WEBVTT - Cliff Notes: WHY DIDDY IS ONE OF THE GREATEST ENTREPRENEURS EVER

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:00:35.040 --> 0:00:38.920
<v Speaker 1>are here illegally, your next you will be fined nearly

0:00:39.000 --> 0:00:43.000
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:00:43.040 --> 0:00:46.680
<v Speaker 1>never return. But if you register using our CBP home

0:00:46.720 --> 0:00:50.120
<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will be protected.

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<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Sean Combs is a great entrepreneur.

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<v Speaker 4>He is I will go down in history as one

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<v Speaker 4>of the greatest entrepreneurs in American history from my standpoint.

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<v Speaker 3>And he's a great entrepreneur. First, a lot of people

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<v Speaker 3>don't know he started as a businessman.

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<v Speaker 4>He you know, they people know him as an artist

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<v Speaker 4>and a fashion icon and so on and so forth.

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<v Speaker 4>But his first role in the entertainment business was as

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<v Speaker 4>an owner, you know, well, first as an an R

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<v Speaker 4>at Uptown Records, but then you know, ultimately as an

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<v Speaker 4>owner of Bad Boy Records. He was not an artist

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<v Speaker 4>when he first owned Bad Boy Records. So from there,

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<v Speaker 4>from you know, where he took that company alone as

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<v Speaker 4>a as an entrepreneur was incredible and would go down

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<v Speaker 4>in history in and of itself. But then too, one

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<v Speaker 4>of the things I said, I was really super fortunate

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<v Speaker 4>to experience, and this is something that you know, is

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<v Speaker 4>part of the American dream experience is to see businesses

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<v Speaker 4>go from an idea from like sketches on a table

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<v Speaker 4>to like a real business with hundreds of employees with

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<v Speaker 4>hundreds of million dollars in sales, and like not just once,

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<v Speaker 4>like I started like three four times over, literally like

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<v Speaker 4>things being sketched that we're gonna do this, We're gonna

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<v Speaker 4>do this.

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<v Speaker 3>How the plow is gonna look, what's the TV network

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<v Speaker 3>gonna look like?

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<v Speaker 4>You know, how what are the segments we want, you know,

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<v Speaker 4>on on a twenty four hour day, and what's that

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<v Speaker 4>gonna look like going from that, you know, from an

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<v Speaker 4>idea to actually happening. And that's a phenomenal, incredible thing,

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<v Speaker 4>really difficult to do, and to do it, you know,

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<v Speaker 4>three or four times over in a big way, like uh,

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<v Speaker 4>you know Sean Combs did is really unprecedented.

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<v Speaker 2>And we're not talking about a huge time for him.

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<v Speaker 2>It's on like twenty years. He's done this full time.

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<v Speaker 4>Absolutely, you've still got to still time to come too, right,

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<v Speaker 4>So this is these are the years where most executives

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<v Speaker 4>are really just getting into groove and and creating a great,

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<v Speaker 4>great ideas. So here here's what's so. I will say

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<v Speaker 4>he is rarefied air as an entrepreneur.

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<v Speaker 3>So you have to understand at first.

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<v Speaker 4>So it's not it's not by accident, it's not you

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<v Speaker 4>know luck, it's you know, he has great instincts, he

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<v Speaker 4>has great instincts, he has great negotiating instincts, he has

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<v Speaker 4>great instincts of the marketplace.

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<v Speaker 3>Right. So essentially, what.

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<v Speaker 4>Puff purposefully created was a whole new category which you

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<v Speaker 4>know I call and we call urban aspirational. That category

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<v Speaker 4>really didn't exist, right, so and off of that category

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<v Speaker 4>if you really think about everything he created. So it

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<v Speaker 4>started with the music and everybody was talking about the

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<v Speaker 4>shiny suits, this, that and the other. But he showed

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<v Speaker 4>you lifestyle that no one ever thought about other than

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<v Speaker 4>in a comedic way showing, you know, for the hip

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<v Speaker 4>hop community. He showed you private jet lifestyle, jet ski lifestyle,

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<v Speaker 4>and it all was purposeful about this narrative around you know,

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<v Speaker 4>we can aspire to these great things, is seawan. John

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<v Speaker 4>was totally about aspirations, like I want to clothes that

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<v Speaker 4>feel like you're rich that you're wearing. I want, you know,

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<v Speaker 4>at this time, he had, you know, he had felt

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<v Speaker 4>you know, Gucci and all these other brand names on him,

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<v Speaker 4>and He's like, I want showing John to feel like

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<v Speaker 4>that on the consumer, and I wanted to fit them

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<v Speaker 4>right and they're going to feel like, you know, a

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<v Speaker 4>million bucks when they put it on. So he created

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<v Speaker 4>a whole category once again just a rare thing for

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<v Speaker 4>anybody to do. And he parlayed that category into different

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<v Speaker 4>consumer products groups.

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<v Speaker 3>From from clothing to.

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<v Speaker 4>UH to then spirits, you know, to to even how

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<v Speaker 4>he approached his television work and UH you know, and

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<v Speaker 4>and and many other different consumer products categories that he

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<v Speaker 4>got it involved in, including water and and and other things.

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<v Speaker 4>So aqu hundred aquahadri So I started with all cameras

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<v Speaker 4>you see it, uh so uh yeah so that so,

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<v Speaker 4>but but a coup things. I would say, this is

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<v Speaker 4>really I think unique about someone like myself working with him.

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<v Speaker 4>I'm there to be the analytical person and to do

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<v Speaker 4>everything I learned, right, is like do valuation models. And

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<v Speaker 4>for all of my fellow MBAs and so on, Like

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<v Speaker 4>when you get around someone like us Sean Combs or

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<v Speaker 4>Sean Carter or whatever, don't think you have to lose

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<v Speaker 4>the skill set that you're supposed to be bringing to

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<v Speaker 4>the table. In fact, trust that skill set because it's

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<v Speaker 4>really important and it's important for you to bring that

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<v Speaker 4>to the table.

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<v Speaker 3>But I would say, what I learned is that.

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<v Speaker 4>There is something important about instinct, there is something important

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<v Speaker 4>about celebrity, and there is something important about you knowing

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<v Speaker 4>your value and being able to walk away from a deal.

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<v Speaker 3>So I would say one of the great things that Sean.

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<v Speaker 4>Was able to always do it almost any deal I

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<v Speaker 4>was involved in him with is I would set the

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<v Speaker 4>range and say Okay, we're going to the room. If

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<v Speaker 4>we get this deal to around this level, you know,

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<v Speaker 4>if we get it to like fifteen million.

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<v Speaker 3>That's a really good deal. We really should do it right.

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<v Speaker 4>If it's below that, we can, you know, maybe we

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<v Speaker 4>want to keep negotiating, you know whatever. So many times

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<v Speaker 4>I've been in the room and we get to the

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<v Speaker 4>fifteen and I'm like, I'm smiling, I'm happy, like smiling

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<v Speaker 4>on the inside, and he's and you know, and he's

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<v Speaker 4>just he'll look at him like, yeah, all right, well

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<v Speaker 4>I don't think we're gonna have a deal today. You know,

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<v Speaker 4>y'all just don't really know my value. Thanks very much.

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<v Speaker 4>I talked to you and I'm like kicking them, like

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<v Speaker 4>what are you doing? We got we got to our number,

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<v Speaker 4>you know what I mean. But he was like I

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<v Speaker 4>could look in their eyes and know they wanted to

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<v Speaker 4>do more, you know what I mean.

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<v Speaker 3>I knew, I know they are not leaving here without

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<v Speaker 3>doing this deal. But like I said, everyone's down. An

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<v Speaker 3>entrepreneur that takes.

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<v Speaker 4>Guts to walk away from some of the numbers we

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<v Speaker 4>would walk away from and say no to that he

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<v Speaker 4>would walk away from say no to takes a lot

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<v Speaker 4>of guts and belief in yourself and he and that

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<v Speaker 4>was part of how he approached deals.

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<v Speaker 3>He never went into a deal like I gotta have

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<v Speaker 3>this deal.

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:08:58.640 --> 0:09:02.439
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:09:02.679 --> 0:09:06.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:09:06.880 --> 0:09:10.800
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:09:10.880 --> 0:09:14.640
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:09:14.679 --> 0:09:18.280
<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

0:09:18.280 --> 0:09:23.080
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:09:23.120 --> 0:09:26.640
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:09:26.720 --> 0:09:29.920
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:09:30.000 --> 0:09:33.880
<v Speaker 1>are here illegally, your next you will be fined nearly

0:09:33.960 --> 0:09:37.960
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:09:38.000 --> 0:09:41.640
<v Speaker 1>never return. But if you register using our CBP home

0:09:41.679 --> 0:09:45.079
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:09:45.440 --> 0:09:50.199
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws

0:09:50.360 --> 0:09:52.800
<v Speaker 1>border and families will be protected.

0:09:52.880 --> 0:09:55.040
<v Speaker 2>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>He never went as anything with desperation, and some of

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<v Speaker 4>that is about planning.

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<v Speaker 3>And then you saw Sean Comb's and Bad Boy Do.

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<v Speaker 3>It had been in the works for years.

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<v Speaker 4>I wasn't involved in anything that didn't take twelve to

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<v Speaker 4>twenty four months.

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<v Speaker 3>It had been in the work for years. So none

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<v Speaker 3>of these are like knee jerk like. One of the.

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<v Speaker 4>Better places to be as an athlete or an entertainer

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<v Speaker 4>is where you have to make decisions to survive, right

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<v Speaker 4>survival decisions versus you've mapped out. Of course, like you know,

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<v Speaker 4>Sean was very strategic about when am I going to

0:10:30.760 --> 0:10:32.679
<v Speaker 4>be in the spirits business. I know I'm going to

0:10:32.760 --> 0:10:34.520
<v Speaker 4>be there at a certain point, but I want to

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<v Speaker 4>build my brand of celebration and I want to build

0:10:38.880 --> 0:10:43.440
<v Speaker 4>my brand of aspiration enough so that when I get

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<v Speaker 4>to the spirits business, I could create a brand that

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<v Speaker 4>sits at a certain price point, that stands for a

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<v Speaker 4>certain thing, and that will be presented the right way.

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<v Speaker 4>So these things were orchestrated, you know, years in advance

0:10:55.360 --> 0:10:59.920
<v Speaker 4>before we got into the businesses. And then negotiating the deals.

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<v Speaker 4>To negotiate the deal you really want sometimes takes a

0:11:03.400 --> 0:11:05.600
<v Speaker 4>long time and means you're gonna have to have a

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<v Speaker 4>lot of patients, a lot of faith in yourself. People

0:11:08.040 --> 0:11:10.560
<v Speaker 4>are gonna come to you many times to say all right,

0:11:10.640 --> 0:11:13.280
<v Speaker 4>do this deal. Now we're walking away, and you may

0:11:13.320 --> 0:11:16.480
<v Speaker 4>have to say, all right, walk away, No, you're worth right.

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<v Speaker 3>And I mean that was him.

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<v Speaker 4>He was great at that, but also great at just

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<v Speaker 4>identifying opportunities. We talked about it earlier, identifying white space

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<v Speaker 4>in the spirits industry, that the success of Sarak was

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<v Speaker 4>all about identifying.

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<v Speaker 3>The white space.

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<v Speaker 4>There was no premium alcohol that our community could call

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<v Speaker 4>it rome. They were like running to the Great Gooses,

0:11:40.360 --> 0:11:43.480
<v Speaker 4>all these other brands that really didn't want us as customers,

0:11:44.000 --> 0:11:49.200
<v Speaker 4>and he knew there was just a huge white space.

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<v Speaker 3>So how did the Srob deal even come about? Right?

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<v Speaker 2>Because at that time we saw a lot of people,

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<v Speaker 2>well mostly I felt like that boy in Rockefelle were

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<v Speaker 2>going back and forth.

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<v Speaker 3>Right, they had rock a Wishing, uh.

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<v Speaker 2>The shouts John, I loved the Fifth that was like,

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<v Speaker 2>I'll fade the Corolon line, like we want that fifth

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<v Speaker 2>ass to all the time, right, But you know, they

0:12:08.320 --> 0:12:11.160
<v Speaker 2>were coming out with Armordale and I remember Ludacris had

0:12:11.200 --> 0:12:13.880
<v Speaker 2>came out with an alcohol and was what was the

0:12:13.960 --> 0:12:16.680
<v Speaker 2>idea to create your own or partner with a company

0:12:16.760 --> 0:12:17.560
<v Speaker 2>that was already existed?

0:12:17.600 --> 0:12:18.559
<v Speaker 3>How did that deal come though?

0:12:18.720 --> 0:12:21.920
<v Speaker 4>So the deal was with the I Joe and they

0:12:21.960 --> 0:12:25.200
<v Speaker 4>had done a couple of things with bad Boy and

0:12:25.520 --> 0:12:28.360
<v Speaker 4>Sean and just loved the results. So I think I'm

0:12:28.360 --> 0:12:30.079
<v Speaker 4>not even sure what the lady list of things were,

0:12:30.120 --> 0:12:35.480
<v Speaker 4>but whether they were events, parties, everything they did, you know, uh,

0:12:35.600 --> 0:12:37.960
<v Speaker 4>you know, puff just over delivered to you know in

0:12:38.000 --> 0:12:40.079
<v Speaker 4>a way that they were like we really want to

0:12:40.080 --> 0:12:43.679
<v Speaker 4>be in business with So honestly, the initial conversations were

0:12:43.679 --> 0:12:45.360
<v Speaker 4>a range of things. You know, we could start our

0:12:45.360 --> 0:12:50.480
<v Speaker 4>own products, could develop something from scratch and and or.

0:12:50.480 --> 0:12:52.200
<v Speaker 3>Anything like what do you want to do the type

0:12:52.200 --> 0:12:52.480
<v Speaker 3>of thing?

0:12:52.559 --> 0:12:56.680
<v Speaker 4>Right, So, I think the biggest thing that happened was

0:12:56.720 --> 0:13:00.600
<v Speaker 4>they had this product, this uh, this product that they said,

0:13:00.600 --> 0:13:01.559
<v Speaker 4>you know, look we just launched.

0:13:01.600 --> 0:13:03.920
<v Speaker 3>This is not it really hasn't done much. You know,

0:13:04.320 --> 0:13:05.440
<v Speaker 3>what do you think about it?

0:13:06.320 --> 0:13:09.120
<v Speaker 4>And he thought it could work for him basically, So

0:13:09.960 --> 0:13:12.160
<v Speaker 4>we ended up going going.

0:13:11.960 --> 0:13:14.160
<v Speaker 3>Down that path and that was the first product.

0:13:14.200 --> 0:13:17.319
<v Speaker 4>The next product was he always didn't want to create

0:13:17.320 --> 0:13:20.280
<v Speaker 4>something from scratch. And the next product was a te

0:13:20.360 --> 0:13:25.079
<v Speaker 4>kill a product which was an acquisition, but again was

0:13:25.120 --> 0:13:28.280
<v Speaker 4>totally driven by something he wanted to do and something

0:13:28.320 --> 0:13:30.959
<v Speaker 4>he had vetted out and wanted to launch.

0:13:31.480 --> 0:13:34.839
<v Speaker 2>What I read like the history of like soraka names

0:13:34.840 --> 0:13:37.520
<v Speaker 2>like Nick Stoor him come up and I know he

0:13:37.640 --> 0:13:40.760
<v Speaker 2>was part of the hypnotic movement And then was is

0:13:40.800 --> 0:13:42.080
<v Speaker 2>he part of it? Was he part of the team

0:13:42.080 --> 0:13:45.400
<v Speaker 2>originally that was the acquisition part with us throughout.

0:13:45.559 --> 0:13:47.880
<v Speaker 4>Yeah, he was in day one at the acquisition level,

0:13:47.880 --> 0:13:50.440
<v Speaker 4>but I think immediately, you know, he was on that

0:13:50.559 --> 0:13:54.839
<v Speaker 4>list of people we need like day two to go,

0:13:55.080 --> 0:13:58.240
<v Speaker 4>you know, promote the brain. And I mean, I think

0:13:58.280 --> 0:14:00.360
<v Speaker 4>that another thing I'm not going to give where all

0:14:00.400 --> 0:14:02.200
<v Speaker 4>the secrets because I know the book is coming.

0:14:02.679 --> 0:14:06.040
<v Speaker 3>The book is coming. The book is coming for sure.

0:14:06.400 --> 0:14:10.360
<v Speaker 4>But another thing, you know, uh, you know, Showing was

0:14:10.520 --> 0:14:13.000
<v Speaker 4>always focused on was.

0:14:14.520 --> 0:14:15.480
<v Speaker 3>Not playing fair.

0:14:16.160 --> 0:14:19.920
<v Speaker 4>So how do I use my celebrity to catapult something

0:14:20.320 --> 0:14:21.960
<v Speaker 4>in a unique way? How do I do things that

0:14:22.000 --> 0:14:26.640
<v Speaker 4>other people can't do to catapult.

0:14:25.920 --> 0:14:27.480
<v Speaker 3>My brands uniquely?

0:14:28.080 --> 0:14:31.960
<v Speaker 4>And that was the approach with you know, with Sorak,

0:14:32.120 --> 0:14:34.320
<v Speaker 4>is that I have to really own the lifestyle.

0:14:35.080 --> 0:14:37.280
<v Speaker 3>And I'm gonna do it, you know, unfairly.

0:14:37.280 --> 0:14:40.880
<v Speaker 4>I'm gonna go get every celebrity friend I have every

0:14:41.080 --> 0:14:47.200
<v Speaker 4>but not only that, but every lifestyle person in each market.

0:14:47.400 --> 0:14:50.400
<v Speaker 3>You know, who's the person on the radio.

0:14:50.720 --> 0:14:54.600
<v Speaker 4>Who's the receptionist that just knows everybody? Who are the

0:14:54.680 --> 0:14:57.320
<v Speaker 4>party throwers in each market. I'm going to go lock

0:14:57.440 --> 0:15:01.080
<v Speaker 4>all of them down. Create ambassadors, create you know this,

0:15:01.160 --> 0:15:06.200
<v Speaker 4>I rack DJs, you know, creates boys, rock girls.

0:15:06.440 --> 0:15:08.600
<v Speaker 3>How am I going to lock down the lifestyle?

0:15:08.800 --> 0:15:11.280
<v Speaker 2>It's like that they turned from the nineties era of

0:15:11.320 --> 0:15:14.720
<v Speaker 2>making the million dollar video to the sixty second commercial.

0:15:14.720 --> 0:15:16.360
<v Speaker 2>That feels like the million dollar video so he's in

0:15:16.400 --> 0:15:19.720
<v Speaker 2>the helicopters. He's like James Bondo, like Shot. He likes

0:15:19.720 --> 0:15:22.720
<v Speaker 2>to call him Black Season. Well most of these commercials

0:15:22.760 --> 0:15:25.480
<v Speaker 2>were like, yeah, if we drinks Iraq, we can have

0:15:25.560 --> 0:15:27.720
<v Speaker 2>that lifestyle too, So like he's a genius.

0:15:27.760 --> 0:15:30.280
<v Speaker 3>Man did he Man's That's why call him Black Season.

0:15:31.440 --> 0:15:33.160
<v Speaker 3>He needs embodies that whole vi