1. Russell Simmons has been successful as a media mogul because he was presented an idea/opportunity to create a dynamic business in the music/clothing industry and he jumped on it without second thought. With the help of Rick Rubin, he was able to dedicate his intelligence and skills in these industries to become one of the most well known entrepreneurs today. Since day one he has had a keen sense of what urban youth wanted and has stayed true to “keeping it real.” At the time, hip hop was an underground genre that Russell Simmons was able to deliver to the ears of all who wanted to tune it.
2.) In all of his business endeavors, Russell Simmons has targeted urban youth. This target values authenticity and that’s what Russell Simmons delivers. Through hand selected artists and his Phat Farm clothing line, Russell Simmons has emulated the true meaning of “real.”
3.) Growing up surrounded by hip-hop culture, Russell had an advantage in the marketplace by understanding first-hand what his peers and predecessors wanted that weren’t available at the time. He realized that he could generate revenue through rap; an underground genre that had not yet taken flight, and generate a style that urban youth felt most comfortable with. He was able to give urban youth around the world the music they idolized and the clothes they preferred to wear.
4.) Brainstorm a business ideA business idea I would pitch to Russell Simmons would be creating apps. Applications have become very popular now-a-days and has a mass appeal. The market research I would conduct in advance would be taking a survey and holding a focus group, acquiring the necessary information of what apps are used most by people and which ones people thought were missing.
5.) Russell Simmons invested $5,000 to start Def Jam and then later sold his business to Polygram Records for $100 million. The ROI was 1,999,900% Simmons return