WEBVTT - WHY DIDDY IS ONE OF THE GREATEST ENTREPRENEURS EVER

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<v Speaker 1>Sean Combs is a great entrepreneur.

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<v Speaker 2>He is I will go down in history as one

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<v Speaker 2>of the greatest entrepreneurs in American history from my standpoint.

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<v Speaker 1>And he's a great entrepreneur. First, a lot of people

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<v Speaker 1>don't know he started as a businessman.

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<v Speaker 2>He you know, the people know him as an artist

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<v Speaker 2>and a fashion icon and so on and so forth,

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<v Speaker 2>but his first role in the entertainment business was as

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<v Speaker 2>an owner, you know, first as an an r at

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<v Speaker 2>Uptown Records, but then you know, ultimately as an owner

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<v Speaker 2>of Bad Boy Records. He was not an artist when

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<v Speaker 2>he first owned bad Boy Records. So from there, from

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<v Speaker 2>you know, where he took that company alone as a

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<v Speaker 2>as an entrepreneur was incredible and would go down in

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<v Speaker 2>history in and of itself. But then too, one of

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<v Speaker 2>the things I said, I was really super fortunate to experience,

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<v Speaker 2>and this is something that you know, is part of

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<v Speaker 2>the American dream experience is to see businesses go from

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<v Speaker 2>an idea from like sketches on a table to like

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<v Speaker 2>a real business with hundreds of employees with hundreds of

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<v Speaker 2>million dollars in sales, and like not just once like

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<v Speaker 2>I started like three four times over literally like things

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<v Speaker 2>being sketched. We're gonna do this, We're gonna do this.

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<v Speaker 2>How the cloth is gonna look? What's the TV network

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<v Speaker 2>gonna look like? You know how, what are the segments

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<v Speaker 2>we want you know, on on a twenty four hour day,

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<v Speaker 2>and what's that gonna look like?

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<v Speaker 1>Going from that, you know, from an idea to actually happening.

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<v Speaker 2>And that's a phenomenal, incredible thing, really difficult to do,

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<v Speaker 2>and to do it, you know, three or four times

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<v Speaker 2>over in a big way, like uh, you know Sean

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<v Speaker 2>Combs did is really unprecedented. And we're not talking about

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<v Speaker 2>a huge.

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<v Speaker 3>Time for what's on, like twenty years, he's done this

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<v Speaker 3>full time.

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<v Speaker 2>Absolutely, you've still got to still going to come too, right,

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<v Speaker 2>So this is these are the years where most executives

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<v Speaker 2>are really just getting into groove and and creating great,

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<v Speaker 2>great ideas.

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<v Speaker 1>So here here's what's so.

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<v Speaker 2>I will say he is rarefied air as an entrepreneur.

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<v Speaker 2>So you have to understand that first. So it's not

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<v Speaker 2>it's not by accident, it's not you know luck, it's

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<v Speaker 2>you know, he has great instincts. He has great instincts,

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<v Speaker 2>he has great negotiating instincts, he has great instincts of

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<v Speaker 2>the marketplace.

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<v Speaker 1>Right. So essentially what.

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<v Speaker 2>Puff purposefully created was a whole new category, which you

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<v Speaker 2>know I call and we call urban aspirational.

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<v Speaker 1>That category really.

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<v Speaker 2>Didn't exist, right, so and off of that category if

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<v Speaker 2>you really think about everything he created. So it started

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<v Speaker 2>with the music and everybody was talking about the shiny suits, this,

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<v Speaker 2>that and the other. But he showed you lifestyle that

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<v Speaker 2>no one ever thought about other than in a comedic way,

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<v Speaker 2>showing you know, for the hip hop community. He showed

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<v Speaker 2>you private jet lifestyle, jet ski lifestyle, and it all

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<v Speaker 2>was purposeful about this narrative around.

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<v Speaker 1>You know, we can aspire to these great things.

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<v Speaker 2>Sean John was totally about aspirations, like I want to clothes.

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<v Speaker 1>That feel like you're rich that you're wearing.

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<v Speaker 2>I want you know, at this time, he had, you know,

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<v Speaker 2>he had felt you know, Gucci and all these other

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<v Speaker 2>brand names on him, and he's like, I want Sewing

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<v Speaker 2>John to feel like that on the consumer.

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<v Speaker 1>And I wanted to fit them right, and they're going

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<v Speaker 1>to feel like, you know, a million bucks when they

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<v Speaker 1>put it on.

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<v Speaker 2>So he created a whole category once again just a

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<v Speaker 2>rare thing for anybody to do. And he parlayed that

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<v Speaker 2>category into different consumer products groups from from clothing to

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<v Speaker 2>uh to then spirits you know, to to even how

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<v Speaker 2>he approached his television work and uh, you know, and

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<v Speaker 2>and and many other different consumer products categories that he

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<v Speaker 2>got it involved in, including water and and and other things.

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<v Speaker 2>So aquar aquadre. So I started on cameras so you

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<v Speaker 2>can see it. Uh so uh yeah so that so.

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<v Speaker 2>But but a couple of things I would say, this

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<v Speaker 2>is really I think unique about someone like myself working

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<v Speaker 2>with him. I'm there to be the analytical person and

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<v Speaker 2>to do everything I learned, right, is like do valuation models.

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<v Speaker 1>And for all of my fellow.

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<v Speaker 2>MBAs and so on, like when you get around someone

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<v Speaker 2>like as Sean Combs or Sean Carter or whatever, don't

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<v Speaker 2>think you have to lose the skill set that you're

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<v Speaker 2>supposed to be bringing to the table. In fact, trust

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<v Speaker 2>that skill set because it's really important and it's important

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<v Speaker 2>for you to bring that to the table.

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<v Speaker 1>But I would say what I learned is that.

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<v Speaker 2>There is something important about instinct, there is something important

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<v Speaker 2>about celebrity, and there is something important about you knowing.

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<v Speaker 1>Your value and being able to walk away from a deal.

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<v Speaker 1>So I would say.

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<v Speaker 2>One of the great things that Sean was able to

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<v Speaker 2>always do it almost any deal I was involved in

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<v Speaker 2>him with is I would set the range and say, Okay,

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<v Speaker 2>we're going to the room. If we get this deal

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<v Speaker 2>to around this level. You know, if we get it

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<v Speaker 2>too like fifteen million, that's a really good deal.

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<v Speaker 1>We really should do it right.

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<v Speaker 2>If it's below that, we can, you know, maybe we

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<v Speaker 2>want to keep negotiating, you know whatever. So many times

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<v Speaker 2>I've been in the room and we get to the

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<v Speaker 2>fifteen and I'm like, I'm smiling, I'm happy, like smiling

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<v Speaker 2>on the inside, and he's and you know, he's just

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<v Speaker 2>he'll look at him like, yeah, all right, well I

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<v Speaker 2>don't think we're gonna have a deal today. You know,

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<v Speaker 2>y'all just don't really know my value. Thanks very much.

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<v Speaker 2>I talked to you and I'm like kicking them, like

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<v Speaker 2>what are you doing? We got we got to our number.

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<v Speaker 1>You know what I mean.

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<v Speaker 2>But he was like I could look in their eyes

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<v Speaker 2>and know they wanted to do more.

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<v Speaker 1>You know what I mean. I knew, I know they

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<v Speaker 1>are not leaving here without doing this deal. But like

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<v Speaker 1>I said, everyone's down.

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<v Speaker 2>An entrepreneur that takes guts and to walk away from

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<v Speaker 2>some of the numbers we would walk away from and

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<v Speaker 2>say no to that he would walk away from and

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<v Speaker 2>say no to. Takes a lot of guts and belief

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<v Speaker 2>in yourself and he and that was part of how

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<v Speaker 2>he approached deals.

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<v Speaker 1>He never went into a deal like I gotta have it.

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<v Speaker 5>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>Sponsored by the United States Department of Homeland Security too.

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<v Speaker 2>He never went as anything with desperation, and some of

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<v Speaker 2>that is about planning.

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<v Speaker 1>When you saw Sean Combs and Bad Boy Do, it

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<v Speaker 1>had been in the works for years.

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<v Speaker 2>I wasn't involved in anything that didn't take twelve to

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<v Speaker 2>twenty four months.

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<v Speaker 1>It had been in the work for years.

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<v Speaker 2>So none of these are like knee jerk, like one

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<v Speaker 2>of the better places to be as an athlete or

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<v Speaker 2>an entertainer. Is where you have to make decisions to survive,

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<v Speaker 2>right survival decisions versus you've mapped out. Of course, Like

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<v Speaker 2>you know, Sean was very strategic about when am I

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<v Speaker 2>going to be in the spirits business. I know I'm

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<v Speaker 2>going to be there at a certain point, but I

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<v Speaker 2>want to build my brand of celebration and I want

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<v Speaker 2>to build my brand of aspiration enough so that when

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<v Speaker 2>I get to the spirits business, I could create a

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<v Speaker 2>brand that sits at a certain price point, that stands

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<v Speaker 2>for a certain thing, and that will be presented the

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<v Speaker 2>right way. So these things were orchestrated, you know, years

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<v Speaker 2>in advance before we got into the businesses. And then

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<v Speaker 2>negotiating the deals. To negotiate the deal you really want

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<v Speaker 2>sometimes takes a long time and means you're gonna have

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<v Speaker 2>to have a lot of patients, a lot of faith

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<v Speaker 2>in yourself. People are gonna come to you many times

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<v Speaker 2>to say all right, do this deal. Now we're walking away,

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<v Speaker 2>and you may have to say, all right, walk away, No,

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<v Speaker 2>You're worth right, And I mean that was him. He

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<v Speaker 2>was great at that, but also great at just identifying opportunities.

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<v Speaker 2>We talked about it earlier, identifying white space in the

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<v Speaker 2>spirits industry that the success of Sarak was all about identifying.

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<v Speaker 1>The white space.

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<v Speaker 2>There was no premium alcohol that our community could call

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<v Speaker 2>it rome. They were like running to the Great Gooses

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<v Speaker 2>all these other brands that really didn't want.

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<v Speaker 1>Us as customers.

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<v Speaker 2>And he knew there was just a huge white space.

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<v Speaker 1>So how did the Sarrock deal even come about? Right?

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<v Speaker 1>Because at that time we saw a lot of.

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<v Speaker 6>People, well mostly I felt like that boy in Rockefell

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<v Speaker 6>were going back and forth, right, they had Rock a Wiz,

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<v Speaker 6>Seawan John Uh, the shouts John, I loved the fifth

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<v Speaker 6>that was like, I'll fade the crolling line, like we

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<v Speaker 6>don't want that fifth ass to all the time, right,

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<v Speaker 6>But you know they were coming out with Armordale and

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<v Speaker 6>I remember Ludacris had came out with an alcohol and

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<v Speaker 6>was what was the idea to create your own or

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<v Speaker 6>partner with a company that was already existed.

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<v Speaker 1>How did that deal come though?

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<v Speaker 2>So the deal was with the I Joe and they

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<v Speaker 2>had done a couple of things with bad Boy and

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<v Speaker 2>Sean and just loved the results. I think I'm not

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<v Speaker 2>even sure what the lords list of things were, but

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<v Speaker 2>whether they were events, parties, everything, they did you know, uh,

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<v Speaker 2>you know, puff just over delivered to you know in

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<v Speaker 2>a way that they were like, we really want to

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<v Speaker 2>be in business with So Honestly, the initial conversations were

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<v Speaker 2>a range of things. You know, we could start our

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<v Speaker 2>own products, could develop something from scratch and.

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<v Speaker 7>And or anything like what do you want to do

0:11:51.800 --> 0:11:54.280
<v Speaker 7>the type of thing right which need to So I

0:11:54.280 --> 0:11:57.199
<v Speaker 7>think the biggest thing that happened was they had this

0:11:57.280 --> 0:12:00.640
<v Speaker 7>product this uh, this product that they said, you know,

0:12:00.679 --> 0:12:01.520
<v Speaker 7>look we just launched.

0:12:01.520 --> 0:12:03.839
<v Speaker 2>This is not it really hasn't done much, you know,

0:12:04.240 --> 0:12:07.640
<v Speaker 2>what do you think about it? And he thought it

0:12:07.679 --> 0:12:12.080
<v Speaker 2>could work for him basically, So we ended up going going.

0:12:11.880 --> 0:12:14.120
<v Speaker 1>Down that path and that was the first product.

0:12:14.120 --> 0:12:17.200
<v Speaker 2>The next product was he always didn't want to create

0:12:17.240 --> 0:12:20.960
<v Speaker 2>something from scratch, and the next product was a Tekilla product,

0:12:22.320 --> 0:12:26.199
<v Speaker 2>which was an acquisition, but again was totally driven by

0:12:26.480 --> 0:12:29.000
<v Speaker 2>something he wanted to do and something he had vetted

0:12:29.000 --> 0:12:30.880
<v Speaker 2>out and wanted to launch.

0:12:31.360 --> 0:12:34.760
<v Speaker 3>What I read like the history of like soraka names

0:12:34.760 --> 0:12:37.440
<v Speaker 3>like Nick Stoor him come up and I know he

0:12:37.559 --> 0:12:39.080
<v Speaker 3>was part of the hypnotic movement?

0:12:39.200 --> 0:12:41.200
<v Speaker 1>Yes, and then was is he part of it?

0:12:41.280 --> 0:12:43.440
<v Speaker 3>Was he part of the team originally that was the

0:12:43.559 --> 0:12:44.960
<v Speaker 3>acquisition part with us.

0:12:45.480 --> 0:12:48.040
<v Speaker 1>Yeah, he was in day one at the acquisition level.

0:12:47.800 --> 0:12:50.360
<v Speaker 2>But I think immediately, you know, he was on that

0:12:50.480 --> 0:12:54.760
<v Speaker 2>list of people we need like day two to go,

0:12:54.960 --> 0:12:58.280
<v Speaker 2>you know, promote the brain, And I mean I picked that.

0:12:58.600 --> 0:13:00.760
<v Speaker 2>Another thing, I'm not going to give all the secrets

0:13:00.760 --> 0:13:02.080
<v Speaker 2>because I know the book is coming.

0:13:02.559 --> 0:13:05.920
<v Speaker 1>The book is coming. The book is coming for sure.

0:13:06.320 --> 0:13:10.280
<v Speaker 2>But another thing, you know, uh, you know, Showing was

0:13:10.440 --> 0:13:12.920
<v Speaker 2>always focused on was.

0:13:14.440 --> 0:13:15.400
<v Speaker 1>Not playing fair.

0:13:16.040 --> 0:13:19.800
<v Speaker 2>So how do I use my celebrity to catapult something

0:13:20.240 --> 0:13:21.880
<v Speaker 2>in a unique way? How do I do things that

0:13:21.920 --> 0:13:28.240
<v Speaker 2>other people can't do to catapult my brands uniquely? And

0:13:28.280 --> 0:13:32.079
<v Speaker 2>that was the approach with you know, with Sorak, is

0:13:32.120 --> 0:13:35.280
<v Speaker 2>that I have to really own the lifestyle and I'm

0:13:35.280 --> 0:13:37.920
<v Speaker 2>gonna do it, you know, unfairly. I'm gonna go get

0:13:38.000 --> 0:13:42.040
<v Speaker 2>every celebrity friend I have every but not only that,

0:13:42.440 --> 0:13:47.960
<v Speaker 2>but every lifestyle person in each market. You know, who's

0:13:48.000 --> 0:13:52.840
<v Speaker 2>the person on the radio, who's the receptionist that just

0:13:52.960 --> 0:13:56.200
<v Speaker 2>knows everybody? Who are the party throwers in each market.

0:13:56.360 --> 0:13:59.920
<v Speaker 2>I'm gonna go lock all of them down. Create ambassadors,

0:14:00.679 --> 0:14:05.440
<v Speaker 2>you know, just a rock DJs, you know, creates boys,

0:14:05.559 --> 0:14:06.120
<v Speaker 2>rock girls.

0:14:06.360 --> 0:14:08.520
<v Speaker 1>How am I going to lock down the lifestyle.

0:14:08.720 --> 0:14:11.240
<v Speaker 3>It's like that they turned from the nineties era of

0:14:11.240 --> 0:14:14.600
<v Speaker 3>making the million dollar video to the sixty second commercial

0:14:14.640 --> 0:14:15.880
<v Speaker 3>that feels like the million dollar video.

0:14:15.920 --> 0:14:19.320
<v Speaker 1>So he's in the helicopters. He's like James Bondo, like Shot.

0:14:19.360 --> 0:14:21.960
<v Speaker 1>He likes to call him Black Season. Well most of

0:14:22.000 --> 0:14:23.000
<v Speaker 1>these conversions, we're.

0:14:22.880 --> 0:14:25.400
<v Speaker 6>Like, yeah, if we drinks so Rack, we can have

0:14:25.480 --> 0:14:26.280
<v Speaker 6>that lifestyle too.

0:14:26.560 --> 0:14:29.480
<v Speaker 1>So like he's a genius man man. That's why call

0:14:29.520 --> 0:14:33.040
<v Speaker 1>him black Season. He used embodies down whole VI.

0:14:56.720 --> 0:15:00.400
<v Speaker 5>An illegal alien from Guatemala charged with raping a child

0:15:00.440 --> 0:15:04.200
<v Speaker 5>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:04.440 --> 0:15:08.600
<v Speaker 5>accused of murdering a Texas man of Venezuelan charged with

0:15:08.680 --> 0:15:12.560
<v Speaker 5>filming and selling child pornography in Michigan. These are just

0:15:12.640 --> 0:15:16.400
<v Speaker 5>some of the heinous migrant criminals caught because of President

0:15:16.440 --> 0:15:20.040
<v Speaker 5>Donald J. Trump's leadership. I'm Christy nom the United States

0:15:20.040 --> 0:15:24.840
<v Speaker 5>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:15:24.880 --> 0:15:28.440
<v Speaker 5>crossings are at the lowest levels ever recorded, and over

0:15:28.480 --> 0:15:31.720
<v Speaker 5>one hundred thousand illegal aliens have been arrested. If you

0:15:31.800 --> 0:15:35.640
<v Speaker 5>are here illegally, your next you will be fine. Nearly

0:15:35.720 --> 0:15:39.720
<v Speaker 5>one thousand dollars a day. Imprisoned and deported, you will

0:15:39.760 --> 0:15:43.400
<v Speaker 5>never return. But if you register using our CBP home

0:15:43.480 --> 0:15:46.840
<v Speaker 5>app and leave now, you could be allowed to return legally.

0:15:47.200 --> 0:15:51.960
<v Speaker 5>Do what's right. Leave now. Under President Trump America's laws,

0:15:52.120 --> 0:15:54.560
<v Speaker 5>border and families will be protected.

0:15:54.640 --> 0:15:56.760
<v Speaker 1>Sponsored by the United States Department of Homeland Security,