At age five, Sean Combs’ father was murdered and he was raised in Mt. Vernon, New York by his mother. Fast forward past high school, Combs attended Howard University. While attending classes, he produced dance parties and operated an airport shuttle service. He pursued an internship with Uptown Records that led to a position as talent director. Combs rapidly rose to vice president and enjoyed great success producing a number of Uptown’s key artists, ultimately leaving the company in the early 90s.
In 1993, Combs founded Bad Boy Entertainment, his own production company. No doubt as the result of connections he made while working at Uptown Records, he was working with some of the biggest names in hip-hop and pop music. A short four years later, after $100 million in sales, he inked a multi-million dollar deal with Arista Records to manage the label. Later, he recorded several albums, launched his own clothing line and launched a reality TV series titled: I Want to Work for Diddy.
Now, Sean “Diddy” Combs holds hip-hop’s 2013 top spot for the industry’s wealthiest player and his net worth is estimated by Forbes at $580 million. “But how did he go from intern to CEO?” is one of the most asked questions the mogul receives. He describes three key steps below:
Passion – Do What You Love
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Clearly, Sean “Diddy” Combs is a talented individual and music lover. He built his fortune on a love of music and an eye for fashion, which he likely acquired from his mother through her work as a model in the fashion industry. Both are what the industry calls “core competencies” for being successful. Do what you love and what you’re good at. Combined with skill, your passion will take you to highest of the pay scale.
Work & Spend Your Money As A CEO
CEOs are always watching the bottom line. If they don’t, the bottom will let go from under them. So Combs suggests taking on the CEO mindset early. “You have to be honest with yourself. You have to tell yourself the truth. You have to tell yourself the truth about what it’s going to take for you to be successful. It doesn’t come easy, you’re going to have to go out there and get it,” says Combs.
Network, Network, Network!
Sean used his contacts from Uptown Records to launch Bad Boy Entertainment. Building a network seems to be an important component to success. There’s an age old saying that goes, “Iron Sharpens Iron”. You can’t be sharp if you’re around dull people. The same is true for finances. An eagle never learned how to soar while hanging around pigeons. Identify those people who you want to emulate and start meeting and networking with those around them.
