One of the hottest and most talked about TV series hit our screens in 2015. After watching earlier episodes from the first season, I became a fan. Empire has become one of the most successful black American series centered on Music but with lots of business lessons. There is never a dull moment with Empire; it is one movie that gets you hooked to your screen until that episode is finished.

After the success of the season one and two, the anticipation for season three got to the extreme. When I saw the news that the premier for season three will be on September 21st 2016, I couldn’t wait for September to come. September 21st did come and after watching the 7 episodes of season three, I can say it was worth the wait.

Now from season one to the current season three, there are a number of business lessons any entrepreneur can pick from this series. Empire doesn’t just entertain you, but inspires and educates you. If you are an entrepreneur and wants to really take your business serious and build an EMPIRE, then come along with me as we proceed into this piece.

1. Believe in yourself
One strength Luscious Lyon (in the movie) has going for him is his believe in himself. He has that ‘never backing out mentality’ that makes him believe he can achieve anything and anything is possible. That believe comes to play when he is making deals and taking decisions.

This is the foundation of everything; if you don’t believe in yourself nobody will believe in you. In fact most times people won’t believe in you, your ideas or dream, but it’s that believe you have in yourself that will keep you going despite the discouragements and challenges.

As an entrepreneur, believing in yourself, your idea and business is one very important factor if you want to succeed. Many a times as an entrepreneur you will find yourself believing what many consider impossible, but if you don’t have that self believe, then you have a long way to go in business.

2. Always have a plan B
One interesting and powerful thing about Luscious Lyon in Empire is that he is never caught without having plans; he is never at a point when he lacks ideas on what to do – he is always at the top of his game although some of his measures could be extreme. So long as it involves Luscious, his business, Empire and family, he always has a plan B.

Having a plan B is simply having an alternative plan in case the first plan doesn’t go as planned. In your business you should never come to a point where you have no plans or direction; even if things don’t go as planned, you should have alternative plans.

3. Outwit your competitors
Something interesting happened in the season two of Empire when Cookie and Hakeem started Lyon Dynasty. Luscious saw them as competitors, so he set out a plan to outwit them. He bought over the major radio stations around and signed Lyon Dynasty’s lead singer into Empire. That move caused a major setback for Cookie and Lyon Dynasty.

Competition is normal in business, and to remain relevant you must be able to outwit or outperform the competition. Sometimes you might have to acquire the competitor. Case in mind is Facebook which acquired WhatsApp and Instagram. Why? Facebook was working hard to develop Facebook Messenger, while WhatsApp had already become the most used mobile chat service with over 600 million users at that time.

If you don’t have a way to remain competitive in your business, you might get pushed out of the market. Read the article: What Killed Mr. Biggs? http://businessideas.com.ng/what-killed-mr-biggs/

4. You must be firm as a leader
The day you set out to become an entrepreneur or start a business is the day you become a leader and manager – a manager of people and resources. And to do this efficiently you must be firm in taking decisions. Luscious is always firm in taking decisions that affect his business, family and Empire, although some of his decisions are harsh and manipulative. But the positive side is that he doesn’t play with his business.

5. Multiple Revenue streams is a good strategy
What does Dangote Group, Google, Apple, Microsoft, Samsung, Globacom, MTN, etc. have in common aside being successful brands? They all have multiple streams of revenue. For Dangote Group, it generates revenue from many products including sugar, cement, flour, Noodles, etc. and it is even adding petroleum, fertilizer and petrochemicals.

Google (Alphabet) generates 90% of its revenue from advertising, and the remaining 10% from sales of Apps and media content in the Google Play store; licensing revenue; Fees for Apps and cloud services; and Google-branded hardware such as Nexus and Chromecast.

Microsoft’s revenue streams include Server products and cloud services (20%), gaming (16%), Office commercial (14%), Windows OEM (~10%), MS Dynamics (~10%), windows (VL) and Patent licensing (~10%), Enterprise services (5%), Surface (5%), Phone (4%), Search advertising (3%), and Office consumables (2.5%).

Apple makes money from iPhones (68%), iPads (9%), Macs (8%)), services (7%), and other products (5%). Globacom aside making money from voice calls, also generates huge revenue from data (they are now the grand masters of data); caller tune subscription, etc.

For the movie Empire, the company’s revenue streams are from sale of Artistes’ records, artistes’ concerts/tours, fashion, and music streaming.

6. Have a competence and be known for something
Luscious Lyon in the movie Empire, is known for Music – he has been able to build a reputation for himself as far as music and entertainment is concerned. As an entrepreneur don’t just be a general hustler who does everything, rather pick an industry that is in line with your passion (music was Lyon’s passion) or interest and be known for it. Your business can’t do everything, and you can’t be everything to everybody. Pick a niche and conquer it.

7. Build a brand like Empire
One thing that’s very clear from the onset in the movie, is that Luscious Lyon, the brain behind the music company Empire, didn’t just set out to do music or build a business, but he built his business into a brand. He built empire into a major brand in the music industry.

This is a very important lesson for entrepreneurs and business people; don’t just build a business, build a brand. If I ask you what is the difference between Coca Cola and Zobo what would be your response? Many of us have tasted Zobo and can testify to how tasty it is. But one question is why is it not used in events? When last did you go for an event and the tables had Zobo drinks on them? What makes coke different?

Simple! Coca Cola has progressed from just being a drink into a brand. It has become a name; it has an identity and people can relate with that identity. While Zobo is just a drink, Coke is a brand.

If you own a business, don’t just be satisfied with the business. Build it into a brand. Brands usually have the privilege of premium pricing and better patronage. Why are Apple products usually expensive? Is it because they have better technology or superior innovation? Not necessarily! It’s in the name. What’s the difference between food sold in a ‘normal’ Restaurant and one sold at Transcorp? Why is the food in Transcorp more expensive? It’s in the name (brand).

Source: http://businessideas.com.ng/7-business-lessons-movie-empire/

on point sir

You're damn right bro.thanks 4 all dos points,thumbs up