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 dollars. He’s Master P, and here’s my take on his top 10 rules for success.
Master P’s Top 10 Rules For Business and Success
Rule #1: Hustle
A lot of people don’t realize, it’s like, you got to work for something, you got to want it. You know, I thank the man up above that I was able to change my life and do what I’m doing, and got a second chance. But education, I educated myself.
Even though I was in the streets, I educated myself. And I thank the man all the time, like you know what, that you got to have a good peace of mind, because a lot of people, they just want you to give them something. Even these artists of today, I’m like, from artists to friends or whatever, everybody looking for a handout. Nobody really want to work no more.
Woman Interviewer: I feel the same way. A lot of interns and people like that, when we came up we was busting our ass. And now people expect things.
See, people don’t know like, I actually sold CD’s out the trunk of my car. Went from city to city. You know, now, guys are coming, they want, they look at a guy like me. Man you know, you go, you got a mix-tape, you want want me to give you some money.
I’m not giving you no money for no mix-tape. You know what I’m saying? Usually a mix-tape is free. You got to get your hustle, you got to build your brand, and then get the opportunity.
If I had the opportunity to get with a Master P or somebody, you know, but I guess this generation won’t learn. Like I say, everybody getting high now. You know what I’m saying? The syrup is killing the whole, this generation.
Man Interviewer: You know, a lot of people don’t recognize opportunity if there’s not a paycheck attached.
Yeah. Sometimes, you don’t have to work for the money. If you do what you got to do and you good at it, the money going to come. You got to love what your doing.
Rule #2: Stand By Your Word
What I learned in business, it’s 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 got to do, well I said, I gave her my word. And that’s going to 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.
Rule #3: Be Prepared
You know what, if you’re going to get into something you got to be prepared, when you do something big. You know, and you’ve got to, 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 mean, I tell all the time I ain’t on my time, we on God’s time.
So how LeBron James and one of them feel when they’re in the gym, you got to go practice. Work on your jump shot.You know, work on your game. I feel like artists not need to spend their time in the studio then, you just partying all day.
Rule #4: Be Independent
My whole life is about helping the kids. Helping other kids, you know, letting them look at my life for a blueprint. You can’t just make in the music business. I want to show people that you got to have a couple of things going.
Because when that thing has ran out, something else might open up. You know, the film, the TV opened up for me, all the clothing. The music business is not the same no more. So it was like you said, it’s about the marketing, it’s about the endorsement deals.
So you got to get hiding something to get those. So you know, I think in this game now what I know how to do best is about being independent. So if you an independent and you can make moves the way you want to make it, you going to be successful.
Rule #5: Network
Now if down the line you meet somebody, you might see them again. And they going to remember you. You build those relationships. I did the same thing with Warren Buffet, didn’t know he was Warren Buffet. You know? You know, I’m sitting in the room with Donald Trump, 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 when you get into a room you got to take it advantage of, network, having an open conversation.
Meet somebody, tell them your name, tell they where you’re from, tell them what business you in. 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.
And then you’re like, oh okay yeah, this is my guy from over here. That’s what building relationships is about, and networking. And that’s the first part of business. Being an entrepreneur. Because you might not have the money to start the business, even though your an 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.
Rule #6: Create Opportunities For Yourself
Right now, through the power of the internet right now, I don’t think we 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 it, it’s what Chuck said, look at a guy like Soulja Boy that just came up. Through the internet.
So you’re not sitting back waiting, even though people laugh at that sort of thing, oh man, his music is soft, or whatever. But this guy created his own avenue. Like Chuck said, he also had to go sell out to take it to a big picture. Now my thing is, sometime you got to look at like, how far you want to go.
And my thing is independence, I thought that this was the avenue 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 how far we want to go in.
Rule #7: Educate Yourself
Well a lot of people don’t know, even people that hit the lottery think that they’re going to get some money, it’s going to change their life. I mean the girl from North Carolina, she spent 12 million dollars getting her boyfriend out of jail.
Why wouldn’t you invest that into some business? I mean, if people want to know something, go to some people that know about money. Come to me, holla at me, holla at somebody that’s successful. I could show you, you should be investing 12 million dollars into getting another hundred million.
Woman Interviewer: But sometimes you see these athletes that make all these millions of dollars and they end up going broke, and they have bad investments, they have bad advisors.
Well, you got a lot of people around you. I’m going to tell you something right now. Anybody listening, you need to cut some of these people out. I talk to Floyd Mayweather the other other day, I was like man, I had to cut family members out, you know what I’m saying.
And sometimes you got to look at it, it’s like, they could get mad, but at the same time they’re not making the sacrifices you got to make, so they don’t really want it. They want your life, they want to be you, but nobody really want to work like that.
Travel from city to city, to go out. Like they said, where you was out when we was out there in every club, in every hood risking our life, but now you get some money, people crying, you know.
Rule #8: Take Chances On Yourself
You know, but there’s sometimes you got to take chances on yourself. I think a lot of people, they say they hustling, they say they from the streets, but why is somebody else putting your music out if you really on the street. I mean, these records I’m hearing, hearing how you trapping and how you doing all this.
You know, you should be able to put your own music out. You don’t need nobody to put your music out. We was out there, we changed out life, but we put our own music out. We did our own thing.
Rule #9: Make Up For Your Losses
I like to win. I love to win. And people that love to win, they 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 going to make up for it.
So be prepared to take losses in business. Be an entrepreneur. See, that’s the thing about it. But that one win take away all the pain, if you an entrepreneur, if you own your own business and you run your business.
Rule #10: Make History
Well 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 a 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. I made this because mysterymediacorp 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. Continue to believe, and I’ll see you soon.