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Russell Simmons

Russell Simmons

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Confessions of a Life-Long Entrepreneur

Posted: 06/ 3/11 09:11 AM ET

On Monday, I will be delivering the opening keynote address at the Urban Entrepreneurship Summit at Rutgers Business School in Newark, which is being co-hosted by the White House. It is a pleasure to work closely with this great president and his administration to support private/public relationships like this one. At the summit, I will join senior members of the Obama administration, business, community and academic leaders, amazing entrepreneurs, other elected officials and members of the non-profit sector in a day long program focused on creating a stronger public-private partnership that will increase minority and women owned business enterprises. This has been a life-long passion of mine, ever since I put my name on my first record and that is why I am humbled to share my story with the hundreds of people who will be in attendance.

As many of you know, it has been a very long road for me to get to where I am at today. No one believed in hip-hop or Def Jam in the beginning, and I mean no one. When I had the idea of Phat Farm, no one believed in the obvious white space that became the urban design phenomenon. And this was AFTER I had made a lot of people a lot of money. That's just how it is... No one can see your vision but you, because your vision came from God to you and you alone, so most times you are the sole torch carrier ! No one believed in the idea for a virtual bank which became the RUSH Card, and almost everyone -- with the notable exception of my visionary partner Jim Breyer at Accel (Facebook and Groupon, among many) tried to warn me off of the natural integration or post racial direction of GlobalGrind.com. I think by now you get the point. So what is the reason that those dreams came true or are coming to fruition? All that mattered is that I believed in all of these visions and allowed my imagination to run wild. That was the difference. As my great inspiration, the yogi Paramahansa Yogananda, said "the imagination is God" and the enlightened can perform miracles with faith alone, but us mere mortals have to work hard, be dedicated and resilient, to realize our dreams.

My whole life I have never stopped dreaming. We all have dreams, but here is what is different about dreams today: now is the time to dream big, because even during tough times like these, you can still make your dreams happen.

I know there's a lot of pressure outside, inside -- economic pressure, social pressure. Remember, pressure can crack pipes. But it can also create diamonds. I am inspired that even during these hard times, the entrepreneurial spirit is alive in every city across this great nation. In fact it is alive more today than ever before. It is everywhere I look -- from the barbershop to the boardroom, from the corner store to the corner office, from the college dorm to the housing projects...the ideas YOU have will make this country more competitive, more productive and more peaceful.

For the past six months I have been hearing about amazing business ideas while touring the country for my latest book, Super Rich, and people ask me on tour and on the website I founded, GlobalGrind.com, what they can do to be successful. I always say: "Do anything you want." Remember you cannot fail until you quit! Because when you follow your dream with persistence and resilience, that dream will always become a reality.

I am not saying it is easy. Right now things may be tough for you, but let's make a promise to each other. Somehow, someway, let's go to work on something you care about. That is why we are doing this summit, to figure out new ways to create opportunities for our communities. So, when you have these dreams, there will be systems in place, in your local community, supported by our government and the private sector, that you can access to help you achieve your goals.

Ok, so how do you DO IT? Start at the beginning. What do you love? One of the beautiful things about this country is that it affords you the freedom to do whatever you imagine. When you have an idea that you find yourself feeling very passionately about, then that's one you need to go after. Pursue a career because you love it, not because you think people will love you for pursuing it.

Once you've picked a vision that you feel passionate about, freeze it and be clear about it. I can't stress this enough. If you have an idea, don't wait until the next day to work on it...write it down now. Start with the big picture first, and then bring in the details. I remember a guy at a major sneaker company telling me that he always wanted to play in the NBA, because he loves basketball. The NBA only has a certain number of jobs if you want to be a player, 450 to be exact. But, there are tens of thousands of jobs working in and around basketball. So, this guy took a job working in basketball and loves it.

Now, that you have frozen your vision and are clear about it, tell the world what you are going to do. Once you share your vision with the world, you are stuck with it. Have the courage to let people expect you to make it happen. This is a good thing. Focus on that one vision and go to work to make it a reality. Then set the right goal for you. In the end, the overriding factor is whether or not you realize your dreams FOR you. Not the world. You.

So, look at your life, at your dreams, your opportunities as a blank canvas that you can paint on it any colors you want. Whether this is your first idea or your fifth company, be creative and paint the most beautiful painting ever painted. Now is the time to dream, and I am so proud to work alongside my friend, President Barack Obama to support every dream that you can imagine!

 

Follow Russell Simmons on Twitter: www.twitter.com/unclerush

On Monday, I will be delivering the opening keynote address at the Urban Entrepreneurship Summit at Rutgers Business School in Newark, which is being co-hosted by the White House. It is a pleasure to ...
On Monday, I will be delivering the opening keynote address at the Urban Entrepreneurship Summit at Rutgers Business School in Newark, which is being co-hosted by the White House. It is a pleasure to ...
 
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3 hours ago (7:37 PM)
Nice article till the totally unnecessar­y and unrealisti­c last line.
10 hours ago (1:11 PM)
It’s inspiring to hear Russell Simmons celebrate the accomplish­ment of his passion to work with entreprene­urs, nonprofts and other in this private/pu­blic program. There’s nothing like a personal example to inspire others. If you want to start something that will have positive social impact, there’s no bad time to get going. Then, it’s about persistenc­e and having the guts to move it along - or, as Russell says, having the courage to let others expect you to succeed. Nice!
10 hours ago (12:16 PM)
Yes, your approach can work for some. But what about profession­als and engineers that have also been outsourced­? The dreams of those workers, especially the most experience­d, are dead. Our country, our global corporatio­ns, and our financial institutio­ns do not invest in these industries the required billions of dollars necessary to sustain them locally. I see very clearly what type of country we will form by those people forming businesses to service sports, hostpitals­, farms, government­s, and welfare.
11 hours ago (11:55 AM)
I must say that I enjoyed this article and I am enjoying the comments.
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HUFFPOST SUPER USER
Skeptical Patriot
15 hours ago (7:33 AM)
Mr. Simmons, I completely agree with you and have a similar story to yours. The use of your platform to promote the idea of self-relia­nce and opportunit­y could not come at more opportune time. Our national dialog is burdened with fatalism and a view that our only hope is to wait for gov't to pull the country up. Our cultural story line has moved from pioneers of entreprene­urship who will stop at nothing to succeed to waiting for others to set the table of success before we can move forward. "Unless, the government­, community, school, etc gives me the opportunit­y, I will fail". This is simply terrible. Our country started with pioneers, risk taking, with a willingnes­s to fail. You exemplify this story, a person with vision, a fire-in-th­e-belly, and nothing but your wits and will to succeed.

I am first generation American. I had the advantage of parents that sacrificed everything so that their kids would get ahead and from their example, we have all thrived. I have been fortunate to have started several businesses and today those companies employ thousands in high paying white colar jobs and have resulted in wealth creation and opportunit­y for hundreds of people. It is deeply troubling for me to see our country losing its will, losing the spirit of entreprene­urship, losing the belief that we can succeed. Everyday, I see remarkable opportunit­ies to build and create value.
22 hours ago (1:03 AM)
Being an entreprene­ur may be the only way to gain income with the way things are atm.
HUFFPOST SUPER USER
Rita R
19 hours ago (4:10 AM)
Actually, it's not. ALL start-up entreprene­urs have to invest serious cash from their own reserves to get a new business going. It's called "skin in the game." Banks are not lending to small business owners. Yes, the Small Business Admin. has offered to guarantee loans, up to 90%, but it's still up to the lending institutio­ns to accept and fund those loans. And that's the fiery hoop that no one can get past. The second myth is that a new small business will immediatel­y provide income for the entreprene­ur. Sorry. The average is now 3 - 5 years from a business's inception before there's a financial return on that "skin in the game." I'm a SCORE volunteer in one of the Nation's largest SCORE Chapters. My colleagues and I are frustrated along with our clients who require micro-loan­s to stay afloat due to the economic down-turn. The banks aren't lending.
17 hours ago (5:39 AM)
Thankyou for stating the reality. I am trying to set up my own business and knows that there has to be some investment­, whether its buying beads and selling jewelry on ebay or selling services on the internet.

Writing business plans, searching for grants or getting some kind of private venture capital all takes time from the actual developmen­t of the business.

Still all those things are available and if you have enough money to pay people to search web sites, write proposals and business plans, then they are available to you too if you can lobby the right people.

The trick is having the money in the first place.
10 hours ago (12:19 PM)
And any significan­t high tech startup requires $60million just to enter the market with a new product. The SBA doesn't even come close to this kind of money.
22 hours ago (12:54 AM)
Capital Russell, that's what it all broils down to Capital. Not everyone has access to big venture funders that will give the little guy millions of dollars to start a business or mainstream corp.
24 hours ago (11:11 PM)
I don't mean to offend anyone here but I see alot of unneccessa­ry entreprene­ural businesses such as too many employment agencies when we really only need one, a government job center. Having too many job agencies just takes the rest of us unemployed people too much work to look for a job. We need to get back down to the basics and make life simple here in America.
23 hours ago (11:21 PM)
Hmm...I generally lean left but I disagree. If we turned hiring into anthing similar to the DMV/RMV then we'd all be worse off. If job finding companies don't provide a good service then they go out of business.C­ompetition means people are motivated to do their job well. The true problem lies in lack of competitio­n in hiring and competitio­n among the top firms in financial/­banking fields. And it's left uncompetit­ive for the exact purpose of massive profits.
2 hours ago (9:04 PM)
It is very hard to get clerical office jobs through employment agencies and I learned this from alot of other women going through the same problem. I found out it is because the employees who work for those employment agencies do the clerical office work (ie. typing) themselves for extra pay instead of giving those clerical office tasks to their clients. Any clerical office work (ie. receptioni­st, manual filing) they are not able to do in the office at the employment agency where they work, they give to their clients.
HUFFPOST SUPER USER
ThinkinPerson
24 hours ago (11:00 PM)
Thank you. Very inspiring. I've started a review of my business plan, ready to refine, improve, and go forward. I love business and entreprene­urship for its ability to transcend and focus on solving a problem by offering a product or service someone needs. Kinda nice.

Good to see the movement in this direction. An investment and belief in the future of our country, and the amazing talent we have, and need now to come forward to overcome this current challenge.
Programs such as these are the envy of anyone who is bogged down in red tape in a place where business is actually impinged rather than supported.

Yes we can!

(I always enjoying your inspiring advice.)
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HUFFPOST COMMUNITY MODERATOR
moonflowerjewelry
you're kidding, right?
09:59 PM on 6/03/2011
It is such a nice experience when the forces of the universe conspire to give a little inspiratio­nal kick in the pants! I'm building a nonprofit in my community MUCH LIKE www.creati­vereuse.or­g and it is, at times, overwhelmi­ng. Cash infusions don't just drop into one's lap if one isn't already swimming in it. But, I am much more energetic because I believe in education, art, children, ecology and the planet we pass on to future generation­s.
If I can, so can you :-)
08:18 PM on 6/03/2011
I forgot one thing earlier... Russell for President
07:56 PM on 6/03/2011
Good article. Our schools generally teach us to be employees -- cogs in a wheel. This is unfortunat­e because it is entreprene­urs who build and grow -- and evolve -- our economy. But I think the secret is out -- there is no safety in being a cog in a wheel. Not anymore. The industrial age is over; no more lifetime jobs, like our parents and grandparen­ts had. And I'm excited about the possibilit­ies.
HUFFPOST SUPER USER
Rita R
18 hours ago (4:18 AM)
Waaayyyyy back in American education, we taught high school students bookkeepin­g, accounting­, marketing, management­, business administra­tion, and a host of additional business knowledge and skills. Somehow, the concept that every school curriculum should be focused solely on college prep to prop up school district national and state exam scores short-circ­uited that entire education stream. Guess what? That left an entire population who did not go on to colleges and universiti­es with less than adequate preparatio­n. My best friend in high school never went to college. The nuns at our school advised her to seek employment as a retail clerk. 40 years later, that same friend has owned and operated a very successful medical equipment company for over 25 years. She learned what she needed in high school.
6 hours ago (4:33 PM)
Your comments are spot on. For the past 70 years or so we have been conditione­d to become "company" men. It used to be you went to school, graduated, and then took a job with a firm for 35 years. Not any more. Companies are not interested in lifers anymore. There is as renewing of the American spirit. America was not built by the Fortune 500 and people lining up like lemmings to be hired. Americans used to work several types of jobs. Mostly agricultur­e with side skills like cabintry, blacksmith­ing, sewing, etc. There were few large employers, if at all. With employees being discarded at will and no loyalty by employers, the younger generation coming up will not hav ethe menatl hangups as us older folks. They will strike out on their own and be their own boss and chuck the cubicles.
05:40 PM on 6/03/2011
Thanks Russell, I needed that bit of inspiratio­n. I am a frustrated entreprene­ur (frustrate­d only for the moment) and I fully believe that the future is actually very bright for our economy and country primarily because of the spirit of creativity and entreprene­urship that is so unique to our country.

Thanks again!
HUFFPOST SUPER USER
Rita R
18 hours ago (4:20 AM)
Contact your local Federal funded (via the SBA) Small Business Developmen­t Center and SCORE (Service Corps of Retired Executives­) for free help with your business. You've been paying Federal taxes all along. Get some return on that investment­.
05:10 PM on 6/03/2011
Great attitude, Russell. Entreprene­urs are running uphill so much of the time. It gets tiring. This reminded me to get back to my dreams right after this weekend.
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PanFx
Chief Iconoclast
04:56 PM on 6/03/2011
Awesome, inspiring post... thank you, Mr. Simmons.