6 lessons From constructing A Media Empire

Mona Scott-young is a multi-tasking maven.

Her NY city-based totally ability administration and manufacturing company Monami entertainment, LLC government produces the television show Love & Hip-Hop and manages musicians, including Missy Elliott. She’s phase owner along with Nicki Minaj of Myx Fusions Moscato. Scott-young additionally has a publishing deal with Simon & Schuster and will soon announce a brand new line of style and equipment.

Scott-younger launched her own trade after a a success run as partner in the artist management agency Violator management, which was once a drive in the hip-hop and concrete music sector in the 1990s, representing breakout stars like LL Cool J, Busta Rhymes, and Elliott, amongst others.

along the best way, she grew her latest ventures into a $50 million empire. here she shares some exhausting-received classes realized from being a girl in the male-dominated “wild West” of track, and the very important talents it takes to build a thriving business.

possibility and tough Work Take You far

Scott-younger used to be raised by means of a single mother in the U.S. Virgin Islands. What her mother lacked in formal education—Scott-younger says she was “functionally illiterate”—she made up for with trade savvy and tough work. When cruise ships entered port, her mother had a present save waiting. She also owned eating places. Her mom’s feel of spotting and serving a market was nice-tuned, Scott-younger says.

“For me, that’s the final word challenge. If she was in a position to do what she did, how dare I no longer succeed?” she says.

it’s a must to take care of You

many women are caretakers, and that can from time to time work in opposition to them, Scott-young says. “We give and give and give, after which we expect any person is going to note, and is going to compensate us for all of our blood, sweat, and tears,” she says, “quite a lot of instances, we tend to be intimidated—about what our own self esteem is, and too intimidated to demand our real worth.”

Scott-young says that lesson crystalized for her in her previous business, where she was often known as upon to remain and “grasp down the fortress” whereas her associate pursued trade alternatives that benefitted him financially. It wasn’t until she put her foot down that things started to equalize. To get what you deserve, it’s a must to get up for yourself, she says.

Negotiate

Being a lady in an industry that is described by some as misogynistic, Scott-younger says that she realized early that no one was once sitting round fascinated by learn how to care for her or what she deserved. That was once her job. “I always confer with this cheesy quote through a motivational speaker. ‘In industry as in existence, you aren’t getting what you deserve, you get what you negotiate,’” she says.

In her experience, ladies have a more challenging time negotiating than males. however, she says the flexibility to understand your worth and demand to be compensated for it is very important in trade and existence.

Reframe mistakes

Scott-younger doesn’t like to use the word “mistake” as a result of, she says, it’s more straightforward to beat ourselves up after we assume we’ve made a mistake. as an alternative, recall to mind it as an expertise, examine the lesson from it, and look for methods to follow that lesson one day. Then, let it go and transfer on.

Say “yes”

It’s simple to search out causes to assert “no.” With a thriving leisure industry, Scott-younger could have easily been “too busy” to move right into a beverage line or design a line of accessories. however the thought of doing these things excited her, so she made up our minds to grasp the opportunities.

include opportunities that excite you, Scott-younger says, but have the infrastructure to regulate what you want to do. also, research the whole lot that you could about your small business so you bear in mind the place to focal point your energy and time, she says. Monami has a workforce of 10 staff and “a whole lot of freelancers,” Scott-young says. She works on delegating tasks that allow her center of attention on her many ventures. (It’s a battle, she admits. Delegation will not be her strong go well with.)

build Your Core

all of us need individuals round us who keep us grounded—and keep us going. Scott-younger has had the identical pals for more than two decades, she says. Her marriage and two teenage youngsters are another source of strength. however don’t think stability comes simply, even to a media mogul. Managing stress continues to be a challenge.

“which is the article that I actually be aware of that I need to get better at, because it takes away all that joy and all the enjoyable that I get. Then the benefits that I get out of establishing all of these companies will get totally negated if i’m stressed out, exhausted, and ill,” she says. “For me, the biggest problem has been determining how you can in finding that stability, and learn how to course of all of these various things.”