By Marla
Tabaka Marla Tabaka is a small-business adviser who helps entrepreneurs
around the globe grow their businesses well into the millions. She has
more than 25 years of experience in corporate and startup ventures, and
speaks widely on combining strategic and creative thinking for optimum
success and happiness. @ MarlaTabaka @ MarlaTabaka
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Dr. Dre’s gone straight outta Compton and straight to the top of Forbes’s 2015
list of the world’s richest musicians. In addition to racking up Grammy
nods, he founded Aftermath Entertainment and Beats by Dre, and, more
recently, joined Jimmy Iovine in donating $70 million to the University
of Southern California to found the Jimmy Iovine and Andre Young Academy
for Arts, Technology, and the Business of Innovation. What can
entrepreneurs learn from the strategies that took Dre from hip-hop
legend to billionaire business leader? Here you go.
1. Know your strengths.
Dre struggled in school, but he’s demonstrated that academic
success is not necessarily an indicator of entrepreneurial acumen. As
it became clear that school wasn’t the place where he could shine, Dre
began devoting himself to his DJ work--leading to his alliance with the
World Class Wreckin’ Cru, his first step on the pathway to success.
Dre’s success grew from his ability to identify and play to his
strengths. If you’re struggling to get ahead, take a step back and
evaluate where your strengths really lie.
2. Have an eye for talent.
Dre has worked with some of the top talent in the music
business, from Mary J. Blige to 2Pac and Snoop Dogg. He produced
Eminem’s groundbreaking albums, and helped launch the Detroit rapper’s
meteoric career. Dre’s success isn’t just a result of personal skill,
talent, and expertise: It’s grown from his collaborations with other
talented people. Take note of this as you build your team and grow your
business: A successful leader is only as strong and effective as the people he or she leads.
3. Don’t buckle to skepticism.
The hip-hop culture that Dre grew up in and helped build is
one that fosters and relies on entrepreneurial skill. In the early years
of hip hop, record labels were skeptical of the genre, and worried that
it would be a difficult sell to middle America. Hip-hop artists were
thus masters of hustle: They were out there promoting their mixtapes and
starting their own record labels, doing everything it took to get their
music heard. Dre was part of this scene, and learned how to be an
entrepreneur almost out of necessity. Innovators create opportunity by
forging ahead, even when they meet great resistance and skepticism.
4. Hold on to what’s yours.
One of the early ways that Dre combined artistry and
entrepreneurship turned out to be one of his smartest moves. He made
sure that he earned a royalty from all of the records that he produced,
which included blockbusters like Snoop Dogg’s Doggystyle, which
sold more than five million copies. While many artists find themselves
stuck in bad contracts that don’t allow them to capitalize on their
recordings, Dre was smart and made sure that his producing work could be
a powerful revenue stream. Never jump into partnerships without looking
ahead and protecting what’s yours: now and in the future.
5. Build brand appeal.
Dre partnered with Jimmy Iovine to launch Beats by Dre in
2008. The pair subsequently founded Beats Music, a streaming service,
and, in one of the biggest deals in the industry, the company was
acquired by Apple. This success was possible because of Beats by Dre’s
swift rise to the top of the consumer audio technology industry--and
that rise was the result of Dre’s savvy branding acumen. Beats by Dre
weren’t just headphones--they were beautifully designed
headphones. Dre and Iovine did a little celebrity branding of their own
by making sure the headphones were spotted on the ears of the hottest
and hippest people, from will.i.am to LeBron James. Dre tapped his
extensive network of entertainment luminaries to pull off the marketing coup
that made Beats by Dre an unprecedented success. You can learn from
this move: Don’t underestimate the importance of brand identity.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
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