Tuesday, May 6, 2008

Entrepreneur Lesson #2: Know Your Product

Here we see one of the greatest entrepreneurs of our time. Sean Combs started as a small time intern right outta Howard University. Now look at him, he's sitting on more cash and more models/actresses than he knows what to do with. In this clip we see him on the Ellen show, he is previewing his new Vodka Ciroc and Ellen challenges him to a duel. The moral of the story is: as an entrepreneur, ALWAYS know your product, you never know when you might be tested, or have an opportunity to sell. Now this could have been set up(can't drink liq. on tv), but for the sake of the business message, let's assume Diddy really did get bent!

Side Note: Diddy, 38, would be looking at 50% of the profits for his efforts to increase product awareness of Ciroc. If things go as planned, that could easily translate into $100 million over the next few years.

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