SEAN COMBS’ ADVICE FOR ASPIRING ENTREPRENEURS
BEFORE
HE WAS PUFF DADDY OR DIDDY, SEAN COMBS WAS A 12-YEAR-OLD JUST TRYING
TO LAND A PAPER ROUTE.
We're
suckers for an inspirational startup story. And the man formerly
known as Puff Daddy has a great one.
Last
week, Sean
Combs,
chairman of Combs
Enterprises and
founder of Bad Boy Worldwide Entertainment Group, spoke
during Chicago
Ideas Week about
his first job, overcoming fear, and the quote that inspires him the
most.
Here
are his three tips for success:
1. MAKE EVERYONE A WINNER
At
the age of 12, Combs’ entrepreneurial spirit was already in full
force. Paper routes were generally procured by 15- and 16-year-olds
who held the job until they left for college, and routes were passed
down to people they knew.
Combs
says he learned the names and addresses of all the people who had
routes that were leaving for college and “made them an offer they
couldn’t refuse.” He’d deliver the papers and send half the
profits to them at school. That year, he had six paper routes.
2. IDENTIFY AND FILL GAPS IN THE MARKETPLACE
Combs
knows a thing or two about music. A Grammy winner himself, he’s
produced songs for artists ranging from Aretha Franklin to Sting.
Combs’ latest venture, 24-hour television
network REVOLT,
seeks to be “the CNN or ESPN of music.”
Combs
notes the consumption of music content is at an all-time high, and
there’s a void in the market, with BET and MTV not playing music
videos. People are searching YouTube and online for the next big
thing. The landscape of television is changing, he says.
The
network, aimed at Millennials, curates content across several
platforms and through social
media.
Combs says launching a cable
network is
the second hardest thing he’s ever done, next to running a
marathon. “I almost died,” he jokes.
3. KEEP MOVING FORWARD
A
turning point in Combs’ life occurred when he broke his leg as a
senior in high school, putting an end to his dreams of playing
football. His Uncle “Shrimp” helped him realize he had to choose
his path: Either follow in his father’s footsteps in the street (he
died when Combs was 3 years old) or find another dream.
Inspired
by his mother’s work ethic (she worked four jobs to support the
family), Combs opted for the latter. One of his favorite quotes, from
his uncle, inspires him every day: “Don’t be afraid to close your
eyes and dream, and to open them up and see.”
Combs
admits he sometimes second-guesses his decisions--being responsible
for 2,000 employees and their families and wanting to make the right
decision will do that to a person, but he doesn’t let it keep him
from taking risks in business.
It’s
okay to have some fear and insecurity as you’re going through it,
but you need to push through it, he says. “If there isn’t a bit
of fear, you can’t be fearless.”
BYLINDSAY
LAVINE
http://www.fastcompany.com/3037263/then-and-now/sean-combs-advice-for-aspiring-entrepreneurs?utm_source=mailchimp&utm_medium=email&utm_campaign=fast-company-daily-manual-newsletter&position=anjali&partner=newsletter&campaign_date=10252014
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