Stop Waiting! Master P’s Powerful Rules To OWN Your Life And Business

We're in a culture that's a billion-dollar business, but we create millionaires. When you start standing by your word, you'll be able to build more relationships and resources. You know what, if you're gonna get into something, you got to be prepared. You got to do something big. When you get into a room, you got to take advantage of networking, having an open conversation. Sometimes you got to look at life how far you want to go. I love love to win. And people that love to win, they gonna be successful. Probably one of the first and only to play in the NBA.

He's an American rapper, actor, entrepreneur, and former basketball player. He's the founder and CEO of P. Miller Enterprises, a conglomerate company. In 2013, Forbes estimated his net worth to be $350 million. He's Master P, And here's my take on his top 10 rules for success.

We in a culture that's a billion-dollar business, but we create millionaires. So I talk to a lot of guys that I know that got a lot of big contracts, and the financial advisor's running everything. And it's like, When basketball over, so, and you can't play basketball anymore, and you haven't put anything into learning financial literacy, where do you go from there? You go back to the hood. They take everything, they steal everything that you have. We're not thinking ownership. You got somebody writing your checks. Even though there's good financial advisors out there, but the most of 'em, most of 'em, at the end of these guys' careers, you know, it's the same story. What happened to my money? I come from independence, I come from owning product. That's the way I was able to be who I am. And as I grow and mature, you know, I'm thinking like, what if LeBron owned the Cavs? How much money he would be making? Or own Nike? You know, it's good Nike gave him a billion-dollar shoe deal, lifetime deal, but how much money are they gonna make off of him? What happens when we own, actually own the product? When you look at all the All the big brands from Apple TV to Apple Music, you know, these guys are taking over the industry and we gotta go to them to sell them our product and to get a small piece. But we are not creating brands on our own. And I think that's where I plan to change the game. You know, I want it to be more of us, more minorities having the opportunity to cash out on what we do every day. If you're a businessman, an entrepreneur, you gotta find a problem. So I found a problem. Record stores are closing, but video game stores are opening. And that's when it hit to me, I'm like, I need to be in the video game business. I put my life, my passion, the same way I did into the music, I put into the video game, and I'm mostly like probably the only person that look like me, come from our culture, that's a part of this in Silicon Valley. What I learned in business, just like what she was saying, when you give somebody your word, your word is so important. Once I gave her my word, I had to come, even though I got a million other things I gotta do. I said, well, I gave her my word. And that's gonna go a long way with you in business. Once you give somebody your word, it's good to get it in writing, everything that you need to get done. But when you give somebody your word, you got to stand by it. Because when you start standing by your word, you'll be able to build more relationships and resources. You know what, if you're gonna get into something, you got to be prepared. You got to do something big, you know, and you gotta, you gotta, you know, I feel like this Power record with me and Lil Wayne is definitely a statement record, but it's just real, it's timing. I tell people all the time, I ain't on my time, we on God's time. Absolutely. So how LeBron James or one of them feel when they in the gym, you gotta go practice, work on your jump shot, work on your game. I feel like artists now need to spend that time in the studio than just partying all day. My whole life is about helping the kids, helping other kids, letting them look at my life through a blueprint. You can't just make it in music, in the music business. I wanna show people that you gotta You gotta have a couple of things going, 'cause when that thing ran out, something else might open up. You know, the film, the TV opened up for me, all the clothing. You know, the music business is not the same no more. Yeah. So it's like you said, it's about the marketing, it's about the endorsement deals. So you gotta get hot in something to get those. You do. So, you know, I think in this game now, what I know how to do best is about being independent. You know, so if you independent and you can make moves the way you wanna make it, you're gonna be successful. Now down the line you meet somebody, you might see them again. And they gonna remember you. You build those relationships. I did the same thing with Warren Buffett. Didn't know he was Warren Buffett. You know, guys, you know, I'm sitting in the room with Donald Trump, Robert Kiyosaki, and I'm thinking these are the guys. You know, and he told me, he said, "Man, look, this old guy over here, he makes a million dollars just touching the computer." And I've been talking to this guy the whole time. You know, and I'm like, "Wow." You never know who you might be sitting next to or who you might meet. So you got— when you get into a room, you got to take advantage of networking, just having an open conversation. Meeting somebody, telling them your name, telling them where you from, telling them what business you in. You know, tell them whatever you involved in. Because that person might know somebody, say, "Hey, hey, you know, you into— okay, I could hook you up with—" Then you like, "Oh, okay, yeah, this is my guy from over here." That's what building relationships is about, the networking. And that's the first part of business, being entrepreneur. Because you might not have the money to start the business, even though you entrepreneur, you got the idea. That's how people say they started a business with no money. They had the idea, but then they went to somebody and networked with the person that had the money. Right now, through the power of the internet right now, I don't think you should have to sit back and wait. It's about creating the opportunity. Don't wait for opportunity. Right now the internet is so strong. I mean, you look at— that's what Chuck said— look at a guy like Soulja Boy just came up through the internet. So you're not sitting back waiting, even though people laugh at Soulja, think, "Oh man, his music's soft." whatever, but this guy created his own avenue. But like Chuck said, he also had to go sell out to take it to a big picture. Now my thing is, sometimes you gotta look at in life how far you wanna go. And my thing is independence. I thought that this was an avenue that I was able to open up and create and still be able to empower our own people in the community. So I just think that we have to figure out how far we wanna go. Before I got that deal, I turned down a million dollar deal with Jimmy Iovine. Yeah, Jimmy. Jimmy Iovine offered me $1 million. And I'm in the projects, I had like $500 in my pocket. So I went to see him and my brother was with me, my brother C. He was like, "Man, take the million dollars, we gonna be rich and go take over the project." I said, "Nah, man, I ain't taking over no project. When I get this million dollars, I'm gone, I'm out of this. I don't even wanna see no more projects. I need to be gone." I sit in the office, I had the check, but I read the paperwork. So artists that's watching this, you need to read the paperwork. By me going to college, I look, I was like, to my mind, I'm thinking this is a Michael Jordan deal, 'cause Michael Jordan got $1 million from Nike. He would've been a billionaire. People don't know that, but they gave him maybe like 3% or 5% or something like that. So I was like, I can't do this deal because I won't own my name no more, none of this stuff. So I told him, I say, Mr. Alvin, I'm gonna go get some lunch, I'll be back. So he was like, "Man, if you don't come back, you'll never get a deal in this town." I get back on the plane, I'm on Southwest, start eating them peanuts. I start thinking about that million dollars. I said, "Hey man, look." They the people, "You want any more peanuts?" Me and my brother mad, we about to fight. He was like, "Man, why would you not take the million dollars knowing that we don't have no money?" So he asked me, "Say, how much money you got in your pocket?" I said, "I got $500." He said, "You got $500, you turn out a million dollars." I say, "But before we start tripping on each other, if that white man offered me a million dollars, how much you think I'm worth?" Gotta be worth 10, 15, 20 something. Yeah. You know, that's when he left me alone. It was a long ride back to New Orleans, but. You know, but that's sometimes you gotta take chances on yourself. I think, you know, a lot of people, they say they hustlers, they say they from the streets, But why is somebody else putting your music out if you really on the street? These records I'm hearing, how you trapping and how you doing all this, right? Right. You know, you should be able to put your own music out, right? You don't need nobody to put your music out, right? You know, because we was out there, we changed our life, but we put our own music out, right? We did our own thing. I like to win. I love to win. And people that love to win, they're going to be successful. But it's okay losing sometimes. You might not win all the time because you always say, tomorrow I lost today, but tomorrow I'm gonna make up for it. So be prepared to take losses in business, be an entrepreneur. So that's the thing about it, but that one win take away all the pain if you're an entrepreneur and you own your own business and you run your business. Well, I'm, I'm probably the first hip-hop artist to make a movie, independent film. I'm probably the first hip-hop artist to do a sports agency. I'm probably one of the first hip-hop artists to do clothing. Probably one of the first and only to play in the NBA. Probably one of the first and only to make an 80/20 deal, distribution deal. I mean, I could go on and on, man, but it's like, you know, I mean, so many doors have opened up for our people, and I'm just glad to be a part of that history.

Thank you so much for watching. I made this video because Mystery Media Corp asked me to. So if there's a famous entrepreneur that you want me to profile next, leave it in the comments below and I'll see what I can do. I'd also love to know which of Master P's top 10 rules hit you the hardest and why. Leave it in the comments. I will join the discussion. Thank you so much for watching. Continue to believe, and I'll see you soon.

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