Wednesday, July 8, 2009, AM | Leave Comment
According to Merriam-Webster’s dictionary, the definition of an entrepreneur is someone “who organizes, manages, and assumes the risks of a business or enterprise.” Michael Jackson certainly personifies this definition.
Regardless of what one thinks of his music or his life choices, it is easy to recognize how enormously productive Michael Jackson was.
He broke all the records for album sales, put MTV on the map and propelled music videos into the mainstream.
Michael had all the three qualities – being entrepreneur, innovator and businessman.
Michael as entrepreneur
From the young age of 5, Michael Jackson spent countless hours practicing and perfecting his singing and dance routines. A habit he maintained for most of his life.
Through his work, Michael Jackson displayed the entrepreneur characteristic of vision. As a creative artist, Michael Jackson gave life to his visions.
Michael as innovator
Michael’s biggest asset was himself. He had invested in and so successfully created his own brand – again himself.
Like perhaps President Reagan, he had surrounded himself with people who delivered. He was quite shrewd at that.
There is no doubt that Michael Jackson was an innovator. He learned from the greats of his time – James Brown, Elvis, etc.
He fused Funk, Soul and Rock and created his own sound, style and moves. Think back to the ‘white glove’, the ‘Moonwalk’ and the ‘Thriller’ Zombie video.
Michael as businessman
In 1985, Jackson purchased ATV Music Publishing and Pye Records, two Australian-owned music publishing companies for $47.5 million.
In 1995 ATV merged with Sony to become Sony/ATV, the third largest music publisher in the world, and Jackson earned an estimated $90 million in the deal.
Michael always generated a huge influx of cash through his concerts and this may be a reason behind the recently announced “This Is It” comeback concert series.
In the Thriller days, record companies didn’t pay much attention to music videos. While they paid a big amount for “Billie Jean”, it has been reported that Michael had to fund the short films for “Beat It” and “Thriller” himself.
Another important and well-known business venture was when he acquired the rights to 50% of the Beatles music catalog.
RIP – Michael Jackson (1958-2009). Gone Too Soon.
In a Nutshell
There are now reports that Michael Jackson has passed away being a few hundred million dollars in debt.
His lavish spending habits were witnessed in the Martin Bashir documentary and it’s a wonder what has happened.
Author J. Randy Taraborelli told CBS News in an interview that “Michael Jackson doesn’t do anything for money… He had a sense of urgency about wanting his kids to see him perform. I believe it was about the passing of the legacy to his children…”
Another possible reason for the debt could be the large sums of money spent in the courts.
Everyone wanted a piece of Michael Jackson – unfortunately for him, he was the Big Fish.
He created something out of nothing. He used his talent, hard work, and creativity to please the ears and eyes of consumers around the globe.
Now, how many GMs and the Chryslers of the world can do that?
Perhaps the entrepreneurial lesson to be learned here is not about risk-taking when it comes to investments; it is about holding onto your wealth by not taking so many personal risks.Facebook.com/doable.finance