his 100% ownership of the recordings.
Master P has built on his success in entertainment by launching countless successful business ventures, from luxury sneakers to a sports agency, jewelry, and most recently, a new breakfast cereal with Snoop Dogg. I'm here.
My own unlikely journey ultimately took me to the New York Stock Exchange, where I took a $1 billion company public. Me too he started with $10,000 (well, my money was a line of credit). I truly believe that if it wasn't for Master P's story and success, I would never have taken the entrepreneurial step in my career. It never inspired me. He continues to inspire me as I continue my journey as a serial entrepreneur building businesses across various categories.
Here are six lessons Master P taught me about entrepreneurship.
1. Mindset is everything
Master P relied on a positive mindset to achieve success and overcome childhood poverty. “Instead of crying or being depressed about it, I went to do something about it,” he told me. “Everyone needs to understand that they are in control of how they feel. No matter what you're going through, you have to keep going on the journey.”
“We're not going to win all the time, but we're going to win from every mistake, every failure,” Master P said. “Every loss is a lesson.”
Your mindset is the only thing you have complete control over on your entrepreneurial journey. A rich imagination is freeing and a positive attitude pushes you to keep achieving higher levels.
Related: 11 Mindset Characteristics of Successful Entrepreneurs
2. Surround yourself with positive people
I loved watching Master P cheer on his friend “Coach Prime” Deion Sanders at the University of Colorado football games. I asked him about going to games and what he got out of spending time with the coaches and team. It can also be applied to the everyday entrepreneurial mindset.
“You need to be around people who are constantly growing,” he says. “When times get tough, how many will survive? When they can't win, how many will quit? How many?” [give up] When they get there soon? With someone like Coach Prime, he's not only a family man, but he's also a man of strong convictions. It's all about creating future leaders. ”
Negative voices can quickly undermine positive thinking, and your entrepreneurial journey will be filled with them. The best antidote is to surround yourself with growth-oriented, goal-oriented supporters who will help you grow.
Related: How to become a positive thinker
3. Consistency is key
Throughout my career, I'm always asked, “What advice do you have for entrepreneurs?” I took this opportunity to ask Master P the same thing.
Without hesitation, Master P says that consistency is one of his key pieces of advice for aspiring entrepreneurs. “Consistency. Never give up. Keep working hard. And keep on traveling,” he said. “You don't do it for the money. You have to do it because you love it. You have to be passionate about what you believe in and your vision.”
4. Give back to the community
Success comes with the ability to give back. Master P is involved in a variety of nonprofit organizations across the country that address important issues impacting youth in underserved communities, including his 2X Game Changers, where Master P and I serve on the board. I am most proud of that.
When talking about how business and philanthropy go hand in hand, he said, “It's not even about making money. I love traveling, but I also love giving back. “Measure success on what you give, not what you have.” ”
He continued, “I am blessed. I thank those in heaven for blessing me and giving me the opportunity to give back. Like Muhammad Ali, I am grateful to be able to come back and support my community and my culture. Please pay in advance.”
Personal accomplishments take on even more meaning when we give back to the communities that have supported us. Find a cause you care about and make it your mission to grow your business to benefit it.
Related: How to make a real impact when you give back.
5. Embrace the journey
Did Master P envision starting a breakfast cereal brand when he opened his record store? Probably not. But he has always embraced the journey of entrepreneurship.
Since launching No Limit Records, he's sold everything from T-shirts and bottled water to ice cream and holistic health products, and even luxury sneakers and travel agents . Over the course of his career, Master P was able to grow his $10,000 investment into hundreds of millions of dollar deals in a variety of categories.
It is important to set goals and decide where you want to go. But so is keeping your heart and mind open to changing course. “Entrepreneurs always fail,” he told me. “You have to get up and keep going. Embrace the journey.”
6. Create other bosses
“What is one song that sums up your career as an entrepreneur?” I asked.
“No Limit Soldiers,” Master P said. “There are no limits to my success. I'm all about helping create other bosses. You're not really a millionaire until you create other millionaires.”
Perhaps the most important thing I learned from Master P is to remember that there are “no limits” to what you can accomplish as an entrepreneur.
