If there’s one person who we can consistently learn from when it comes to making smart business moves, it’s Percy Miller.
Miller, known to the culture as Master P, cemented a place in Hip-Hop for himself through his No Limit Soldier movement in the early 90s. Since then, he has also solidified himself as a renowned businessman as the founder of No Limit Records, the CEO and founder of P. Miller Enterprises, the creator of Rap Snacks, and much more.
After inheriting $10,000, following medical malpractice that led to the death of his grandfather, Master P used the funds to invest in not only himself but his family. He made the decision to take his music dreams all the way by eventually relocating from his home of New Orleans, LA to California.
Walking Away From The Big Bucks
As previously reported by AfroTech, Master P turned down a $1 million contract from Jimmy Iovine. From there, he began to brainstorm how he would be able to build a label for himself.
At the time, Michael Jackson had the best deal in music. Therefore, the 50-year-old emcee got a hold of Jackson’s attorney and attempted to set up a meeting with him to discuss business. That meeting cost him a pretty penny, but Master P was willing to spend $25,000 for a shot to learn the music business, which has been known to take advantage of hungry artists for decades.
The Meeting Of A Lifetime
“He told me he would talk with me if I gave him $25,000,” said Master P in a previous interview. “That was a lot of money in the 1990s [laughs]. So I talked to him and he said the only thing that can put you close to Michael Jackson is a distribution deal.”
Furthermore, the lawyer told Master P that he would need roughly $200,000 to market his album. In true entrepreneurial fashion, the “Ice Cream Man” emcee found a way to get it done.
“I had to figure it out.” he shared. “The record companies came in the hood and tried to sign me. He was from Priority Records. I told him I wanted a distribution deal. I had about $200,000 to market. The label agreed to do the deal. I was able to take my story and believe in it.”
Here’s a clip from my Nov 2021 interview with Master P.
He talks about how marketing helped his success. pic.twitter.com/DJvTfGd3H2
— Dan Runcie (@RuncieDan) March 22, 2022
And as they say, the rest is history.
Today, Master P’s net worth sits at an estimated $200 million.