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Minority entrepreneurs have many barriers they have to overcome in order to be successful. Some

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Minority entrepreneurs have many barriers they have to overcome in order to be successful. Some typical problems they face are limited access to capital, lower equity investments, and less exposure to entrepreneurship. Minority entrepreneurs are twice as likely to be turned down for traditional lending, which can discourage them from even applying for a loan. Not only that but they are less likely to be considered by traditional or angel investors. They also generally live in run down areas, with poor schooling and less access to successful people. One entrepreneur who has hurdled over all the barriers and became extremely successful is Russell Simmons, the co-founder of Def Jam Records.
Biography of Russell Simmons
Russell Simmons was …show more content…

There hasn’t been a label whose fortunes have been so intertwined with hip-hops fortune. However, they were not the first label to put out rap and not as many revolutionary artists as one might think. So why do they have an almost mythical status? Def Jam got its status because Simmons recognized the worth of hip-hop music, and saw how it could expand into a cultural revolution. Def Jam’s started in Rick Ruban’s NYU dorm, with each Simmons and Rubin only investing a few thousand dollars each. Their first official release was LL Cool J’s I need a Beat. It sold more than 100,000 copies giving Simmons the leverage he needed to cut a deal with CBS Records for distribution. This deal was the first of its kind for hip-hop. Simmons secured Def Jams future by making clever decisions that seemed insane at the time, such as pairing Run D.M.C. with Aerosmith on the cover of Walk This Way. The video of this duo finally got hip-hop onto MTV, which had a negative view on rap at the time. Rubin left Def Jam in 1988, making Simmons the sole head of the company. Simmons also tried his hand in producing movies; his company’s name is Simmons Lathan Media. His first of which was called Krush Groove (1985). This was a fiction that was loosely based on Simmons’ life. It was originally supposed to be a plotless vehicle

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