THERE WERE NEVER ANY RULES
16 Lessons from Jay Z's 'Magna Carta Holy Grail' Album
Everything is made up.
You know it, I know it.. everybody knows it.. but, to a degree, we all have to conform to the made up customs, traditions and laws. That is - until the braver among us challenge the status quo, take the hits, and prove that there are no rules.. at least none that can’t be challenged and changed when the occasion calls for it.
Personally, I believe in eternal principles.
And I believe these principles should inform whatever rules and laws we set. When we are guided by eternal principles, we will be open to differing expressions of those principles; rather than becoming rigid and beholden to laws and “rules” which are no longer effective.
When we only adhere to external laws and rules, rather than internal and enlightened principles, we end up in situations where nations enslave others just to wake up decades later and say… “our bad!”
I digress.
As a lawyer, who also has a master degree in public administration, I believe in understanding the law, understanding business, and being educated enough to defend yourself and navigate through society; but I also believe that some of the most important things in life won’t necessarily be learned in school or “on the job”.
So this article is meant to cover some of the principles I believe are foundational for our elevation as individuals and societies; and I’m using Jay Z’s ‘Magna Carta Holy Grail’ album to express those principles.
Contrary to popular belief, Jay Z is not the only black american billionaire; nor is he the only black american billionaire to come from poverty. As a brief history lesson - Reginald Lewis was actually the first black man to build a billion dollar business:
But many people identify with Jay Z because of where he comes from and because he speaks their language.
Plus, this was a fun lyrical exercise for me. I’ll get back to Part II of my ‘BLACK ROBOTS’ series later but, for now, let’s have some fun:
I.
“Bright lights is enticin’.. but look what it did to Tyson. All that money in one night.. thirty mil’ for one fight”
Holy Grail
“..but soon as all that money blows, all the pigeons take flight”
Vision.
Imagine if Mike Tyson knew then what he knows now - how differently would he have moved? Sure, part of life is making mistakes; and it’s the things we go through which we grow through - but pain doesn’t have to be our only teacher, and tragedy doesn’t have to be our only director.
Vision is a tool we can utilize to see further than we where we are now, allowing us to make decisions based on our future; rather than the temporary moment. Simply put, vision is seeing past the present. In my book, ‘Born 2 Ball: So You Want to Be A Professional Athlete?’, I wrote that the average NBA career only lasts 3 - 5 years. This is a fact, and based on that - every athlete should have a plan for their post professional sports career; but this is often not the case.
Why?
As Jay Z said, the “bright lights is enticin’”…
I call it “getting hit with the gas”. You see it a lot in the music industry. Artists meet with an exec, they see the record plaques on the wall, they hear about all of the contacts in the exec’s rolodex, and hear about the plans of grandeur to turn them into the next Tupac or Lady Gaga; and then all reasoning skills go out the window.
They lose touch of reality, the importance of adequately negotiating and implementing systems. Many times, they wake up 5 years later and are disgruntled because they didn’t realize what the business is actually about.
It can happen to any of us.
This is why vision is important. We all should have a vision of who and where we want to be. Once we start from that principle, we can use it as our guiding light and make sure that any decision, venture, or partnership aligns with our vision.
Often, this will mean making decisions that are unpopular, that go against the grain, and bring some measure of ridicule; but that’s why they call it vision.
II.
“Eventually the pendulum swings. Don't forget America this how you made me..”
Picasso Baby
Conviction.
These days, people throw out the word “genius” and “innovator” for people who succeed: Pablo Picasso, Leonardo DaVinci, Henry Ford, Walt Disney, Kanye West, Steve Jobs, Bill Gates, Elon Musk; etc. - basically if you’re rich or famous, there’s a good chance you’ll get called a genius or a visionary.
Otherwise, if you try to go against the grain, you’re just weird and eccentric.. but here’s the thing - it’s easy to look at someone like Jay Z now, and say “he’s a genius!”
It’s harder to spot genius level talent before it breaks through. It’s harder to spot Jay Z in 1996 and say, “he’s going to be the biggest rapper in the world!”. Personally, I wouldn’t have seen it coming.
To quote Jay Z, “the genius thing we did is we didn’t give up”.
No label would sign Jay Z, so he and his team had to figure it out themselves..
..genius.
The truth is, everyone has something genius about themselves; but it can be difficult to tap into it, and successively express it - especially in a world hell bent on forcing you to conform.
It’s the difficulty we experience, in expressing our individuality, that either forges unbreakable tenacity within us - or breaks us. The reality is that if you’re trying to do something different, people will always call you crazy, think you’re weird, or underestimate you. That’s just human nature. Most people can’t successfully bet on genius ideas, and visionary individuals; and, thus, will not take risks by associating or supporting that person… and for good reason.
It’s difficult to go against the grain and build great things that last.
So, for those looking to do something different, you have to have conviction. Warren Buffett once said he doesn’t invest in companies unless he can see himself owning them for the next ten years.
I’ve adopted that mentality. I won’t seriously commit to anything unless I can see myself continuing to fight for that thing in 5 to 10 years.
Why would you?
It’s always harder than you expect, and it always takes longer than you think. In the words of Bill Gates, “Most people overestimate what they can achieve in a year and underestimate what they can achieve in ten years”.
Conviction is what carries us through the storms and difficult times. Otherwise it ain’t worth it.
Believe in yourself, even when no one else sees it.. conviction is the mental state of being convinced or fully persuaded.
III.
“I don’t pop molly, I rock Tom Ford”
Tom Ford
Identity.
Everyone talks about “being a brand” and looks for any and every possible medium and avenue to commercialize themselves - but what makes a brand is what they don’t do.
H&M sells suits, t-shirts, shoes, shirts, sweatpants, belts; etc. Walmart sells food, clothing, kitchen and houseware; but if you want a luxury suit or formal wear - you don’t necessarily think about H&M or Walmart. Depending on your budget, you think about brands like Tom Ford.
We can debate luxury wear, whether luxury brands are overpriced, and what they do to exacerbate classicism; but my point is when we speak about brands, not many sectors do it as well as the fashion industry.
It’s because top fashion brands establish what they don’t do. It’s how Balenciaga can sell trash bags for a thousand dollars, and people buy it.
Why? Because they’ve established that they only do luxury.
It reminds me of this scene from the movie ‘American Gangster’:
Whether we’re speaking about individuals or businesses, identity is an important principle for us all. Identity is what informs what we do and don’t do. When we know who and what we are, we will not chase every trend - and our supporters and customers can trust what we say, do, and produce.
It takes vision and conviction to maintain your identity.
As Ralph Waldo Emerson once said, “to be yourself in a world that is constantly trying to make you something else is the greatest accomplishment”.
IV.
“Lucky Luciano is what they call me, Paisano”
F*ckwithmeyouknowigotit
Passion.
If you’re a hip-hop fan, you know that rappers have historically compared themselves to “mafia” culture and have found a kinship with the story of many immigrants. This is for good reason - historically, black people and those from inner cities (though, I feel obliged to say that not every black person is from “the hood”) have been locked out of mainstream industries and economies - and so, people groups, like many rappers, are effectively immigrants in many ways.
“Hey, Mr. Carter, Mr. Carter.. tell me, where have you been? Around the world, now I'm back again”
- Jay Z, ‘Mr. Carter’
As an immigrant (born in Nigeria), one thing I know is that immigrants have a different mindset. We have a passion and a curiosity which allows us to succeed. I could drop in several statistics about the achievements of immigrants, but this article isn’t about that. The point is many immigrants succeed not only because of their drive to escape harsher conditions and succeed in a new world; but also because they have an outsiders mentality that enables them to see opportunities that those within the system haven’t seen, and can’t see.
There’s a lot written on this subject (which you can Google); but Steve Jobs said it best when he said, “think different”. By maintaining our vision, having conviction in our beliefs, and coupling it with passion - it allows us to persevere through the inevitable difficulties of life.
Passion is pain combined with purpose.
V.
“I crash through glass ceilings, I break through closed doors”
Oceans
Courage.
In 2013, when Jay Z released ‘Magna Carta Holy Grail’, he partnered with Samsung for the rollout of the album. Samsung purchased 1 million copies of the album and pre-loaded it onto Samsung Galaxy phones. The Wall Street Journal reported that Samsung paid $5 a piece for each album, netting Jay $5 million before the album even came out. There was some backlash, at the time, about Jay’s strategy; and some felt as though he was cheating.
But cheating what?
It was an opportunity for Samsung to promote its Samsung Galaxy phones, and an opportunity for Jay to secure a distribution partner, in a profitable manner. At the end of the day, he was selling a product. Jay Z was, in effect, bundling the ‘Magna Carta’ album with Samsung Galaxy phones.
This is not a strategy uncommon to the media sector. As the Hollywood Reporter recently noted, the streaming game has become a battle of the bundles “with each service seeking out its own unique value proposition or partner to make the most compelling pitch to consumers with a limited streaming budget”. For example, “when Disney (in 2019) launched Disney+, it partnered with Verizon to give a year’s subscription to many of the telecom giant’s customers”.
As the streaming market becomes more saturated, streaming companies are seeking avenues by which to increase their distribution and profitability.
The matter was - what Jay Z did had, virtually, never been done before in the music business. This is the issue many game changers will face. When you seek to do things that have never been done before, people will often project their self-doubts and insecurities on you.
That’s human nature.
At one point in time the general public couldn’t read, believed the world was flat, and didn’t think it was possible for humans to fly.. but over time, different individuals proved these assumptions false.
The Harvard Business Review wrote about the four minute mile, and how many didn’t think a human could run a mile in under four minutes until Roger Bannister accomplished this feat.
“For years milers had been striving against the clock, but the elusive four minutes had always beaten them, it had become as much a psychological barrier as a physical one. And like an unconquerable mountain, the closer it was approached, the more daunting it seemed. This was truly the Holy Grail of athletic achievement.”
It’s important for anyone, who aspires to achieve great things, to have courage in their beliefs and aspirations.
As Tupac said, “reality is wrong, dreams are for real”.
VI.
“Martin had a dream, Hov got a team”
F.U.T.W.
Teamwork.
During my hay-days as a private-practicing entertainment attorney, I would often try to explain to young rappers how it’s not about not signing a deal, it’s about the kind of deal you sign; and that even Jay z signed a 360 deal.. it was, often, funny because many would have an allergic reaction when I told them Jay Z signed a 360 deal - like I just talked about their mother; but it’s true.
It’s just that Jay Z’s 360 deal wasn’t like most’s 360 deal. It was more of a joint venture agreement which allowed him to create Roc Nation; and diversify into other areas.
This is the importance of teamwork. If you want to go fast, go by yourself; if you want to go far - go with someone else.
“If every ***** in your clique is rich, your clique is rugged. Nobody will fall 'cause everyone will be each others crutches”
- Jay Z, ‘Feelin’ It’
This has been one of the greatest lessons I’ve learned as an in-house attorney. In order to operate a successful corporation, it takes everyone from the executives, to the managers, to the finance department, to human resources, to the IT team, to the marketing group, to the administrative personnel, to the outside counsel.. and on and on.
We’re all brilliant, experienced, and passionate; but none of us is as strong as all of us.
It’s easy to operate when it’s just you - you don’t have any obligations to anyone but yourself; but the more your operation expands - the more your obligations increase.
You now have more stakeholders and customers. You now have to be more strategic in your moves - because your moves effect more people than yourself; and you need more personnel to carry the weight of these obligations, in addition to executing broader corporate initiatives.
To quote Rudyard Kipling, “the strength of the pack is the wolf, and the strength of the wolf is the pack”. Teamwork is a fundamental lesson we learn in sports; and, in this rapidly evolving and complicated world we live in today, it will take collaboration across all aisles in order to accomplish great things.
VII.
“Might crash your internet, and I ain’t even in to that..”
Somewhereinamerica
“When I was talking insta - gram, last thing you wanted was your picture snapped..”
Insight.
In this verse, Jay Z touches on the fact that he isn’t that involved (at least, not visibly) on social media; yet, he still finds a way to use it to his advantage when the occasion calls for it.
For example - Jay Z, when promoting the Netflix Movie ‘The Harder They Fall’ (a movie he co-produced), created an Instagram account which amassed 2 million followers; and then, promptly deleted it. He used Instagram to benefit his goals, instead of being used by Instagram.
The reality is that many individuals, professionals, artists, and business people get caught up in social media and internet trends (and trends as a whole) without being intentional about making the platforms and trends work for them.
In a world where advertising-based algorithms are making it harder for content creators to generate engagement, everyone will have to rethink their approach to social media and digital marketing - in addition to the applicable changes in their respective fields.
In my article on how ‘Artists are Media Companies’, I wrote about how Marc Andreesen once spoke about “the original sin of the internet”; namely the fact that the internet, and access to online content, was built on an advertising model - rather than content subscription or direct commercial interaction.
The awareness of this “sin” is giving rise to a new era of “creator - economy” platforms which enable direct to consumer relationships between creators and their consumers.
“Question religion, question it all
Question existence until them questions are solved”- Jay Z, ‘Heaven’
For example, while (for recording artists) there can be significant money in streaming platforms for artists who generate a lot of streams (i.e, Spotify will pay you around $4k - $5k for a million streams), the math is a little different when it comes to paid subscription platforms such as Substack, Patreon, and Only Fans.
Let’s say you’re an artist with 1m followers on Instagram, and only 1% of those are hardcore fans - but would be willing to subscribe to receive monthly exclusive content from you, and you decide to set your monthly fee at just $6 a month, then that looks like this -
1% of 1m = 10,000
10,000 x $6 = $60,000 / month
$60,000 x 12 = $720,000 a year
Let’s say you only have $1,000 hardcore fans and you decide to set the monthly subscription fee at $10:
$1,000 x 10 = $10,000
$10,000 x 12 = $120,000 a year
It’s different.
This is just one example. Applying insight into everything we do, and being intentional about our decisions - that is, knowing why we’re doing something - will reap us greater rewards than blindly following whatever is presented to us.
We should use our ingenuity and insight to determine how best to navigate life in order to benefit ourselves, our loved ones, and our target markets and beneficiaries.
VIII.
“Put in the belly of a beast, I escaped… a ni**a never had a job”
Crown
Self-Development.
In this society we live in, your value is often based on who you worked for, who your clients are, or who you are associated with.. and there’s value in that because even the book of Ecclesiastes tells us that “those who are wise will be despised if they are poor”.
So, to a degree, external and material results can be proof of wisdom; but I believe there’s a deeper truth which is - it’s more about what you do than who you do it for.
To this point, I believe that self development is one of the highest - if not the highest aim any person or organization can aspire to.
Tom Brady was drafted, by the New England Patriots, as the 199th pick in the sixth round; but now has 7 Super Bowl rings, on two teams, and is widely considered the best quarterback of all time.
It’s about what you do, not who you do it for.
Many times, we look to external factors in order to validate ourselves; but it’s more about what’s inside of us, and our ability to cultivate, develop, grow and expand.
If we keep at it long enough, eventually the external factors will manifest; but the trick is not to judge ourselves (nor others) simply by a moment in time. Time is a construct. The more important question is - what actions are we implementing now, and what potential are we exhibiting?
It’s also important not to look for short cuts and gimmicks.. eventually things will even out and we’ll be exposed. As Warren Buffett once said, “only when the tide goes out do you discover who’s been swimming naked”.
It doesn’t matter how high the tide rises, are you covering yourself? Are you doing the due diligence, research, and gaining the understanding necessary to consistently prove yourself capable, prepared, and ready?
IX.
“Conspiracy theorists screaming Illuminati, they can’t believe this much skill is in a human body”
Heaven
Focus.
Whether you do right or wrong, people will always talk. It’s not your job to over focus on what people say about you.
Know who you are and where you want to go - focus on that.
Don’t get distracted.
You’ll never get anywhere if you stop for every dog that barks.
Enough said.
X.
“The truth in my verses.. versus your metaphors about what your net worth is”
Versus
Authenticity.
You see this a lot in the music business. Many artists, in an attempt to attract fans, portray an image that is not authentic to themselves; this could be through social media gimmicks, or renting houses and cars for music videos in order to portray a flashy lifestyle. Sometimes it works, but most of the time it doesn’t.
Why?
Bozoma Saint Jean, former Head of Marketing at Netflix and WME spoke to this saying, in effect, “people don’t trust perfection.. but they support imperfection and imperfect people on a journey”.
Basically, people identify with those who are imperfect like us. They want to be a part of a mission, identifying and supporting it along the way.
It’s the reason why artists like Kanye West, J Cole, and Kendrick Lamar have succeeded. They simply spoke about their real lives.
Kanye West once rapped,
“If my manager insults me again, I will be assaulting him.
After I **** the manager up, then I'm gonna shorten the register up. Let's go back, back to the Gap”- Kanye West, ‘Spaceship’
Now he has a joint venture with the GAP.
At least, I think he still has it…
My point is - if, as a rapper, you sold drugs and came up in a gang the by all means tell your story. 50 Cent really got shot 9 times - so albums like ‘Get Rich or Die Trying’ made sense.. but, at some point, if your lyrics are not authentic to your current lifestyle, your audience will fade out.
This is a big problem in the music business. Many artists either falsify their lifestyle or portray themselves as having “arrived”.
That doesn’t work.
If you’re still living with your mom or living check to check, you risk pigeon-holing yourself in terms of the moves you can make.
For example, many artists sign deals (often unfavorable deals) before they’re ready because they’re desperate for cash.. but in their music, they’re “balling out of control”.
They then feel pressure to sign any deal in order to keep up with the image that they’re portraying; but this wouldn’t be the case if they spoke authentically.
They could literally get a job at McDonalds or in the public sector at a good wage and independently fund their music… or they could do like Nipsey Hussle and his ‘Proud 2 Pay’ campaign where he sold his mixtapes for $100 each, netting over $100k.
It worked because his brand was built around independence.
Authenticity has implications not just for recording artists, but for all professionals and businesses. The Wall Street Journal reported that “37% of Gen Zers in the latest poll said they have “rejected a job and/or assignment based on their personal ethics.”
Ultimately, we all seek out people, things, and opportunities that resonate with us; even if, momentary, pleasures distract us along the way.
Martin Lindstrom, founder and chairman of the Lindstrom Company, and author of several books on the topic of consumer behavior, made this statement - “I’d say 99% of brands are faking their purpose right now. But younger generations are getting better at seeing through that”.
There are numerous other statistics and affirming statements I could find on this topic, but you already know what it is..
Be authentic.
XI.
“Deeper than words, beyond right.. die for your life; beyond right”
Part II (On The Run)
Purpose.
It’s simple, care about what you do.
I have a saying that goes like this “passion prevents mediocrity”.
Or as commonly stated, “find your why”.
Many of us don’t care about the work we do on a day to day basis, and that’s fine - but if that’s the case and your job doesn’t fit in your larger goals, I think it’s a good idea to find a way to connect it with a greater purpose.
It could be simply providing for yourself and your family; or it could be determining where that job, opportunity, or experience will allow you to go.
When I was at McKesson, I was a lawyer working as a contract manager. After reviewing an agreement, on behalf of a co-worker, the co-worker asked me why I was there. Basically, they were saying “why are you, a, lawyer, working as a contract manager?”
It was a bit depressing, I won’t lie, but I knew my why - which was that I was getting valuable experience from that job; and it did, in fact, end up opening major doors for me.
The lesson here is simple - just find a way to care about what you do.
Why?
Because hard work beats talent when talent doesn’t work hard.
What is the cause that you would spend the rest of your life fighting for?
What would you be willing to die for?
Keep that in front of your face!
XII.
“Girl why you never ready? For as long as you took, you better look like Halle Berry..”
Beach is Better
“…or Beyoncé…”
Preparation.
There’s been much conversation about “imposter syndrome” over the past several years. Here’s how I’ve dealt with it - I’ve found that I only feel like an imposter when I compare myself to others; or think that I have to emulate them, and the way they do things.
But when I focus on (i) studying my field, (ii) developing my skills, and (iii) being my authentic self - those feelings of inadequacy or of being an “imposter” fade away.
You’ll always feel like an imposter when you’re trying to be someone else; but there’s only of each of us.
"Then B.I. said, "Hov, remind yourself:
Nobody built like you, you designed yourself!"- Jay Z, ‘A Dream’
I’m not saying that this will solve all of your “imposter syndrome” problems, but it’s taken care of most of mine. The more we focus on who we are and what we, uniquely, bring to the table - the more we can appreciate our differences - as well as the differences of others.
Preparation gives us confidence.
It also gives confidence to our clients and business partners - because it lets them know, right or wrong, that we’ve done our due diligence.
There’s a passage in the Bible where Jesus approaches a fig tree that looked like it was bearing fruit, but had none. He then curses the fig tree which eventually withers.
The lesson there is that we need to walk it like we talk it. We need to put the work in so that we can present ourselves as approved and diligent.
In the words of Dale Carnegie, “only the prepared speaker deserves to be confident”.
XIII.
“Your life is illegal when your chain can get the RICO”
BBC
Wisdom.
In the words of Lil Wayne, “real G’s move in silence like lasagna”.
Information and Knowledge is the what.
Understanding is the why.
Wisdom is the how.
We live in a world where many know the what; but, often, don’t know the why and the how. As a result, we see many people fall as quickly as they rise.
There’s a scene in ‘American Gangster’ where Frank Lucas wears a mink fur coat to a boxing match, and draws the attention of law enforcement due to his ostentatiousness.
The tragedy is that he had always been someone who stressed being low key.. but, in this instance, his wife bought him the coat and insisted that he wear it. His flashy display, according to the movie, was one of the triggers that led to his demise.
I believe that less is more. Too many invite trouble by being too loud and available.
Wisdom and discretion are important life tools. It’s naive to think that we live in a world where we can say and do whatever we want without repercussions.
As much as I believe in the power of intention and positive thinking in relation to fulfilling our goals, I also believe that you don’t have to let people know everything you’re thinking and doing.
It’s also important to know how to relate and deal with people
How many businesses and executives have been brought down by internal controversies made public?
It’s a lack of wisdom.
Wisdom is something we learn through experience, but I believe it’s also something we can receive.
As the Book of James says, “if any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you”.
XIV.
“I been through so much trauma, it’s gonna be hard to reverse it.. with some doctors and some nurses, maybe”
Jay Z Blue
Mental Health.
According to statistics -
“Over 60% of youth with major depression do not receive any mental health treatment;
“Nearly 50 million Americans – almost 20% — are experiencing a mental illness”; and
“Over 11% of Americans who suffer from a mental health disorder are uninsured. 2022 is the second consecutive year that this rate has increased since the Affordable Care Act (ACA) was passed”
I’m not a doctor, but I know that this is a real problem which has major effects for all of us; not just as individuals, but for businesses as well. Any organization is only as strong as the people they employ. This is especially true after the Covid-19 pandemic; during which “about 4 in 10 adults in the U.S. reported symptoms of anxiety or depressive disorder”.
Mental health is a major issue in all industries, including the music industry - “according to a study done by the University of Westminster and MusicTank of musicians, 68.5% of 2,211 said they have experienced depression, and 71.1% said they had experienced severe anxiety or panic attacks. These results show that musicians are 3 times more susceptible to depression than the average person”.
It’s a major factor in the legal industry where “women and minorities still trail whites and men in lawyer mental health”; and where a study found “20.6% of attorneys scored at a level consistent with problematic drinking. Levels of depression, anxiety, and stress were also significant, with 28%, 19%, and 23% experiencing symptoms of depression, anxiety, and stress, respectively”.
As an attorney, I can attest to the mental health challenges that need to be overcome in the practice of law.
I can also attest to the truth that when you are mentally and physically healthy - the rest of your life and business tend to go better. I could drop more statistics here, but it’s not necessary.
We all, as businesses and individuals, should prioritize mental health - even as we pursue our overarching personal and economic goals.
XV.
“Head of the family, El Padrino”
La Familia
Leadership.
Leadership is an action verb.
Leadership is authority in action.
Leadership does not require a title.
Leadership simply requires (i) movement, and (ii) a moment.
There are many cliche images of what a leader and leadership look like; but leadership is simply taking the principles, discussed in this article, and implementing them.
Wherever you are.
Leadership takes vision, conviction, identity, passion, teamwork, insight, self-development, focus, authenticity, purpose, preparation, wisdom; and self-care.
Leadership requires being willing to first lead yourself and then lead those around you.
Leadership takes courage - understanding that it may be difficult; but someone has to do it.
True leadership is not something that can be demanded, it is something that must be earned.
In the words of John Maxwell, “a leader is one who knows the way, goes the way, and shows the way”.
XVI.
“Respect these youngins boy, it’s my time now”
Nickel and Dimes
Innovation.
In his book, ‘The Innovators Dilemma’, Clayton Christensen wrote, “the techniques that worked so extraordinarily well when applied to sustaining technologies, however, clearly failed badly when applied to markets or applications that did not yet exist”.
Professor Christensen’s book covers the dilemma that occurs when innovative companies stagnate. In essence, what worked yesterday won’t always work tomorrow.
Life and industries are always changing. It’s important to remain open - open to new ideas and new talent.
We are living in the midst of a human capital revolution where there’s more information available than ever before; and where young talent has the ability to do for themselves, in a few years, what took past generations decades to accomplish. This should be a major eye-opener for all businesses and industries.
According to statistics, “75% of the US workforce will be Millennials by 2025”.
Additionally, by “2030, young Africans are expected to make up 42 percent of the world’s youth - and “as of 2021, around 40 percent of the population is aged 15 years and younger, compared to a global average of 26 percent”.
These trends will have major impact on the future of the global workforce, and will require strong partnerships between the older and younger generations in order to ensure effective knowledge and wealth transfer.
It will also require patience on the behalf of, often impatient, young talent - especially when one considers that, according to some statistics - “most successful founders in the United States have tended to be over 40 years old when launching their company; and “as of 2018, the average age of the top 0.1 percent of startups in term of growth was 45 years”.
In any event - and as we all know - the world is rapidly evolving, and innovation is no longer a luxury: it is a must.
Innovation requires experience as well as vision.
For the younger generation, this might mean things not moving as fast as you would like; and for the older generation, it will mean providing access and exposure to the younger generation - perhaps earlier than you would like.
None of us know what we don’t know, so be open..
..shoutout Serena Williams.
Elijah Adefope is a media, entertainment, and technology consultant and attorney. He is Lead Counsel at Substack, a media technology platform for creatives, and has written two books on the music and sports industries. He lives in Atlanta, Georgia and can be reached on LinkedIn or at elijah@thrivesportsent.com