You Probably Should Knock The Hustle
Now I don’t mean to initiate any heated “Top 5” debates but Terrence “Pusha T” Thornton is a criminally underrated emcee and one of my personal favorites. I mean come on, who doesn’t enjoy an old fashioned heel; a charisma imbued antagonist who takes pleasure in exposing the flawed business practices of his contemporaries. Whether its criticism of an artist’s deal structure or the glorification of “perceived wealth”, the man typically makes a strong case against “relying on rap dollars to keep food upon your plate.”
And yes, there are quite a few rappers earning millions in income, so clearly rap does pay. But the majority of those rappers are dependent on short term revenue streams to maintain the glamour filled lifestyle that is to be expected of them. Some tour all year just to figuratively “keep the lights on.” Others sign momentary endorsement deals and make club appearances for quick bags. Can’t knock the hustle right? But then again isn’t that practice just a glorified version of living paycheck to paycheck.
Fun fact, Hip-Hop has evolved from a quietly kept ghetto secret to becoming a multifaceted billion dollar industry; as the primary contributors artists should evolve with it. That of course requires a shift in the cultural consciousness. Wealth building has to become the next wave! Nullifying the habit of working for your money and implementing the programmatic approach of having your money work for you not only benefits yourself, but your family and community at large. But you may ask how? Where does one start?
Well, musicians are pretty similar to startups like Instagram, Uber and Dropbox. As some of you may know, it requires a lot of capital to adequately build your brand and get your music heard. That’s where the start up approach comes into play. The goal of every startup is to convince investors that you’re solving a problem that affects millions of people. The first step is setting up your legal and brand infrastructure as a corporation to accommodate investors in the first place. After doing so an artist can agree to sell a percentage of their company, otherwise known as an equity stake to various investors. Once the startup reaches maximum growth, the artist and investors can either opt to broker a deal with a bigger corporation or publically sell their shares for profit. The real bag! There lies the ideal exit strategy.
‘Cause rap dollars alone ain’t it without a legitimate wealth building strategy. As Ye expressed to Charlemagne back in 2018 “You know, like the music industry is set up for you to have just enough money to afford a car, pay for your kids, a house, and be on tour for the rest of your life till you die.It ain't set up for you to literally go buy and album- uh uh- island, like Phil Knight. It ain't set up for the artist to win. It's like boxing. You know, more people end up retarded than rich.”
The goal of WBC Studio is to break this perpetual cycle and help spawn the next generation of Hip Hop multi-millionaires and even billionaires. We look to help artists develop their business model around products, services and platforms that will benefit their brand long-term. Subscribe below to join the pack!
Ishmael Dozier, Founder of Wolves By Circumstance, NY
Follow him on IG @creativecoz and @wbcny.
