“I’m in business to make money,” says Johnson. “You can do well and do good. But at first, you have to focus on the blocking and tackling of running a good business.”
Much like Johnson makes no qualms about his propensity for being cheap, so too does he refuse to deny the fact that he is opportunistic. Where Johnson sees the chance to make money, he jumps at it. No ifs, ands, or buts about it. And, while his critics use that fact as one more chance to knock him down, Johnson attributes his success largely to his opportunism. Being willing to go for the gold – every time – is never a bad thing, he says.
Under Johnson’s control, BET has expanded from a third-rate cable channel into a brand that has become popular throughout the U.S., Canada, and the Caribbean. Indeed, BET is no loner confined to just being a television station. It has become one of the most dominant consumer brands in the urban marketplace through its wide network of businesses. Its website, BET.com, has become one of the most popular online destinations for African Americans. Its digital networks – BET Jazz, BET Gospel, and BET Hip-Hop, are all popular sources for music entertainment.
Johnson also took advantage of the growing event production and management industry, launching BET Event Productions. They specialize in everything from venue selection to talent recruitment to stage production. Meanwhile, since founding BET Books, it has become the most popular publisher of African-American themed romance novels in the U.S.
BET did not become the media conglomerate that it is today by taking baby steps. Johnson went out in search of opportunities and seized them as fast as he could. For Johnson, it was never about being an African American entrepreneur out to do good for his race. Johnson was an entrepreneur, plain and simple. He wanted to make money – and lots of it, saying, “BET was never a legacy event for me. BET was something I started as an investment and I knew someday I would sell it.”
More recently, Johnson purchased a controlling interest in Metro Bank FSB, a small Florida savings and loan. Although it had been losing money before he bought it, Johnson saw an opportunity. Its Florida location made it attractive, as did its national charter which would allow for easy expansion. Johnson quickly renamed it Urban Trust Bank and set out to expand into Washington.
Many onlookers praised Johnson for his contribution to the minority-owned banking industry. They saw his purchase as a step forward for African-American income and asset growth, and positive for the black community. Johnson, however, does not see things so black and white. For Johnson, this is just another opportunity to further line his pockets.
“Whenever I see an opportunity and a chance to change something, I go at it and I lay out all the facts to everybody,” he says. “And when I come to this space, I'm going to come with talent, I'm going to come with focus. And I'm going to do the job as competitively as the next guy.”
Lesson #4: Every Opportunity is Yours for the Taking
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