Black Entertainment : Congrats To Jay-Z

Discussion in 'Black Entertainment' started by CarrieMonet, Dec 8, 2004.

  1. CarrieMonet

    CarrieMonet Well-Known Member MEMBER

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  2. $$RICH$$

    $$RICH$$ Lyon King Admin. STAFF

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    word up .......big ups to our brutha indeed
     
  3. KWABENA

    KWABENA STAFF STAFF

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    DELETED BY AUTHOR
     
  4. IntuitioninMD

    IntuitioninMD Banned MEMBER

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    I love it.. the Brother is doing his thing

    He is doing his thing. MUCH RESPECT to Jay Z :climb:

    He is not only making it.... he is making wise financial decisions.
     
  5. Emeka

    Emeka Banned MEMBER

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    Jay-Z is a stupid idiot!! Apart from the fact that this guy makes a living selling poison to Black children; he went and sold his company Roc-A-fella Records to Island Defjam (which is now White owned and controlled) for a measly $10 million. He, along with co-founders Damon Dash and Kareem Burke, actually allowed Defjam to buy half of the company for $1.5 million; at the initial time which he first joined the Defjam group in 1997. As "compensation" for handing over complete control of his company he has been named president and CEO of Defjam records; a position which I'm sure will be restricted.

    He has yet to realize that it is better to be the owner than to be the worker (whether or not that worker is highly paid or not).
     
  6. panafrica

    panafrica Well-Known Member MEMBER

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    I wouldn't go as far as to call Jay-Z an idiot, although I don't approve of how he obtained his wealth (selling records which endorse violence & demean black women). As far as his business ventures, add Roc-A-Fella to the list which I discussed before:

    I have often discussed in previous threads and in chat that if the African American community is going to progress then we have to start developing our own businesses. However, upon looking at the black landscape I began to realize that we have businesses. Not just Mom & Pop stores (which are very important), but multi-million dollar corporations.

    The African American community is gifted with some brilliant business minds like Earl Graves, We have Entrepreneurs like the Johnsons (Ebony & Jet Magazines), Russell Simmons (Def Jam, Phat Farm), Robert Johnson (BET), Catherine Hughes & her son Alfred Liggins (Radio-One), not to mention the numerous CEOs and Executives.

    We as a people can be brilliant when it comes to generating ideas, and making money. However, we often fail when it comes to developing empires, which produce long term success. In other words we are often short sighted, only thinking about the here & now, and not the future. I look at the white landscape and see corporations which have lasted for a hundred years or more. I see family dynasties like the Kennedys, Hiltons, Turners, Rockerfellers, Waltons, etc. These people are living off the inventions of their fathers, grandfathers, great-grandfathers, and in some cases great-great grandfathers. I observe this and wonder why we don't have the same? African Americans are rarely able to pass down wealth from generation to generation. At best we can handdown wealth to our children, but by the time our grandchildren come, the well has been tapped dry.

    After thinking about why this is, I have finally come up with an answer: Black People Suffer From Get Rich Quick-itis!!! Impatience is the principle quality in get rich quick plans, the desire to make money fast, then bail before the plan explodes. And we as a people are impatient, from our most common minds to our most brilliant. Their is no better example of our impatience as a people than our habit or selling successful businesses to white corporations. Russell Simmons selling Phat Farm for 140 million is the latest example of this. To Mr. Simmons (who as I already stated is a brilliant business mind), this sale was a win because he has more money to do other business with. Also he retains "some" control over what is done (he remains an executive). However, what Mr. Simmons fails to realize is that top executives can be and are often fired. Kellwood wanted to buy Phat Farm for 140 million, because they felt Phat Farm is worth much more. Kellwood saw the goldmine Simons was sitting on, so why didn't he? Phat Farm is only a few years old!! It eventually could have eventually reached a billion dollar level if Simmons continued to use sound business deals (and continued to have patience). Kellwood will no doubt have the patience to take Phat Farm to its full potential.

    The Phat Farm deal is not an isolated incident. Russell did the same thing with Def Jam Records. Another brilliant, successful, and sorely needed idea. The music industry is white dominated (on the ownership level), and has a history of financially exploiting black artists. Def Jam was an opportunity to turn the table, and provide an alternative. Yet dispite its success (financially and culturally), Simmons sold it in a multi-million dollar deal. Simmons has the talent to recognize prosperous seeds, and the ability to plant these seeds into fertile soil, yet he lacks the patience to see these seeds grow into maturity. This is a habit which Simmons doesn't do alone, the same can be said for Robert Johnson of BET & the NBA's Bobcats (NC). The sale of BET to Viacom in 2001 for 3 billion dollars, made Johnson the world's first black billionaire. While it is hard to argue that obtaining billions of dollars is a bad business move. I'd again like to point out that if BET was worth 3 Billion to Viacom, it was because they viewed its potential to be worth much more. At the time of this sale BET was already approaching the billion dollar mark. Why not continue to develop it on its own, the company was only 20 years old! Bob Johnson has a son. If he was tired of running BET, if he wanted to purchase an NBA team, why not hand over BET to his son (and keep the business in the family)? While I don't agree with all of its programs and views, the fact is BET employed hundreds of black people, which is good for the community. Will this still be true 10 years from now, with BET being run by Viacom?

    Now Catherine Hughes of Radio One is the latest black entrepreneur looking to sell her business in a multi-million dollar deal. This would again rob the community of a source of wealth and employment. In truth, buyouts only make sense (from the sellers perspective) when a business is struggling. Selling a business when it's successful shows a lack of confidence in one's abilities. In a community which sorely needs employers.like the African American community, it is almost a crime. It assures that the African American community will remain a community of consumers and employees.
     
  7. Therious

    Therious Banned MEMBER

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    glad u reposted that pan. Not a jay z fan here (although i do like some of his music mostly the beats not the lyrics) , to each their own not mad at a brother making millions. yes he does promote ignorance however.

    btw-is it better to be the owner or the president?

    10 million $$ now or a one hundred million over ten years?<<like the yt boyz will be making.
     
  8. panafrica

    panafrica Well-Known Member MEMBER

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    I'm glad someone received my message, thank you brother Therious!
     
  9. Therious

    Therious Banned MEMBER

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    is it a fact that he sold rockafella for ten mill??? did damon dash sell too??? i cant comprehend this since jz alone could be worth ten mill
     
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