By Riva Lesonski
Taylor Swift is not only a great entrepreneurial role model, but also a great achiever. … [+]
Do you have a role model? Many business owners can name people they see as role models, people who have qualities they admire, or people who simply inspire them.
As expected, many small business owners cite legendary entrepreneurs like Steve Jobs, Jeff Bezos, and Sara Blakely as role models. It's no surprise, but entrepreneurs often prefer to take the road less traveled. So if you're looking for a new or additional role model, look no further than Taylor Swift.
Yes, that's right. Singer-songwriter Taylor Swift is not only a great entrepreneurial role model, but she's also hands down a great entrepreneur herself.
Why Taylor Swift is a role model for entrepreneurs
Like most successful entrepreneurs, Swift is driven. When he was 14 years old, he quit his first contract with the publisher because he “felt he was really running out of time.” Her goal was to record her early years on an album, and once a week after school, she began writing songs with a professional songwriter.
At the age of 16, her first lead single and album was released and stayed on the US Billboard 200 chart for 275 weeks, peaking at number 5. From there, Swift, 34, reportedly built an empire worth $1.1 billion, according to Bloomberg.
She has released ten original studio albums, four live albums, and four re-released “Taylor Version” albums. Swift has won 14 Grammy Awards, including four for “Album of the Year” (a record), and has more number one albums than any female artist in history.
The Harvard Gazette reports that her current “Eras” world concert tour is likely to become “the highest-grossing concert tour of all time, at $1.4 billion,” and according to The Wall Street Journal, it is the first concert tour to gross more than $1 billion.
According to Business Insider, the film version of the tour broke box office records before its release and has grossed approximately $262 million to date. Swift took the entrepreneurial route and funded the film herself, rather than the typical approach of going through a movie studio (which allows her to receive more than 50% of the box office takings). After meeting with all the movie studios and distributors, she said: time “In the end, I did what I always do: bet on myself,” the magazine wrote, and Disney paid her $75 million (or more) for the streaming rights. Taylor Swift: The Ella's Tour (Taylor's Version) Distribution will start on Disney+ from March.
Swift's incredible 2023 culminated in her being named Time magazine's Person of the Year, in part because she “created a world of her own that has made a home for so many people.”
Like most entrepreneurs, Swift doesn't like to be controlled. In 2019, the original masters of her albums, videos, and artwork were sold to a private equity firm, despite Swift's desire to purchase them. A year later, Swift announced plans to re-record her first six albums, and “Taylor's Version” was born. The four Taylor's Version albums released to date have grossed more than $55 million.
Like all great entrepreneurs, Swift had a considerable economic impact nationally.
- Bloomberg Economics estimates that Swift's 53 concerts in the U.S. in 2023 would add $4.3 billion to gross domestic product.
- The Federal Reserve noted that her concerts led to an influx of tourism revenue to the host city.
- The U.S. Travel Association estimates that Swifties, or Swifties fans, spent an average of $1,300 per person in the 20 U.S. cities where the concert was held. The association estimates that “the total economic impact could exceed $10 billion.”
- In Los Angeles alone, the California Employment and Economic Center estimates that Swift's six concerts contributed “a $320 million increase to Los Angeles County's GDP,” including $160 million in revenue and an additional 3,300 jobs.
Learn entrepreneurship from Swift's songs
Swift's accomplishments are impressive for any entrepreneur. But just for fun, let's take a look at some of Swift's song titles and find their connection to the entrepreneur.
“Fearless”—It's crucial for business owners to not let the fear of the unknown scare them – it's important to embrace risks, take on challenges and chase your dreams.
“Shake It Off”—In a world where setbacks and criticism are inevitable, the song reminds business owners to shake off the negativity and keep moving forward. Mistakes are inevitable in the entrepreneurial endeavor, but if you can bounce back and use the lessons learned to move forward, you can overcome any adversity.
“blank”-When most people imagine the future, they can’t see what lies ahead. But entrepreneurs see limitless possibilities, embrace the unknown, and fill in the blanks. As Swift said while writing: Folklore “I was inspired to create something different from what I'd done before,” the album said.
“Archer” —“Archer” reminds us that the world of entrepreneurship can be dangerous. Sometimes we are the leading hunters, and sometimes we are the hunted, targeted by our competitors. As Swift writes, “I have been the archer and the prey,” but survival requires “preparation for battle.”
“myself!”-If you want to be a successful entrepreneur, you have to have confidence. ME! tackles a common entrepreneurial theme: “I never thought of this before.” [you] “Jump” and ” [that’s] Not like the others. ” The song celebrates confidence and individuality, boldly proclaiming, “I’m just me.” My favorite line from an entrepreneur is the quip, “You may not have me on your team, but you know I'm here.” And, in the ultimate confidence, Swift reminds us, “You can't spell great without me.”
“Wildest Dreams”Every entrepreneur starts with a dream – a vision of what's possible. We all need audacious dreams. Bold dreams inspire us to think big, reach for the stars, and never settle for mediocrity. By setting ambitious goals and pursuing their passions, entrepreneurs can turn their boldest dreams into reality.
“Start again” —Setbacks are inevitable when running a business. And when setbacks happen, entrepreneurs need to be ready to “restart” after shaking them off. Remember, every ending leads to a new beginning, even if you “fail and burn out.” If you view failures as stepping stones to growth, you'll bounce back stronger and continue on your path to entrepreneurial success.
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How Entrepreneurs Can Be Like Taylor
Swift has faced numerous challenges throughout her career, including criticism, setbacks, and intense public scrutiny. Despite these obstacles, she has consistently demonstrated her resilience, perseverance, and her ability to bounce back. These are all common traits of successful entrepreneurs. There's a lot we can learn from her.
Adaptability and Evolution
Swift has an incredible ability to evolve and adapt to changes in the music industry: from transitioning between musical genres to embracing new technologies and platforms for distribution and promotion, she has demonstrated how important it is to be flexible and embrace innovation.
Be like Taylor, with a willingness to adapt to changing market conditions and embrace new opportunities for growth and expansion.
creativity and innovation
As a songwriter, musician and performer, Swift is known for her creativity, originality, storytelling talent, one-of-a-kind music videos and immersive concert experiences. She continues to push boundaries, experiment with new styles and create unique experiences for her audiences.
Like Taylor, think outside the box, push the boundaries and create unique customer experiences.
Resilience
Throughout her career, Swift has faced public scrutiny, criticism, and personal challenges, and despite these obstacles, she is resilient and determined to bounce back and continue pursuing her goals.
Learn from your mistakes, overcome setbacks, and become like Taylor.
strong work ethic
Swift's success is a testament to her strong work ethic and commitment to her craft. She has worked tirelessly to achieve her goals.
Be like Taylor by persevering and striving for excellence.
authenticity and connection
One of Swift's most notable strengths is her ability to connect with her fans on a personal level and cultivate a loyal and dedicated fanbase. Recently, more than 96,000 fans packed into the Melbourne Cricket Club in Australia to see her perform over three nights. She prioritizes authenticity, vulnerability and true human connection in her interactions with her fans, which has helped her build a strong and enduring brand.
Like Taylor, be authentic, transparent, stay true to your values, and build genuine connections with your customers.
Business Savvy
Beyond her musical genius, Swift has demonstrated keen business acumen throughout her career. She negotiated her deals on her own and now owns her own master and runs her own successful merchandise and branding empire.
Be like Taylor by thinking strategically and taking control of your destiny.
empowerment
Swift's advocacy for artists' rights and her vocal stance on issues such as intellectual property and gender equality has inspired many. She uses her platform to empower others and bring about positive change in the world.
Like Taylor, stand up for causes you believe in and become a socially conscious company.
curiosity
Despite her immense success, Swift remains curious and eager to learn and grow: she actively seeks out feedback, collaborates with other artists, and strives to improve her craft with each project.
Be like Taylor by committing to continuous learning and self-improvement.
Generosity
Swift has been a generous donor throughout her career: she's given money to fans in need, disaster relief, and pledged to leave a “positive impact” in every city she visits on her Eraser tour. signboard Last July, Swift gave each of the truck drivers on her Eraser tour a $100,000 bonus, for a total of $5 million.
And she is generous with her fans, frequently thanking them for believing in her and supporting her. At one of her Melbourne concerts, Swift told the crowd: “Every time I challenged myself and created something new, you told me, 'Go for it.' I'm grateful that you believed in me.”
Be generous to your employees and give back to your community like Taylor.
Taylor Swift uses her celebrity to support small businesses
Swift is mindful of using her platform to support small businesses and women-founded brands. Erin Andrews, a sports reporter who started a sportswear and accessories company, said: people The magazine praised Swift for “supporting women-owned small businesses, including her own.”
Since Swift began dating NFL player Travis Kelce of the Kansas City Chiefs, she has attended his football games wearing Chiefs-branded clothing and accessories. NBC News reports that most of the Chiefs gear she wears to games “comes from local stores and independent fashion designers.” A fashion blog that profiles Swift's outfits told NBC, “Instead of wearing official NFL gear to every game, [Swift] In many cases, it’s someone from a small business or a woman-owned business.”
Business Insider reports that some small businesses are boasting a 3,000% increase in sales. After Swift wore a Christine Jazzyk jacket, the designer said: people“I'm so grateful to her … and so appreciative of the tremendous support she gives to women and small businesses.”
Perhaps Swift's support for small businesses is due in part to the way she sees her own company. time“My dad, mom and brother have come up with some of the best ideas of my career. I always joke that we're a small family business.”
Swift's journey is a testament to the power of perseverance, passion, and unwavering belief in yourself, and by following her actions, entrepreneurs can gain valuable insight and inspiration as they forge their own path to entrepreneurial success.
About the author
Rieva Lesonsky is CEO of GrowBiz Media. SmallBusinessCurrents.com We've been covering small business and entrepreneurship for over 30 years. Subscribe to her articles for more insights on business trends. free ocean current Newsletter.
