Rapper and Entrepreneur P. Diddy (or is it Puff Daddy now?) recently gave a quick interview for Forbes on the advice he has for young entrepreneurs. The discussion is quite fascinating and there were a few gold nuggets everyone can take away from it. Without further adieu, here are five tips crucial for success from the newly crowned richest man in hip-hop.
Always know the reality.
“Always know what you’re getting yourself into, know how hard it’s going to be, how competitive it’s going to be.”
Many entrepreneurs fail because all they see is the success that they can accomplish, but not the amount of work, luck, and dedication it takes to get there. Be motivated by the top of the mountain, but don’t expect the climb to be easy.
Figure out what you want to do NOW.
“The sooner you make the decision, the better that it will be for your life, and the better chances of success you’ll have. Because you’ll have more time to mess up and you’ll have more time to fall down.”
You have to understand that your time is limited in this world, make sure to get a head start. Even if you’re not completely sure if this is the direction you want to go, do it anyways. At the very least, you’ll know what you don’t want to do if things don’t work out. Don’t just sit around and wait for time to pass because of your uncertainty.
Information is king.
“No matter what, it could’ve been the times of Jesus, before Jesus, caveman times. It was about being around information. Back in caveman times, it was about, “who knows how to make a fire? Because my ass is cold!”
Whoever knows more than the other person is always going to be more valuable. Consistently staying abreast of the latest things in demand will put you on the path to success.
Experience trumps a degree.
“A degree means something to me, but experience kind of means more. A point-of-view of where people want to go means more than somebody saying “I have a Masters from Harvard.”
You can acquire all the knowledge you want, but if you can’t execute, then it’s meaningless. You learn to execute by actually attempting to do the things you’re taught. Doing this also allows you to be more creative and potentially think of innovative ideas. If you stick with learning as the end all be all, you’ll be limited to the constraints within the box.
Work for a higher purpose.
When asked the types of people he likes to hire, P. Diddy said those that are “not just doing it as a job, they’re doing it as a part of their life. And they’re also doing it for a higher purpose. Just bigger than them. They really want to make whatever they’re involved in affect people in a positive way.”
If you’re just focused on the success, fame, and money, your end goal is purely self-serving and won’t fulfill you in the long-run. Look at the world and see how you want to make an impact on it. Trust me, you’ll create a much better product with this mindset.