Here’s how hip-hop has reignited the spirit of black entrepreneurship
When asked how the revolutionary spirit of rock and roll in the ’60s compares to that of contemporary hip-hop, Syracuse University alumnus and former president of Sony Music International Rick Dobbis raises a key point: hip-hop has produced successful entrepreneurs at a higher rate than other genres.
Since its birth in the ’70s, hip-hop has embodied the story of “rags to riches.” Forbes recently published its annual round-up of the wealthiest hip-hop artists, and Sean Carter, better known as Jay Z, topped the list with a net worth of a whopping $900 million. He’s followed by legends including Diddy, Dr. Dre, Eminem, Master P, Birdman and Kanye West.
While these men were tremendous recording artists, to Dobbis’ point, a large percentage of their wealth came from successful business ventures. There are several aspects of hip-hop that allow artists to successfully transition into entrepreneurship.
Branding
From Run DMC with Adidas to Master P with No Limit Records, hip-hop artists have a long history of sponsoring and investing in consumer products related to their brands.
Throughout their careers, many hip-hop artists become celebrities in part because their business ventures align with their brands. Rappers and MCs have shown tremendous ability to transform their image and brands into financial gain.
Take some high rollers from this year’s list: smooth and confident Diddy is the sponsors a liquor company in Revolt, hustler-turned-businessman Jay Z was the perfect person to create an artist-led streaming service in Tidal and producer extraordinaire Dr. Dre is the ideal image for Beats headphones.
The ‘chip’
Hip-hop is about the proverbial chip on your shoulder. Whether it’s with true lyricists like Common and Mos Def, trap rappers like Future and T.I. or New York rappers like Jay Z and Nas, we see a common mission to prove themselves while listening to their music.
This competitive attitude of having something to prove serves them well as artists and entrepreneurs. Social media entrepreneur Gary Vaynerchuk regards having a chip on your shoulder as one of the five most important traits of successful entrepreneurs. Looking at the most high-profile hip-hop entrepreneurs and considering the edge they carried in their music, this seems like a warranted conclusion.
Humble beginnings
While this has shifted in recent years, one common perception of rappers is they come from non-glamorous backgrounds. Many of them talk about growing up without much and reflect on how their upbringing inspired them to make millions as adults. In a 2005 interview with GQ Magazine, Jay Z addressed this trend.
“You have to realize that most of us come from nothing, like no-thing, the bottom,” he said. “You start getting some success, you’re gonna start celebrating it.”
This celebration comes in the form of expensive cars, flashy jewelry and nice clothes. While critics call these images superficial, for many, these images inspire them to aspire to new heights.
Regardless of the industry or venture, growing up and seeing successful black entrepreneurship through hip-hop has raised the ceiling of how I, and many of my peers, perceive them and their potential.
Anthony Obas, a sophomore entrepreneurship and emerging enterprises student at SU, has drawn tremendous influence from icons like Sean Combs, Sean Carter and Andre Young. Obas is the director of operations at Voiceless Music LLC, a promotion/media company that looks to raise awareness about independent and unsigned artists.
“They pushed the culture to a new level by incorporating it into fashion, business, movies, etcetera,” Obas said. “They’ve inspired me to work in the music industry. … They left me with a model on how to achieve success. I want to follow this model but add my own spin to it.”
The hip-hop industry generates over $10 billion dollars annually. On its rise to becoming the most popular genre in the world, successful entrepreneurs like Master P and Birdman have inspired and paved the way and for young entrepreneurs from Obas to Chance the Rapper to carve their own paths.
Hip-hop is more than a genre, or a business — it’s a culture. And being able to see this culture shift from rags to riches, to even more riches, has been amazing.
Jalen Nash is a sophomore political science major. His music column appears biweekly in Pulp. You can email him at janash@syr.edu or follow him on Twitter @ja_nash3.