Those of you who subscribe to the Mogul Mindset eblasts (which is easily done via the subscription box on the top right of the homepage) probably already know that the name “Mogul Mindset” was inspired by Sir Richard Branson, founder of the Virgin brand.

From reading about this billionaire businessman, extreme adventurer, and bon vivant, I came to believe something that I had always suspected: that ultra-successful people think in such a way that gives them the edge in the business world. And I also came to believe that the lessons that can be learned by studying Sir Richard and his ilk can be applied to anyone’s career, including those in entertainment.

In fact, by reading the “Inside Scoop” profiles of established entertainment pros (and even the “Making it Happen” stories of people creating their own opportunities), you can identify a lot of the same qualities that our mogul “patron saint” (if you will) Sir Richard has, though usually not to the same extent. He is a rare breed.

But today we’re pulling another seat up to the Mogul Mindset honorary board of directors…

Ladies and Gentleman, please welcome Jay Z!

Now a lot of you are probably familiar with Jay Z. He’s a rapper and record producer. He’s married to Beyoncé. He is also the owner of a clothing line, Rocawear, co-owner of the 40/40 Club chain of upscale sports bars, and a part owner of the New Jersey Nets NBA team. He was the CEO of Def-Jam records for three years and founded Roc-A-fella Records. He has many other deals with various individuals, brands, and companies, and appears to be pursuing more opportunities every day.

In addition to the many, many interviews done over the years, Jay Z has now released a book, Decoded, so we can read his life story in his own words. Like Richard Branson did with his autobiography, Losing My Virginity, Jay Z delves deep into mistakes made and lessons learned on his personal journey from the Marcy Projects to late night tete-a-tetes with ex-presidents and cultural icons.

So what can WE can take from Jay Z’s stratospheric success story for our own entertainment careers?

Like with Sir Richard Branson, it is somewhat easy to identify certain recurring patterns linked to Jay Z’s amazing accomplishments, patterns of thought and behavior anyone can adopt and use to give themselves the best chance at entertainment career success or success in any field.

Learn the Lesson One of the things I really enjoyed about Decoded was Jay Z’s keen observations into his own life path, as well as those of personal friends and acquaintances, fellow rappers, and public figures alike. He credits his father with teaching him to pay attention, and he has spent most of a lifetime of documenting what he saw and experienced in his music. He has finely-honed his analytical skills and uses them as he navigates his business dealings and artistic choices.

Know Your Value Early on in Jay Z’s career, he noticed one brand of clothing was dominant at his shows – the same brand he was wearing. He approached the heads of that clothing label about an endorsement deal and was snubbed. He and his partner decided they didn’t want to keep putting money in that company’s pockets. So they started their own clothing label.

Ask “How Hard Could It Be?” (This is one quality he shares with Richard Branson – and, I would imagine, probably most ultra-successful people.) It’s not easy to start a clothing label. But they did it. Ditto starting a record label. (Though, in that case, it was out of necessity because no established labels wanted to record him.) But both Rocawear and Roc-A-Fella were huge successes. In fact, Rocawear was sold to a larger company in 2007 for a couple hundred million. How hard could it be? indeed.

Honor Your Source Jay Z’s musical career began with him rapping for his friends in the neighborhood, weaving stories about his life back then more as a storytelling exercise than as a career move. (There were no careers in rap music when he started.) And he continues to tell personal stories, now on a worldwide stage. It’s the way he initially connected to his audience and he maintains that connection to this day. He has also been quoted as saying he considers all of his brands an extension of himself, not just a business investment. That kind of involvement takes an enormous amount of energy, but it is why his other brands, like his music, continue to resonate so deeply and to so large an audience.

So, Your Industry Insider gives a heartfelt welcome to Mr. Jay Z as he joins our honorary board of directors. And we thank him for writing Decoded so we could get an in-depth look at his life, his career, and his music.

Photo by Whittlz.

Know anyone who could use an entertainment industry insider? Encourage them to sign up on the YII home page to receive our Mogul Mindset eBlasts today!

Thought it would be appropriate that the first recommendation of 2010 be a book by/about the patron saint of the Mogul Mindset eBlasts. (Don’t know what those are? Click here.)

Richard Branson was a mogul-in-the-making from very early in his life, starting up a publication called Student when he was still in high school and having the nerve to approach central cultural figures of the day (60s London, in this case), such as The Rolling Stones’ Mick Jagger and The Beatles’ John Lennon, to be interviewed (they accepted!).

He went on from this magazine to the music business, starting with a mail order service and ultimately becoming a producer and growing a record label, Virgin Music. From there, he carefully lept into other areas (the seeming contradiction of carefully leaping is deliberate), such as starting Virgin Atlantic airline based on nothing more than a core philosophy of “How hard could it be?”

Richard Branson’s story is instructive and inspiring and he tells it with panache. It is very detailed, sometimes, in my opinion, to a fault, but maybe that’s because I’m less interested in his hot air balloon adventures than other readers, who might enjoy being along for the ride every daring step of the way.

I was definitely along for the ride of growing several businesses, recovering from set-backs, making big mistakes but also achieving huge victories. I think anyone interested in succeeding in business on a large scale would be wise to pick up a copy of Losing My Virginity. (In fact, click on the book jacket above and you can order it right now!)

Know anyone who could use an entertainment industry insider? Encourage them to sign up on the YII home page to receive our Mogul Mindset eBlasts today!