In today’s hustle culture, entrepreneurship is on the rise. Whether turning a hobby into a million-dollar business or inventing a new product, everyone is trying to increase their income. There is enough money for everyone, but owning a business takes finesse and courage. Take it from a millionaire like Beyoncé.
Bey’s natural talents gave her a leg up as an entertainer, but her work ethic took her to international fame. Aside from being one of the best vocalists to grace our ears, she is also a savvy businesswoman. With wins and losses, entrepreneurs can learn many lessons from Beyoncé’s business practices.
Beyoncé values inclusivity.
As a Black woman in America, Beyoncé has faced many challenges on her journey to superstardom. In her documentaries, she is very candid about feeling that if she were a man or white, she would receive more respect. That said, the singer prioritizes making everyone feel loved and included in her business practices.
After minor criticism about the plus-size options in her Ivy Park Adidas collection, she included sizes up to 5X. The line also offers gender-neutral pieces. The models came from various backgrounds and were diverse in race, weight, and height.
CÉCRED, a hair care line meant for all hair types, produced one of the most diverse promotions for its launch. Ethnic and non-ethnic lines have segregated beauty and hair care. The queen crossed those boundaries and dared to create products focusing on hair health, not hair type. This allowed people from all backgrounds, ethnicities, and hair types to utilize the products.
Most importantly, Beyoncé’s seventh studio album, “Renaissance,” was considered one of the most inclusive eras of her career. The Renaissance World Tour drew diverse crowds incomparable to other artists’ fanbases.
The singer’s commitment to diversity and inclusion is remarkable. It is one of the most important lessons entrepreneurs can learn from Beyoncé’s business practices.
Beyoncé learns from her mistakes.
As mentioned, the “Alien Superstar” singer faced backlash about Ivy Park’s sizing variations. In 2020, Beyoncé relaunched her athletic brand, Ivy Park, with Adidas. Although the line offered gender-neutral options, something was missing. Several celebrities, including Lizzo, received pieces from the collection to promote the launch. Fans noticed that Lizzo could not fit any of the clothes sent to her, meaning there were insufficient plus-size options.
The mother of three never commented on the lack of plus-size variations, but it was noted. Later, in 2020, Ivy Park released another athleisure collection; this time, there were more options available for plus-size consumers. Instead of becoming defensive, Beyoncé saw the issue and learned from it. She knows that she stands to earn more when she is empathetic.
Beyoncé is not afraid to fail.
With the launch of CÉCRED came discussions of Beyoncé’s business portfolio. Fans have noticed that the songstress has experienced business failures. Believe it or not, the queen embraces mistakes and failures. In the “Self-Titled” mini art feature video, Beyoncé speaks about her view of failure and how it motivates her.
“It’s no way in the world I would have ever imagined losing as a possibility. I was only nine years old. At that time, you don’t realize that you can work super hard and give everything you have and lose. It was the best message for me,” she stated about a performance on “Star Search” with her childhood group, Girls Tyme. “You’re never too good to lose, you’re never too big to lose, you’re never too smart to lose. It happens. And it happens when it needs to happen, and you need to embrace those things.”
Yes, millionaires and billionaires fail, too. Believe it or not, Bill Gates experienced failures before inventing Microsoft. James Dyson spent 15 years creating prototypes before creating the Dyson vacuum cleaner that we know today. Without failure, we don’t know what success is.
Beyoncé has been able to enter many lanes of business and experience success. Anyone pursuing their dreams, especially entrepreneurs, should take note of Beyoncé’s playbook: Work hard, be courageous, and include everyone.
What have you learned from Beyoncé’s business practices? Let us know in the comments below.
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