According to Merriam-Webster's dictionary, the definition of an entrepreneur is someone "who organizes, manages, and assumes the risks of a business or enterprise." Michael Jackson certainly personifies this definition.
The son of a steel worker, Jackson began his professional career at the age of only five. During the 1980s he became a legendary icon and was crowned the "King of Pop" for his musical talent. His album, "Thriller," is still one of the best-selling records of all time. Although his own musical career generated great wealth he earned even more from business investments.
In 1985, Jackon purchased ATV Music Publishing and Pye Records, two Australian-owned music publishing companies for $47.5 million. He also acquired the rights to 50% of the Beatles music catalog, angering Paul McCartney who had previously turned down an offer to purchase the catalog.
In 1995 ATV merged with Sony to become Sony/ATV, the third largest music publisher in the world, and Jackson earned an estimated $90 million in the deal.
But his financial mismanagement kept Jackson constantly struggling for cash flow. In 2008 his estate known as the "Neverland Ranch" was sold to a wealthy real estate tycoon for $22 million just before it was to be auctioned off to pay debts. In 2008 Jackson also successfully fought off creditors attempting to force the sale of personal items to pay off debts.
Jackson was working on a financial and music comeback when he died on June 25, 2009. He had been scheduled to perform 50 concerts in London's O2 Arean beginning in July 2009. Jackson would have earned $1 million dollars per nightly show.
Despite making some very sound business investment decisions, Jackson was better known for his eccentric behavior and spend-thrift ways. Perhaps the entreprenurial lesson to be learned here is not about risk-taking when it comes to investments; it is about holding onto your wealth by not taking so many personal risks.
Making Your Own Entrepreneurial Dreams Come True
Professional Management vs. Entrepreneurial Management: You have worked hard to build your own dream company. Should you continue with entrepreneurial management or is it time to engage professional managers so you can devote more time to the company's core idea?
Risk, Reward, and Entrepreneurship: Are you a Hank Aaron or a Ty Cobb? A Barry Bonds or a Hugh Duffy? Do you consistently get on base or do you swing for the fences? The answer will tell you a lot about whether entrepreneurship is right for you, and if so, what style will best suit you. Understanding your attitude towards risk and reward is essential for a happy life as an entrepreneur.
Articles About Michael Jackson
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