The Jay-Z school of money management (February 2010) by Anthony Decurtis
The Jay-Z school of money management
Here’s how Jay-Z toughed it out at the very top of his business
The problem You need to keep an ambitious and successful employee productive.
The solution Use the stick as often as you use the carrot.
Because Jay-Z has said that “tough love” characterises his management of Roc-A-Fella Records. “Everyone has to work for theirs, and that’s how you make strong individuals,” he says, citing the technique as effective in his building the reputation of one of his most famous protégés, Kanye West. Want to keep an employee hungry? “You make him fight for his position.”
The problem A younger rival is flavour of the month and is threatening your position.
The solution Don’t neglect your wisdom. Play to your experience, not your youthful exuberance.
Because In hip-hop, as with business, it’s often the younger, brasher types that hog the limelight. According to Jay-Z, that’s a natural process we all need to accept. “Of course you’re gonna lose your edge,” he says. “But when you have knowledge, you see the playing field differently.”
The problem You’ve got a great vision for your career… but there aren’t any jobs about.
The solution Go it alone.
Because If there’s not a company ready to take a punt on your big idea, now is the time to start your own. “I was forced to be an artist and a CEO,” Jay-Z says, referring to the time before he was signed to a major label. He started Roc- A-Fella to release the music he believed the world wanted to hear. “It was either give up or create my own company,” he says.
The problem There are a few areas of your CV that are persistently weak.
The solution Perseverance makes perfect.
Because Dodging weaker areas of your professional life and overcompensating by focusing on the stronger aspects is a sure route to one thing: not meeting your potential. “Basketball players play basketball their whole life, they practise every day,” Jay-Z says. “It makes sense. You can only get better. It’s the repetition; the more you do it, the better you do.”
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