P. Diddy the billionaire rapper, record industry mogul, entrepreneur and TV producer also known as Sean Combes has been arrested on charges of running a criminal enterprise, sex trafficking, forced labour and kidnapping.
If the allegations are true the disgraced Diddy faces potential lifetime imprisonment for the alleged hideous crimes.
Diddy spent decades building a seemingly reputable business empire, his reputation now in tatters and his businesses now face collapse. In this article, we look at what entrepreneurs can learn from his dramatic fall from grace.
Here goes…
Keep the Ego in Check
We’ve seen it many times before. As so-called celebrities rise to fame, they begin to believe they are untouchable and can do no wrong.
This delusion can lead to serious risk taking and often illegal activities. As the intoxicating allure of fame captures the minds of the successful, they believe they are better and more talented than everyone else.
The very thing that makes for great entrepreneurs, risk-taking, can also lead to their downfall.
Diddy forgot that his successes depended on hundreds if not thousands of faceless people. He relied on other singers, rappers, engineers, business associates, chefs, security and financiers for his success. He allegedly abused the trust and careers of those who helped him rise from the gutter.
Unfortunately, when all the focus is on one person, the individual can start believing that they are the only reason for their success.
What can entrepreneurs learn? Never forget the contribution of your team. Treat your team and others with respect. Yes, you are talented and have skills but always remember you are human just like everyone else on the planet.
As such, you have to be aware that money and power can have an effect on the ego. Don’t make the mistake of thinking that money alone makes you great and therefore gives you permission to treat others with contempt.
As entrepreneurs like Diddy are finding out, making this mistake will always lead to your eventual downfall, no matter how long it takes.
Read our article on the Disgraced Andrew Tate for more insight into egotistical entrepreneurs.
Do not Coerce
Coercing is a method of forcibly making someone do something that they would not ordinarily do.
Coercing can be achieved via numerous methods, including threats of, or actual violence, plying with intoxicating substances, control and manipulation of finances and psychological manipulation.
Diddy is accused of all of the above to control the careers of his music industry talent and to blackmail the attendees of his infamous ‘Freak Off’ parties via video recordings of numerous lewd activities.
What can entrepreneurs learn? Of course, any of the above is a big no, no for any serious entrepreneur.
Yes, as entrepreneurs we need to be persuasive and convince others of our project’s viability. However, do not be tempted to go over the line and use manipulation tactics to win over your clients or potential business partners.
Not only will it be potentially illegal but you could end up losing something that is very valuable in business, your reputation.
Act Ethically
Ethics in business is not a nice to have, it’s a necessity. In the fast race to success and fame, it’s easy to forget about ethics and just do ‘whatever it takes’ to get to a perceived destination.
Every action you take has an effect on the reality we exist in. For every unethical decision you make, there will be an equal force to balance that decision.
For example, If you push a swing, you are not surprised when it falls back towards you. Similarly, if you choose to punch someone in the face, you are not surprised if they punch you back or call the police.
It’s a simple law of nature but many seem to forget it because as time elapses the sense of entitlement allows the perpetrator to believe there is no comeback for their actions.
P. Diddy allegedly punched, kicked and dragged his former girlfriend Cassie in a shocking hotel lobby security footage:
What can entrepreneurs learn? Just be a good person. Yes, we are all human and make mistakes. But as entrepreneurs, we should all aim to act ethically.
If you aim to get ahead of the competition with unethical practices the only reaction that can happen is that something will come along at some time in the future to cancel that action out. In other words, you will eventually fail.
The only way to true lasting success is through ethical practices, that way, your clients, your co-workers and your business partners will be happy to recommend you and you will be free from reputational damage. By engaging in ethical practices in your community you will be helping your community grow and thrive. Unethical behaviour leads to stagnation and fear within communities.
Stay Legal
Entrepreneurs often need to bend the rules to get an edge in the marketplace. The e-scooter business model is a good example. E-scooters, were held to the same standards as many motorised road vehicles with regard to requirements for tax, number plates etc.
However, although legal to sell, initially they could not legally be used on public roads (UK). As a consequence, many bought the scooter regardless and mass adoption led to new laws and rental companies formed to allow for legal use on the public roads.
However, bending the rules and downright illegality are two different things. P. Diddy did not bend the rules he allegedly broke them. Not only did he break them he broke them in an allegedly hideous and violent manner.
What can entrepreneurs learn? Entrepreneurs need to be absolutely certain that they stay within the law. If in doubt seek legal advice. Lack of funds should not be an excuse for not getting basic insight into the legality of your business dealings.
Many lawyers will give you a free 15-30-minute consultation. The law is complex and when running a business it’s easy to fall foul without realising, especially if you have not sought legal advice. This can lead to unexpected fines or at worst prosecution.
Do not make the mistake of thinking you can break the rules and sort it out later once you have got ahead of the market or have made some quick cash. Unfortunately, the law is the law and it could come back to bite you at any time.
Final thoughts
Climbing the heights to success is not easy. As an entrepreneur, the biggest threat is not failing to achieve, it’s what you will be like when the success inevitably comes.
It’s vitally important that you keep the ego in check, treat others with dignity and stay within the confines of the law.
As your bank balance increases it may give you the false impression that you are infallible, even invincible. Unfortunately, this is not the case especially if you have built your success on a foundation of fear and manipulation.
Entrepreneurs should seek to build their growth on ethical practices to allow long-term expansion and to build thriving communities.
Good luck!
***Disclaimer: This article is not financial advice and is given for informational and entertainment purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. Pop Up World has a global presence and is not specifically targeting any jurisdiction with its content. Any crypto references are not intended for UK businesses or consumers. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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