Written by Riva Lesonsky
Taylor Swift is not only a great entrepreneurial role model, but also a great achiever. … [+]
Do you have any role models? Many business owners can name someone they consider a role model, someone whose qualities they admire, or someone who simply inspires them.
As expected, many small business owners claim legendary entrepreneurs like Steve Jobs, Jeff Bezos, and Sarah Blakely as role models. No surprises there. But entrepreneurs often prefer the road less traveled, so if you're looking for a new or additional role model, we recommend Taylor Swift.
Yes, that's right. Let me make the case that singer-songwriter Taylor Swift is not only a great entrepreneurial role model, she's also a great entrepreneur.
Why Taylor Swift is a role model for entrepreneurs
Like most successful entrepreneurs, Swift is driven. When he was 14 years old, he quit his first contract with the publisher because he “felt he was really running out of time.” Her goal was to record her early years on an album, and once a week after school, she began writing songs with a professional songwriter.
At the age of 16, her first lead single and album was released and stayed on the US Billboard 200 chart for 275 weeks, peaking at number 5. From there, Swift, 34, reportedly built an empire worth $1.1 billion, according to Bloomberg.
She has released ten all-original studio albums, four live albums, and four re-released “Taylor's Version” albums. Swift has won the Grammy Award 14 times, of which she has won “Album of the Year” (Record) four times, and she has the most number 1 albums of all time. A woman recording her artist.
The Harvard Gazette reports that her current “Ellas” world concert tour is likely to be “the highest-grossing concert tour in history at $1.4 billion,” according to the Wall Street Journal. reported that it was the first concert tour to earn over $1 billion.
According to Business Insider, the film version of the tour broke box office records before its release, grossing approximately $262 million to date. Rather than the typical approach of going through her movie studio, Swift took her entrepreneurial route and financed the film herself (which allowed her to receive her 50% share of the box office revenue). (you can receive more than that). After meeting with all the film studios and distributors, she said: time Magazine, “In the end, I did what I tend to do… which is bet on myself.” And Disney just paid her $75 million (or more) for streaming rights. Taylor Swift: The Elus Tour (Taylor Version) Distribution will start on Disney+ from March.
Swift's incredible 2023 culminated in her being named Time Magazine's Person of the Year, in part because she “created a world of her own that has made a home for so many people.”
Swift doesn't like to be controlled, a trait shared by most entrepreneurs. In 2019, the original masters of her albums, videos, and artwork were sold to a private equity firm despite Swift's desire to purchase them. A year later, Swift announced plans to re-record her first six albums, and “Taylor's Version” was born. The four Taylor's Versions albums released to date have grossed more than $55 million.
Like all great entrepreneurs, Swift had a considerable economic impact nationally.
- Bloomberg Economics estimates that Swift's 53 concerts in the U.S. in 2023 would add $4.3 billion to gross domestic product.
- The Fed noted that her concert led to an influx of tourism dollars to the host city.
- The U.S. Travel Association estimates that Swifties, or Swifties fans, spent an average of $1,300 per person in the 20 U.S. cities where the concert was held. The association estimates that “the total economic impact will likely exceed $10 billion.”
- In Los Angeles alone, the California Employment and Economic Center found that Swift's six concerts generated “a $320 million increase in Los Angeles County's GDP,” including $160 million in revenue and an increase of 3,300 jobs. I'm guessing.
Entrepreneurship takeaways from Swift's songs
Swift's accomplishments are impressive to any entrepreneur. But just for fun, let's take a look at some of Swift's song titles and find some entrepreneurial connections.
“Fearless”—It's important that business owners don't let fear of the unknown paralyze them. It's about accepting risks, tackling challenges, and following your dreams.
“Shake It Off”—In a world where setbacks and criticism are inevitable, this song reminds business owners to shake off their negative emotions and keep moving forward. Mistakes are inevitable in any entrepreneurial endeavor, but if you can bounce back and move forward with the lessons you've learned, you can overcome any adversity.
“Blank”-Most people cannot see what lies ahead when they imagine the future. But entrepreneurs see endless possibilities, embrace the unknown, and fill in the blanks. As Swift said while writing, folklore Album: “I was inspired to create something different.''
“Archer” —“The Archer” reminds us that the world of entrepreneurship can be dangerous. Sometimes we are the hunters who lead the way. Sometimes we are chased and targeted by our competitors. As Swift writes, “I have been both the archer and the prey,” but to survive he must be “ready for battle.”
“myself!”-If you want to be successful as an entrepreneur, you have to be confident. “Me!” covers common entrepreneurship themes such as “I've never thought of this before!” [you] Jumping and “being one of the things” [that’s] Not like the others. ” The song celebrates confidence and individuality, boldly proclaiming, “I’m just me.” My favorite line from an entrepreneur is the quip, “You may not have me on your team, but you know I'm here.” And, in the ultimate confidence, Swift reminds us, “You can't spell great without me.”
“The Wildest Dream” —Every entrepreneur begins with a dream, a vision of what could be. We all need wild dreams. They inspire us to think big, reach for the stars, and never settle for mediocrity. By setting ambitious goals and pursuing their passions, entrepreneurs can turn their wildest dreams into reality.
“Start again” —When running a business, setbacks are inevitable. And when that happens, entrepreneurs need to be ready to “start again” after shaking it off. Even if you “break and burn”, remember that every end leads to a new beginning. When we treat failure as a stepping stone to growth, we bounce back stronger and move toward entrepreneurial success.
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How can entrepreneurs be like Taylor?
Swift has faced numerous challenges throughout her career, including criticism, setbacks, and intense public scrutiny. Despite these obstacles, she has consistently demonstrated her resilience, perseverance, and her ability to bounce back. These are all common traits of successful entrepreneurs. There's a lot we can learn from her.
Adaptability and evolution
Swift has an uncanny ability to evolve and adapt to changes in the music industry. From transitioning between music genres to embracing new technologies and platforms for distribution and promotion, she has demonstrated how important it is to be flexible and embrace innovation.
Be like Taylor, with a willingness to adapt to changing market conditions and embrace new opportunities for growth and expansion.
creativity and innovation
As a songwriter, musician, and performer, Swift is known for her creativity, originality, storytelling talent, inventive music videos, and immersive concert experiences. She continues to push her limits, experiment with new styles, and create unique experiences for her viewers.
Like Taylor, think outside the box, push boundaries, and create unique customer experiences.
Resilience
Swift has faced public scrutiny, criticism, and personal challenges throughout her career. Despite these obstacles, she is resilient with the determination to bounce back from hardship and continue pursuing her goals.
Learn from your mistakes, overcome setbacks, and become like Taylor.
strong work ethic
Swift's success is a testament to her strong work ethic and commitment to her craft. She has worked tirelessly to achieve her goals.
Be like Taylor by persevering and pursuing excellence.
authenticity and connection
One of Swift's most notable strengths is her ability to connect with her fans on a personal level and cultivate a loyal and devoted fan base. More than 96,000 fans packed into Australia's Melbourne Cricket Club over three nights recently to see her. She prioritizes authenticity, vulnerability, and genuine human connection in her interactions with fans, which has helped her build a strong and enduring brand.
Like Taylor, be authentic, transparent, stay true to your values, and build authentic connections with your customers.
business savvy
Beyond her musical genius, Swift has demonstrated keen business acumen throughout her career. She negotiated her deals on her own and now owns her own master and runs her own successful merchandise and branding empire.
Be like Taylor by thinking strategically and staying in control of your destiny.
empowerment
Swift's advocacy for artists' rights and her vocal stance on issues such as intellectual property and gender equality has inspired many. She uses her platform to empower others and bring about positive change in the world.
Like Taylor, stand up for causes you believe in and aim to be a socially conscious business.
curiosity
Despite achieving great success, Swift remains curious and eager to learn and grow. She actively seeks feedback, collaborates with other artists, and strives to improve her craft with each of her projects.
Be like Taylor by committing to continuous learning and self-improvement.
Generosity
Swift has been a generous donor throughout her career. She has donated to fans in need for disaster relief, and she promised to leave a “positive impact” in every city she visits on Elas' tour. signboard Last July, Swift reportedly gave each truck driver on Elas' tour a $100,000 bonus, for a total of $5 million.
And she is generous with her fans, frequently thanking them for believing in her and supporting her. At one of her Melbourne concerts, Swift told the crowd: “Every time I challenged myself and created something new, you told me, 'Go for it.' I'm grateful that you believed in me.”
Be generous to your employees and give back to your community like Taylor.
Taylor Swift uses celebrity to support small businesses
Swift is mindful of using her platform to support small businesses and women-founded brands. said Erin Andrews, a sports reporter who started a sports clothing and accessories company. people The magazine praised Swift for “supporting women-owned small businesses, including her own.”
After Swift started dating Travis Kelce of the NFL's Kansas City Chiefs, she showed up to his football games wearing Chiefs-branded clothing and accessories. NBC News reports that most of the Chiefs gear she wears to games is “sourced from local stores and independent fashion designers.” A fashion blog that features Swift's looks told NBC: She said, “Instead of wearing official NFL merchandise for every game, [Swift] This is often done by a representative from a small business or a woman-owned business. ”
Business Insider reports that some small businesses are boasting a 3,000% increase in sales. After Swift wore Kristin Juszczyk's jacket, the designer said: people“I’m so grateful to her… and so grateful for the tremendous support she gives to women and small businesses.”
Perhaps the reason Swift is so supportive of small businesses is because she views her company that way.she said time“My mom, dad, and brother come up with some of the best ideas of my career. I always joke that we're a small family business.''
Swift's journey is a testament to the power of perseverance, passion, and unwavering belief in oneself. By imitating her actions, entrepreneurs can gain valuable insight and inspiration as they navigate their way to her entrepreneurial success.
About the author
Rieva Lesonsky is CEO of GrowBiz Media. SmallBusinessCurrents.com I've been covering small business and entrepreneurship for more than 30 years.Sign up with her to get more insight into her business trends free ocean current Newsletter.
