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Cliff Notes: WHY DIDDY IS ONE OF THE GREATEST ENTREPRENEURS EVER · Earn Your Leisure

• 0:00
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 0:03
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 0:07
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 0:11
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 0:15
  Speaker 1: some of the heinous migrant criminals caught because of President
• 0:19
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 0:23
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 0:28
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 0:31
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 0:35
  Speaker 1: are here illegally, your next you will be fined nearly
• 0:39
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 0:43
  Speaker 1: never return. But if you register using our CBP home
• 0:46
  Speaker 1: app and leave now, you could be allowed to return legally.
• 0:50
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,
• 0:55
  Speaker 1: border and families will be protected.
• 0:57
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 1:00
  Speaker 3: Sean Combs is a great entrepreneur.
• 1:02
  Speaker 4: He is I will go down in history as one
• 1:05
  Speaker 4: of the greatest entrepreneurs in American history from my standpoint.
• 1:09
  Speaker 3: And he's a great entrepreneur. First, a lot of people
• 1:11
  Speaker 3: don't know he started as a businessman.
• 1:14
  Speaker 4: He you know, they people know him as an artist
• 1:16
  Speaker 4: and a fashion icon and so on and so forth.
• 1:19
  Speaker 4: But his first role in the entertainment business was as
• 1:22
  Speaker 4: an owner, you know, well, first as an an R
• 1:25
  Speaker 4: at Uptown Records, but then you know, ultimately as an
• 1:29
  Speaker 4: owner of Bad Boy Records. He was not an artist
• 1:31
  Speaker 4: when he first owned Bad Boy Records. So from there,
• 1:36
  Speaker 4: from you know, where he took that company alone as
• 1:39
  Speaker 4: a as an entrepreneur was incredible and would go down
• 1:42
  Speaker 4: in history in and of itself. But then too, one
• 1:46
  Speaker 4: of the things I said, I was really super fortunate
• 1:48
  Speaker 4: to experience, and this is something that you know, is
• 1:51
  Speaker 4: part of the American dream experience is to see businesses
• 1:56
  Speaker 4: go from an idea from like sketches on a table
• 1:59
  Speaker 4: to like a real business with hundreds of employees with
• 2:03
  Speaker 4: hundreds of million dollars in sales, and like not just once,
• 2:07
  Speaker 4: like I started like three four times over, literally like
• 2:10
  Speaker 4: things being sketched that we're gonna do this, We're gonna
• 2:12
  Speaker 4: do this.
• 2:12
  Speaker 3: How the plow is gonna look, what's the TV network
• 2:14
  Speaker 3: gonna look like?
• 2:15
  Speaker 4: You know, how what are the segments we want, you know,
• 2:17
  Speaker 4: on on a twenty four hour day, and what's that
• 2:19
  Speaker 4: gonna look like going from that, you know, from an
• 2:21
  Speaker 4: idea to actually happening. And that's a phenomenal, incredible thing,
• 2:26
  Speaker 4: really difficult to do, and to do it, you know,
• 2:30
  Speaker 4: three or four times over in a big way, like uh,
• 2:34
  Speaker 4: you know Sean Combs did is really unprecedented.
• 2:37
  Speaker 2: And we're not talking about a huge time for him.
• 2:39
  Speaker 2: It's on like twenty years. He's done this full time.
• 2:41
  Speaker 4: Absolutely, you've still got to still time to come too, right,
• 2:45
  Speaker 4: So this is these are the years where most executives
• 2:47
  Speaker 4: are really just getting into groove and and creating a great,
• 2:52
  Speaker 4: great ideas. So here here's what's so. I will say
• 2:56
  Speaker 4: he is rarefied air as an entrepreneur.
• 3:00
  Speaker 3: So you have to understand at first.
• 3:02
  Speaker 4: So it's not it's not by accident, it's not you
• 3:06
  Speaker 4: know luck, it's you know, he has great instincts, he
• 3:10
  Speaker 4: has great instincts, he has great negotiating instincts, he has
• 3:15
  Speaker 4: great instincts of the marketplace.
• 3:17
  Speaker 3: Right. So essentially, what.
• 3:20
  Speaker 4: Puff purposefully created was a whole new category which you
• 3:26
  Speaker 4: know I call and we call urban aspirational. That category
• 3:30
  Speaker 4: really didn't exist, right, so and off of that category
• 3:34
  Speaker 4: if you really think about everything he created. So it
• 3:36
  Speaker 4: started with the music and everybody was talking about the
• 3:38
  Speaker 4: shiny suits, this, that and the other. But he showed
• 3:40
  Speaker 4: you lifestyle that no one ever thought about other than
• 3:45
  Speaker 4: in a comedic way showing, you know, for the hip
• 3:48
  Speaker 4: hop community. He showed you private jet lifestyle, jet ski lifestyle,
• 3:53
  Speaker 4: and it all was purposeful about this narrative around you know,
• 3:58
  Speaker 4: we can aspire to these great things, is seawan. John
• 4:01
  Speaker 4: was totally about aspirations, like I want to clothes that
• 4:04
  Speaker 4: feel like you're rich that you're wearing. I want, you know,
• 4:08
  Speaker 4: at this time, he had, you know, he had felt
• 4:10
  Speaker 4: you know, Gucci and all these other brand names on him,
• 4:13
  Speaker 4: and He's like, I want showing John to feel like
• 4:15
  Speaker 4: that on the consumer, and I wanted to fit them
• 4:18
  Speaker 4: right and they're going to feel like, you know, a
• 4:21
  Speaker 4: million bucks when they put it on. So he created
• 4:24
  Speaker 4: a whole category once again just a rare thing for
• 4:27
  Speaker 4: anybody to do. And he parlayed that category into different
• 4:32
  Speaker 4: consumer products groups.
• 4:33
  Speaker 3: From from clothing to.
• 4:37
  Speaker 4: UH to then spirits, you know, to to even how
• 4:41
  Speaker 4: he approached his television work and UH you know, and
• 4:45
  Speaker 4: and and many other different consumer products categories that he
• 4:48
  Speaker 4: got it involved in, including water and and and other things.
• 4:52
  Speaker 4: So aqu hundred aquahadri So I started with all cameras
• 4:56
  Speaker 4: you see it, uh so uh yeah so that so,
• 4:59
  Speaker 4: but but a coup things. I would say, this is
• 5:01
  Speaker 4: really I think unique about someone like myself working with him.
• 5:06
  Speaker 4: I'm there to be the analytical person and to do
• 5:10
  Speaker 4: everything I learned, right, is like do valuation models. And
• 5:14
  Speaker 4: for all of my fellow MBAs and so on, Like
• 5:17
  Speaker 4: when you get around someone like us Sean Combs or
• 5:22
  Speaker 4: Sean Carter or whatever, don't think you have to lose
• 5:25
  Speaker 4: the skill set that you're supposed to be bringing to
• 5:27
  Speaker 4: the table. In fact, trust that skill set because it's
• 5:30
  Speaker 4: really important and it's important for you to bring that
• 5:33
  Speaker 4: to the table.
• 5:34
  Speaker 3: But I would say, what I learned is that.
• 5:38
  Speaker 4: There is something important about instinct, there is something important
• 5:42
  Speaker 4: about celebrity, and there is something important about you knowing
• 5:50
  Speaker 4: your value and being able to walk away from a deal.
• 5:53
  Speaker 3: So I would say one of the great things that Sean.
• 5:56
  Speaker 4: Was able to always do it almost any deal I
• 5:58
  Speaker 4: was involved in him with is I would set the
• 6:00
  Speaker 4: range and say Okay, we're going to the room. If
• 6:03
  Speaker 4: we get this deal to around this level, you know,
• 6:05
  Speaker 4: if we get it to like fifteen million.
• 6:07
  Speaker 3: That's a really good deal. We really should do it right.
• 6:10
  Speaker 4: If it's below that, we can, you know, maybe we
• 6:12
  Speaker 4: want to keep negotiating, you know whatever. So many times
• 6:15
  Speaker 4: I've been in the room and we get to the
• 6:16
  Speaker 4: fifteen and I'm like, I'm smiling, I'm happy, like smiling
• 6:19
  Speaker 4: on the inside, and he's and you know, and he's
• 6:22
  Speaker 4: just he'll look at him like, yeah, all right, well
• 6:25
  Speaker 4: I don't think we're gonna have a deal today. You know,
• 6:27
  Speaker 4: y'all just don't really know my value. Thanks very much.
• 6:29
  Speaker 4: I talked to you and I'm like kicking them, like
• 6:31
  Speaker 4: what are you doing? We got we got to our number,
• 6:34
  Speaker 4: you know what I mean. But he was like I
• 6:35
  Speaker 4: could look in their eyes and know they wanted to
• 6:37
  Speaker 4: do more, you know what I mean.
• 6:39
  Speaker 3: I knew, I know they are not leaving here without
• 6:41
  Speaker 3: doing this deal. But like I said, everyone's down. An
• 6:44
  Speaker 3: entrepreneur that takes.
• 6:46
  Speaker 4: Guts to walk away from some of the numbers we
• 6:49
  Speaker 4: would walk away from and say no to that he
• 6:53
  Speaker 4: would walk away from say no to takes a lot
• 6:55
  Speaker 4: of guts and belief in yourself and he and that
• 6:58
  Speaker 4: was part of how he approached deals.
• 7:00
  Speaker 3: He never went into a deal like I gotta have
• 7:02
  Speaker 3: this deal.
• 7:04
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• 8:54
  Speaker 1: An illegal alien from Guatemala charged with raping a child
• 8:58
  Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
• 9:02
  Speaker 1: accused of murdering a Texas man of Venezuelan charged with
• 9:06
  Speaker 1: filming and selling child pornography in Michigan. These are just
• 9:10
  Speaker 1: some of the heinous migrant criminals caught because of President
• 9:14
  Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States
• 9:18
  Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border
• 9:23
  Speaker 1: crossings are at the lowest levels ever recorded, and over
• 9:26
  Speaker 1: one hundred thousand illegal aliens have been arrested. If you
• 9:30
  Speaker 1: are here illegally, your next you will be fined nearly
• 9:33
  Speaker 1: one thousand dollars a day, imprisoned, and deported. You will
• 9:38
  Speaker 1: never return. But if you register using our CBP home
• 9:41
  Speaker 1: app and leave now, you could be allowed to return legally.
• 9:45
  Speaker 1: Do what's right. Leave now. Under President Trump, America's laws
• 9:50
  Speaker 1: border and families will be protected.
• 9:52
  Speaker 2: Sponsored by the United States Department of Homeland Security.
• 9:55
  Speaker 4: He never went as anything with desperation, and some of
• 9:58
  Speaker 4: that is about planning.
• 10:00
  Speaker 3: And then you saw Sean Comb's and Bad Boy Do.
• 10:03
  Speaker 3: It had been in the works for years.
• 10:06
  Speaker 4: I wasn't involved in anything that didn't take twelve to
• 10:08
  Speaker 4: twenty four months.
• 10:10
  Speaker 3: It had been in the work for years. So none
• 10:12
  Speaker 3: of these are like knee jerk like. One of the.
• 10:15
  Speaker 4: Better places to be as an athlete or an entertainer
• 10:18
  Speaker 4: is where you have to make decisions to survive, right
• 10:23
  Speaker 4: survival decisions versus you've mapped out. Of course, like you know,
• 10:28
  Speaker 4: Sean was very strategic about when am I going to
• 10:30
  Speaker 4: be in the spirits business. I know I'm going to
• 10:32
  Speaker 4: be there at a certain point, but I want to
• 10:34
  Speaker 4: build my brand of celebration and I want to build
• 10:38
  Speaker 4: my brand of aspiration enough so that when I get
• 10:43
  Speaker 4: to the spirits business, I could create a brand that
• 10:46
  Speaker 4: sits at a certain price point, that stands for a
• 10:48
  Speaker 4: certain thing, and that will be presented the right way.
• 10:51
  Speaker 4: So these things were orchestrated, you know, years in advance
• 10:55
  Speaker 4: before we got into the businesses. And then negotiating the deals.
• 11:00
  Speaker 4: To negotiate the deal you really want sometimes takes a
• 11:03
  Speaker 4: long time and means you're gonna have to have a
• 11:05
  Speaker 4: lot of patients, a lot of faith in yourself. People
• 11:08
  Speaker 4: are gonna come to you many times to say all right,
• 11:10
  Speaker 4: do this deal. Now we're walking away, and you may
• 11:13
  Speaker 4: have to say, all right, walk away, No, you're worth right.
• 11:17
  Speaker 3: And I mean that was him.
• 11:17
  Speaker 4: He was great at that, but also great at just
• 11:20
  Speaker 4: identifying opportunities. We talked about it earlier, identifying white space
• 11:25
  Speaker 4: in the spirits industry, that the success of Sarak was
• 11:29
  Speaker 4: all about identifying.
• 11:30
  Speaker 3: The white space.
• 11:31
  Speaker 4: There was no premium alcohol that our community could call
• 11:37
  Speaker 4: it rome. They were like running to the Great Gooses,
• 11:40
  Speaker 4: all these other brands that really didn't want us as customers,
• 11:44
  Speaker 4: and he knew there was just a huge white space.
• 11:49
  Speaker 3: So how did the Srob deal even come about? Right?
• 11:51
  Speaker 2: Because at that time we saw a lot of people,
• 11:54
  Speaker 2: well mostly I felt like that boy in Rockefelle were
• 11:57
  Speaker 2: going back and forth.
• 11:58
  Speaker 3: Right, they had rock a Wishing, uh.
• 12:00
  Speaker 2: The shouts John, I loved the Fifth that was like,
• 12:02
  Speaker 2: I'll fade the Corolon line, like we want that fifth
• 12:04
  Speaker 2: ass to all the time, right, But you know, they
• 12:08
  Speaker 2: were coming out with Armordale and I remember Ludacris had
• 12:11
  Speaker 2: came out with an alcohol and was what was the
• 12:13
  Speaker 2: idea to create your own or partner with a company
• 12:16
  Speaker 2: that was already existed?
• 12:17
  Speaker 3: How did that deal come though?
• 12:18
  Speaker 4: So the deal was with the I Joe and they
• 12:21
  Speaker 4: had done a couple of things with bad Boy and
• 12:25
  Speaker 4: Sean and just loved the results. So I think I'm
• 12:28
  Speaker 4: not even sure what the lady list of things were,
• 12:30
  Speaker 4: but whether they were events, parties, everything they did, you know, uh,
• 12:35
  Speaker 4: you know, puff just over delivered to you know in
• 12:38
  Speaker 4: a way that they were like we really want to
• 12:40
  Speaker 4: be in business with So honestly, the initial conversations were
• 12:43
  Speaker 4: a range of things. You know, we could start our
• 12:45
  Speaker 4: own products, could develop something from scratch and and or.
• 12:50
  Speaker 3: Anything like what do you want to do the type
• 12:52
  Speaker 3: of thing?
• 12:52
  Speaker 4: Right, So, I think the biggest thing that happened was
• 12:56
  Speaker 4: they had this product, this uh, this product that they said,
• 13:00
  Speaker 4: you know, look we just launched.
• 13:01
  Speaker 3: This is not it really hasn't done much. You know,
• 13:04
  Speaker 3: what do you think about it?
• 13:06
  Speaker 4: And he thought it could work for him basically, So
• 13:09
  Speaker 4: we ended up going going.
• 13:11
  Speaker 3: Down that path and that was the first product.
• 13:14
  Speaker 4: The next product was he always didn't want to create
• 13:17
  Speaker 4: something from scratch. And the next product was a te
• 13:20
  Speaker 4: kill a product which was an acquisition, but again was
• 13:25
  Speaker 4: totally driven by something he wanted to do and something
• 13:28
  Speaker 4: he had vetted out and wanted to launch.
• 13:31
  Speaker 2: What I read like the history of like soraka names
• 13:34
  Speaker 2: like Nick Stoor him come up and I know he
• 13:37
  Speaker 2: was part of the hypnotic movement And then was is
• 13:40
  Speaker 2: he part of it? Was he part of the team
• 13:42
  Speaker 2: originally that was the acquisition part with us throughout.
• 13:45
  Speaker 4: Yeah, he was in day one at the acquisition level,
• 13:47
  Speaker 4: but I think immediately, you know, he was on that
• 13:50
  Speaker 4: list of people we need like day two to go,
• 13:55
  Speaker 4: you know, promote the brain. And I mean, I think
• 13:58
  Speaker 4: that another thing I'm not going to give where all
• 14:00
  Speaker 4: the secrets because I know the book is coming.
• 14:02
  Speaker 3: The book is coming. The book is coming for sure.
• 14:06
  Speaker 4: But another thing, you know, uh, you know, Showing was
• 14:10
  Speaker 4: always focused on was.
• 14:14
  Speaker 3: Not playing fair.
• 14:16
  Speaker 4: So how do I use my celebrity to catapult something
• 14:20
  Speaker 4: in a unique way? How do I do things that
• 14:22
  Speaker 4: other people can't do to catapult.
• 14:25
  Speaker 3: My brands uniquely?
• 14:28
  Speaker 4: And that was the approach with you know, with Sorak,
• 14:32
  Speaker 4: is that I have to really own the lifestyle.
• 14:35
  Speaker 3: And I'm gonna do it, you know, unfairly.
• 14:37
  Speaker 4: I'm gonna go get every celebrity friend I have every
• 14:41
  Speaker 4: but not only that, but every lifestyle person in each market.
• 14:47
  Speaker 3: You know, who's the person on the radio.
• 14:50
  Speaker 4: Who's the receptionist that just knows everybody? Who are the
• 14:54
  Speaker 4: party throwers in each market. I'm going to go lock
• 14:57
  Speaker 4: all of them down. Create ambassadors, create you know this,
• 15:01
  Speaker 4: I rack DJs, you know, creates boys, rock girls.
• 15:06
  Speaker 3: How am I going to lock down the lifestyle?
• 15:08
  Speaker 2: It's like that they turned from the nineties era of
• 15:11
  Speaker 2: making the million dollar video to the sixty second commercial.
• 15:14
  Speaker 2: That feels like the million dollar video so he's in
• 15:16
  Speaker 2: the helicopters. He's like James Bondo, like Shot. He likes
• 15:19
  Speaker 2: to call him Black Season. Well most of these commercials
• 15:22
  Speaker 2: were like, yeah, if we drinks Iraq, we can have
• 15:25
  Speaker 2: that lifestyle too, So like he's a genius.
• 15:27
  Speaker 3: Man did he Man's That's why call him Black Season.
• 15:31
  Speaker 3: He needs embodies that whole vi