11 Things We Can Learn from Tyler Perry’s Billionaire Journey

11 Things We Can Learn from Tyler Perry’s Billionaire Journey

Forbes announced that as of September, Tyler Perry is a billionaire. They estimate he has earned more than $1.4 billion in pretax income since 2005 and now has a net worth of $1 billion.

If you’ve been following him since the early days of screenplays in small venues or on tape, you know he’s come a long way. With the fierce, fiery, laughable, and loveable characters he created, he’s gone much further than he ever could have without a plan and a formula. 

In this episode of Dreamer’s Den Podcast, we’re talking about what we can learn from the actions Perry took on his rise to fame and fortune, including the opportunities he’s afforded others.

Press play to laugh and learn.

Source: https://www.forbes.com/sites/maddieberg/2020/09/01/from-poor-as-hell-to-billionaire-how-tyler-perry-changed-show-business-forever/

Danielle Towner | Entrepreneur + Digital Creative Resources

0 (0s): Unless you choose to do great things with it. It makes no difference how much you are rewarded or how much power you have. Now that quote from Oprah Winfrey is special to what I’m talking about today, because she’s been inspirational and influential to the person who is our topic of discussion. And also what she’s talking about, these great things and how you use your power and the things you’re rewarded with that is very significant to what I’m talking about too, because this person has done some great things and created some great opportunities with the power and the rewards that he’s gotten.

0 (44s): Now, if you don’t know about now, I’m speaking of Tyler Perry and just a few days ago, it was confirmed that he has officially reached billionaire status. Tyler Perry is a household name, especially in the black community. And he is known for making these screenplays, films, and TV series that make you laugh, cry, and even get mad as hell as you relate to the most memorable and lovable characters.

0 (1m 22s): The things that he works into his productions, they’re very relatable or they’re things that we deal with in a black culture and things that you definitely have experienced in life. Whether it’s with family, religion, relationships, you know, or even racism, just different things that you know, that are special to are unfortunate to the black community and the black culture. It’s no wonder why he’s reached this level of success and made it big.

0 (1m 57s): He’s cashed in big on it, but there’s a formula that he used. And there are a lot of things that we can take note of and learn from him throughout his journey, because it didn’t happen for him overnight, but he’s still a fairly young man. And he seized every opportunity he had and he worked harder and smarter. So we’re going to talk about 11 things that you can learn from Tyler Perry’s new billionaire status.

0 (2m 31s): So stick around to hear more about this. Welcome back for another episode of Dreamer’s, Den Podcast. I am your host, Danielle Towner. And if this is your first time listening, welcome. Thank you for tuning in. And if you’re coming back, welcome back. For those of you who are listening for the first time I am the owner of Dream Work Creatives and I help entrepreneurs build their brand awareness and their online presence through website, design, content marketing and digital products.

0 (3m 11s): But occasionally, throughout the week and on Sundays, I do chill episodes and this is one of those chill episodes. But as always, I make my chill episodes, my current event discussions and any topics of discussion, I try to make them teachable moments. So this is what we’re doing today. When I first heard about Tyler Perry’s new billionaire status, I was, I wasn’t surprised, but I was proud like, as an African American and just in general from seeing someone from the beginning of their journey or from, you know, the beginning of it on screen or documented, I was proud of that moment.

0 (3m 53s): So let’s talk about that. Like as of September Forbes magazine confirmed that as of September Tyler Perry is a billionaire. They estimated that he has earned more than $1.4 billion in pretax income since 2005. And that now he has a net worth of $1 billion. Like I said, I was proud as an African American and just in general, seeing someone create, I love to see people create things.

0 (4m 24s): And I love to see what those creations evolve into. And like I said, that didn’t happen for him overnight, but like I said, it was a certain formula to it. And it’s certain things that we can learn from his journey. So I have documented down 11 things that we can learn from reaching this billionaire status and how he’s, he’s still working and still doing more and still has bigger plans, but let’s get into that.

0 (4m 55s): So the first thing that we can learn is that you should have a vision that allows you to see beyond where you are. And like I said, for him, it happened over time, over a journey. And I can’t say that he envisioned our new from the beginning exactly where he would end up or exactly every project that he would have, or exactly how he would get to this billion. But he had a plan and he had a vision mapped out of where he wanted to be.

0 (5m 29s): The adventurous part of it are the twists and turns that you’ve run into along the way. There’s an article out. The Forbes article was titled “From ‘Poor as Hell’ to Billionaire, How Tyler Perry Changed Show Business Forever”. And the words “Poor as Hell” are in quotation marks as to indicate that they’re actual words from Tyler Perry. And can’t you just imagine him saying that can’t like, can’t you imagine that in his voice, but anyway, that’s an indication that he started from the ground up and you can think about now, the article says that the article title or headline is that right.

0 (6m 10s): When I first heard the news by radio, it was said that he was a self made billionaire. And if you’ve been listening or following me, y’all know how I feel about the word self-made, but I get it. I get it from the standpoint of that. He basically, he didn’t ride anyone’s coat tail to get to where he is. He didn’t have a rich uncle, or rich family, parents, or rich family member that passed anything down to him or handed him anything.

0 (6m 45s): And he basically built the revenue and reinvested into his business, otherwise known as bootstrapping to get to this billionaire status. So that’s the reason for self-made and Tyler Perry, he has given credit where credit is due from the beginning. He always incorporated, incorporates that, giving credit where credit is due and giving glory to God on and off screen.

0 (7m 14s): So we know that he is clear on the difference between self-made and God made, but anyway, he had a vision and I’m sure it was part of his divine purpose, but like I was saying, those twists and turns along the journey. That’s the interesting, adventurous part of it. And whether you know it or not, from the beginning, it’s all a part of the plan to position you and put you in the right place for your purpose, for your dreams and for your vision.

0 (7m 45s): It’s no secret. He’s not modest about the times where he had hard times. And even in the Forbes article, it speaks of times where he wasn’t able to pay his rent and he had to sleep for a few months in his car. And so to go from there to where you are, you have to not get discouraged. You have to be able to see past where you are in that moment. You have to see beyond that. You have to see above that, and you have to know that you are capable of getting there.

0 (8m 21s): The second thing that we can learn is that you need to start with what you have. There are a lot of people who are using a lot of fancy things, fancy equipment, physical things, and digital things. There are a lot of options and opportunities out there, but you may not always need all of this to start off because you don’t want to exhaust your budget and the funds and working capital that you have.

0 (8m 51s): But you also may not even be capable of getting all these things. If you’re starting on a shoe string, but you are just basically starting with $0, we can use him as an example. He started off doing his screenplays in smaller venues and touring around the US. Everybody kind of crazy jokes about how they had the low budget wigs and how he had the microphones hanging from their, hanging on their forehead from the top of the wigs or some of the different things that he did But look at him now.

0 (9m 29s): He started with what he had and by the grace of God, he turned nothing into something. That’s kind of how, how you have to look at things. Don’t let, don’t let it stop you because you may not have everything that you need to have to get started. Just get started. Get started with what you have. Other entrepreneurs, they talk about how when they started off, they may do a lot of video marketing and how, when they started off the video, the quality of the video may not have been where it needed to be.

0 (9m 60s): It’s just different things. Like some people just let other people pump you up like, Oh, you gotta have this and you gotta have that. Yes. Eventually you need to invest into your business, give someone else an opportunity so that you’re enabled to do more and have a better quality of life and a better quality for your business, but in the beginning when you don’t have it, you work with what you have and you build up. I talk about how I started with 11, $12 domain name and how, you know, I learned how to build my own website after being unsatisfied with the web design work that I tried to get from freelance marketplaces and things like that, and how I, you know, developed that skill.

0 (10m 52s): I didn’t start off with a lot of the automation, the digital tools, or the help on the back end that I have now. But when I was able to continue bootstrapping, reinvesting into the business and building, you know, building a little bit, then I was able to add things or different tools as needed Start with what you have. And there are a lot of free resources out there. A lot of free trials. Things that you can do to start off until you need to expand like different programs and different tools will grow with you.

0 (11m 29s): They have a starter plan, and then as you grow, then you can upgrade and get access to more. And you may have to pay a little more money. Number three, ignore the naysayers and the dream killers. We know when a dream killer is like somebody, a negative Ned, a negative Nancy, somebody that always their job, basically or it seems like their job is to just shut down what you have going on. And it may not even be in a way where they’re just like, Oh, you can’t do this and you can’t do that.

0 (12m 2s): That, the way that they ask you about it, or the way that they talk about it may just be condescending. Or it just may feel like it comes from a negative place. The energy may be negative, but don’t pay them attention. Like I, like, I just talked about people, crack jokes about Tyler Perry’s low budget plays. And even, you know, recently talk about some of his low budget movies, but he, like I said, so he, he was able to laugh all the way to the bank with them because people still bought it.

0 (12m 37s): People still came to see it. People still laughed about it and they bought his merchandise. And you know, they, they went to the movies. They watched the TV shows and he was able to, like I said, start where he was and get to it where he is. And so people are always going to like, even if things were perfect or there weren’t, those hiccups or you didn’t have to start from the bottom, people -you’re not going to be able to satisfy everybody.

0 (13m 9s): There are people who make it, their business and their job to shut down what you have going on because they don’t have anything going on or their mental capacity won’t allow them to have that vision of seeing beyond where they are. So they don’t want you to do it either. So just ignore them and keep going. Take how’s Tyler Perry, handled that as a lesson learned. Number four, learn from someone who’s better than you.

0 (13m 40s): Okay, so the Forbes article, once again, talked a little bit about when Oprah, I don’t remember what year it was, but Oprah invited Tyler Perry to be on her talk show. And from there, they developed a friendship. Now he was already in a place of trying to, you know, secure things from, for himself, but she gave him solid advice backstage. And from there they developed a friendship and she’s even, you know, given him space on her network.

0 (14m 19s): And that was an opportunity for both of them. That was, you know, giving him more exposure that was giving him the opportunity to make money. And that was putting shows on her network. And he also discussed how Oprah was the first one to see the property that he was interested in or thinking about purchasing, to build Tyler Perry studio. And so she gave him advice on whether she thought that was a good or bad deal, you know, had already been established for a long time.

0 (14m 56s): She owned her show, Oprah Winfrey show. She owns her network and she owned Harpo productions. And so the network wasn’t around back then, but she owned her, you know, her production company, she owned her show. And so he was able to learn some things from her. So you always want to have someone in your life or in your corner who like, you don’t want to be around everybody. who’s at the same level as you, because how are you going to help him motivate each other all the time?

0 (15m 29s): So you want to have somebody in your life or in your corner who’s better who that you can get advice from. And I mean, it may not even have to be someone physical, like start, like it could be a business coach or a consultant, or it could be, you know, a course that you purchased that you can do at your own pace. If you don’t, if you can’t, you know, if you’re not there yet, where you can pay a coach on a consistent basis or even pay for courses, it can be a YouTube video or a blog.

0 (16m 1s): Something that’s going to help you from someone who has been there and done that. Just have that, learn from someone who is better than you. Alright. I want to share a little secret with you guys. When I was first getting started with Dreamers Den podcast, I had to research to answer a lot of questions. Like how do I record an episode? How do I get my show into all the apps that people like to listen to? And of course, how do I make money from my podcast? The answer to every one of these questions is simple.

0 (16m 34s): Anchor. Anchor is a one stop shop for recording hosting and distributing your podcast. And the best thing of all is that it’s 100% free and ridiculously easy to use. And now Anchor can match you with great sponsors who want to advertise on your podcast. That means you can get paid to podcast right away. And one thing that I also liked about it is that it kind of reduced the workflow so that you didn’t have to do a lot of the leg work.

0 (17m 4s): And I could focus on getting guests and started interviewing and recording immediately. So if you’ve always wanted to start a podcast, make money doing it, go to anchor.fm/start to join me and a diverse community of podcasters already using anchor. That’s anchor.fm/start. And I can’t wait to hear your podcast. Number five, don’t take shortcuts.

0 (17m 36s): What I mean, when I talk about shortcuts, I’m not talking about what we talked about before with using the resources that you have available at time. And then building up from there. When I say don’t take shortcuts, I mean, don’t just, when you start to build your business and you start bringing in that revenue, don’t just take any old deal you get. That’s what I mean by don’t take shortcuts. If you have a certain plan or certain products or certain packages, and someone just wants to, Oh, I just want to pick this out of there.

0 (18m 16s): And I just want to pay you what I offer you. You know, you’re looking at it as getting money right now, but taking that shortcut could hurt you in the long run, or it could put you in a position where people know used to be the person they can bargain with. Or they come back and think they can take advantage of you and do that all the time. So don’t take shortcuts, do the work and stay the course. And that leads me to the next thing that we can learn from Tyler Perry’s new billionaire status.

0 (18m 51s): And that is create something you own. When I say, don’t just take any old deal, it may be flashy or it may be something that pop that’s eye-popping right now. But you have to think about long term. In Tyler Perry’s case, he, wanted to make sure that he kept ownership of his products. So he wanted ownership of his films, his screenplays, and his television series.

0 (19m 22s): And he did things in a way to where it may have taken longer, but he was able to retain ownership of his work and of his creations. And a lot of people, they put themselves in a position because they want what they can get right now. They put themselves in a position where they lose creative control of their work. Where there’s someone there telling them, Oh, we don’t like these, or we don’t like that. Or you need to change this.

0 (19m 52s): And by the time they finish adjusting it, you don’t even recognize your own work. There’s other things where someone offers, gives you a number and offers money for your work and you don’t own it anymore. So you have your money. It’s spent and they’re making money over and over again, off of something off of your baby, off of your brain child. Those things happen. Let’s talk about this in the area of other businesses. Like I talked about all the time in digital business, creating something you own.

0 (20m 23s): Now we know, you know, you have to pay for space on the internet or pay the rent space on the internet. We know that you use social media and search engines to make, to be found on the internet and to get exposure, to build your brand awareness. We know that you use those things, but if Instagram, Facebook, Snapchat, LinkedIn, Twitter, if any of those shut down temporarily permanently, if they kick you out or ban you or shadow ban you, you know, what’s going to happen to your exposure in your business.

0 (21m 1s): So that’s when we talk about building your email list. So you have to use tools to build your email list, but you can also take that list and you can download it. And you can reach out to the people that are a part of your tribe, your community, that you built online, and you can continue to build relationships with them and continue selling to them. So that’s a way to create something you own. It’s also, I know that a lot of people are doing multilevel marketing businesses or multilevel marketing opportunities.

0 (21m 40s): They’re previously known as network marketing opportunities. And it’s nothing wrong with that. If that’s the route you take, but just know that you don’t own it, like you don’t own it and benefit from it the way that you need to and build up your money and put it into something that you’re going to own. Like I said, Tyler Perry, he made sure that he kept ownership of his product. And he also put money into other things that can generate more wealth.

0 (22m 13s): And we’ll talk about that a few numbers down the road, but if you’re going to open a physical business work towards owning the building and possibly giving other people an opportunity to open their business in a physical location. So it’s just those things like that. Work on being able to keep your fair share of what you created. Number seven, create opportunities for others to live their dreams and pursue their purpose.

0 (22m 45s): Now, we know that Tyler Perry has done this above and beyond. Like, he’s put a lot of people on screens in his plays, and this has given them exposure that has helped to take their careers to another level. And he’s done this for all different ethnicities, sizes, shapes all levels, but he’s done a lot of this for the black community or black actors and actresses.

0 (23m 16s): So that’s what I mean by create opportunities for others. It could be as simple as that, giving someone a shout out or tagging them, or just building up their name and talking about them on your platform, like sharing your platform with them, it could be that simple, or it could be as simple as an internship or mentoring program or an opportunity like contracting someone or hiring them as an employee and basically showing, guiding them and showing them the way if they have a dream of doing something in the business, similar to what you do, there’s always room there as to give someone else an opportunity, and that will be helping to build your business at the same time.

0 (24m 3s): So basically getting a team, building a team and getting people on your team who have a shared goal or shared vision, and they want the brand to win. You don’t have to hold them captive, but even working with them for a short time and them supporting your vision and your dream and showing them the ropes at the same time. Because at that point you will be the one who knows more than them, and you’ll be able to pour into them.

0 (24m 34s): And they’ll be the ones bringing fresh ideas or different perspective because they haven’t been there. Number eight, when you get up, give back, when you get to a higher level, make sure that you pay it forward and make sure that you reach back and give back. And it doesn’t even have to be when, Oh, when I reach 6 figures, when I become a millionaire, when I become a billionaire, do it along the way. That’s how it counts.

0 (25m 4s): That’s how you keep it in practice. And that is how you grow. That’s how you, that’s how you become blessed. When you give back along the way. Number nine, make wise investments. In the Forbes article, it discussed how most of his assets are in property, in land, and in his business of course. And I think they said he had, you know, some toys like maybe planes and things like that.

0 (25m 34s): But most of what he has is generating more wealth for him, whether it’s building the property where he’s building his studio, whether it’s homes or vacation homes. It’s things that grow in value, not things that take away. So make sure that you’re making wise investments and it even talked about different projects in the works where he is interested in kind of stepping out of his comfort zone.

0 (26m 6s): So let’s talk about that as number 10, don’t be afraid to take risks. So he’s taking a risk of stepping out of his comfort zone because he’s interested in adding more to Tyler Perry Studios. So he talked about how he is interested in kind of making it similar as her life, the Universal Studios type deal. He’s already renting out, certain areas of the studio for other people to, work in and do their creative work and productions within there.

0 (26m 43s): But he’s also looking at adding things such as theaters, and restaurants, and shops, and kind of a theme park type deal. I’m not sure if it’ll include like the amusements and the rides and things, but just that experience where it’s open to the public. And that’s something that’s kind of out of the zone that he’s been in, but he’s taken a risk. And even along the way, with some of the things that he’s done, and some of the projects he’s taken on, it’s been different from anything that he’s done before and he wasn’t afraid to take those risks.

0 (27m 23s): And a lot of it worked out well for him, but not everything does, but he took the risk and that’s the cost of doing business. And that is the cost of winning to not be afraid to take those risks. Number 11 is never give up. Never give up because even in the midst of him having to spend months in his car, he was still working, still writing, still planning, still pursuing, even in the midst of him – in the article discusses where he took a trip to Los Angeles and he did a production in a theater and he was trying to catch the eyes of some producers so that he could do a TV series.

0 (28m 15s): And he caught the attention of some people but they ended up going into , in a different direction and doing two and a half men instead of the series that they were hoping to do with him. But even though that didn’t pan out for him, he continued on with his efforts and he ended up catching the attention of CW. It was UPN and another network that were merging.

0 (28m 45s): But I remember they became the CW. He caught the attention of them. So had he just said, okay, forget it. I’m going home or I’m just going back to what I was doing and I’m staying in my comfort zone. Then he, you know, who knows, there may have never been this chapter of the story that we’re at now, but he did not do that. He kept on trying. He kept on working and he kept on pitching and look at him now. The moral of the story is never give up.

0 (29m 15s): You know, you might quit tomorrow. You might quit every day for a moment. For the first couple years I was saying, I quit every day, but I got back up and I got back,started the next morning, or, you know, the next hour or whatever it was, I got out of my funk. But the moral of the story is if this is a dream that God placed in your heart is that if this is a vision you have, if this is your gift and your talent, if this is something you’re passionate about and you wake up in the morning ready to go, and it doesn’t feel like work to you, you enjoy it.

0 (29m 51s): Then don’t give up it’s for you and you’ll get it. Just stay the course and stay persistent and you’ll get it. Let’s go back and recap. The 11 things we can learn from Tyler, Perry’s new billionaire status. And I’m pretty sure it’s more than 11, but you know, that is what I took from it. So number one is have a vision that allows you to see beyond where you are. Number two is start with what you have. Number three is ignore the naysayers and the dream killers.

0 (30m 22s): Number four is learn from someone who’s better than you. Number five is don’t take shortcuts. Number six, create something you own. Number seven, create opportunities for others to live their dreams and pursue their purpose. Number eight, when you get up, give back. Number nine, make wise investments. Number 10, don’t be afraid to take risks. And number 11, never give up.

0 (30m 52s): So I hope you have enjoyed this episode. I hope you’ve learned something. I hope you gotten enlightened, inspired, and motivated. Let me know how you feel about it. Let me know what you think about Tyler Perry now being a billionaire. Let me know how you feel about this episode. Let’s just talk. So if you’re listening from the Anchor platform, you can press the record button and tell me how you feel. If you’re on my website, you can post a comment under the summary of this episode.

0 (31m 29s): And if you’re anywhere else, I’m at Dream Work Creatives on all social media platforms. But thank you guys for listening. And as I always say, Dream Until your Dream Comes True.

11 Things We Can Learn from Tyler Perry’s New Billionaire Status

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Danielle

As owner of Dream Work Creatives, LLC, Danielle has the opportunity to use her gifts of business development and creative expression. She has a passion for helping solo entrepreneurs and small businesses make their dreams work through marketing and creative strategy. Danielle’s digital marketing services have helped countless businesses build their brand awareness and online presence using social media marketing, website design and content marketing. Her blog features business and lifestyle growth tips and “Dreamer’s Den Podcast: Entrepreneurs Making the Dream Work”. During her free time, she enjoys travel, movies, books and the endless joy of her little one.