If you want to build a successful, long-lasting million-dollar brand, then take a page out of Rihanna's guidebook because there's nothing she won't turn into gold.
Barbados recently declared the self-made Barbadian artist a national hero, making her the second woman to receive the national honor and the 11th person overall. Rihanna received the nation's high award Tuesday at a ceremony in Bridgetown.
Before Rihanna was bestowed with the title “the right excellent,” the singer repeatedly showed she is a force to be reckoned with. Her accolades include countless Grammy award wins, sold-out tours, and No. 1 albums, and she's also turned her businesses efforts, including Fenty Beauty and Savage X Fenty, into a 600 million fortune, according to Forbes.
This year, Forbes recently estimated Rihanna is now worth $1.7 billion — making her the wealthiest female musician in the world, and second only to Oprah Winfrey as the wealthiest female entertainer.
The 33-year-old launched the Fenty Beauty makeup line in partnership with LVMH, a French luxury goods conglomerate and co-owner of the Savage X Fenty lingerie line with TechStyle Fashion Group.
When creating your brand, creativity, experience, and knowledge are needed to be mogul material. Knowing your strengths and weaknesses and engaging with a team will allow you to create your empire.
Rihanna is the mogul of our generation, and here's what we learned from her:
Stand out among the rest
Fenty Beauty launched 40 foundation shades that were soon named "Greatest Inventions of 2017" by Time magazine because the products were affordable, high-quality, and inclusive.
Rihanna stood out for her intentional beauty line that was geared for all shades and skin disorders, despite the generally overly saturated beauty market. There is more than enough room for your idea, brand, and creativity. Remember, what you bring to the table can be emulated but won't taste the same. This has to be an essential lesson Rih has taught us.
Collaboration is key
A solid rule in Rih's book is to have a team on the journey with you. Before Fenty, Rihanna's hands in the fashion and beauty world consistently turned over collaborations with Puma, River Island, and MAC.
"I've been slowly evolving throughout the fashion world, first wearing it, buying it, being recognized for my style and then collaborating with brands," The mogul shared with T magazine.
"I never just wanted to put my name on something and sell my license. I'm very hands-on, so I wanted to take it slowly and gain respect as a designer," she continued.
"I already had a relationship with them after the Versailles campaign and the makeup line, so they extended the offer to me, and it was a no-brainer because LVMH is a machine. Bernard Arnault was so enthusiastic; he trusted me and my vision."
Do your homework
Research is critical when building a brand on your own, and Rihanna knows firsthand that it's the foundation for any successful plan.
Rihanna "never wanted [Fenty Beauty] to be a rushed project," the "Work" singer said, according to CNBC. "I always wanted it to be something that was respected, and if I feel like I'm not there yet, I'm not even gonna make an attempt," she added. "So I did my research."
Failing is a part of the journey
No one wants to be a failure, but aren't failing moments meant to be lessons as well? Rihanna thinks so!
"How you gonna learn without making mistakes?" the singer said in an interview with T magazine. "I'm always up for a challenge, so if I don't get it right the first time or the first hundred thousand times, I'm going to keep trying until I think I figure it out."
Perfectionism is a disease that will creep in and have you in a dark hole of thinking. Be okay with making mistakes, and learn from them to gain the perfect winning formula.
Invest in other avenues
Financial literacy is key to being a respected entrepreneur. Understanding the value of every red cent will take you far as a business leader. In 2015, Rihanna invested in TIDAL, later taking home $9 million when the company was acquired, Insider reports. Fast forward two years later, and the mogul launched her Fenty business. The billionaire seemingly doubles her cash flow with every new deal.
Lead with care, confidence and consistency
Rihanna is a leader through and through. In her career, she has changed the fashion and beauty industries with her one-of-a-kind swag and personality. The Rihanna Navy, her diverse and inclusive fanbase, has watched her be intentional with every ad launch and business venture. She is always thinking of her fans first.
"Good Girl Gone Bad is where I started to take the reins: I'm going to do whatever I want to do, I'm taking control of my vision, my sound, my clothes. I also embraced change along the way — things that make me a better woman, a better human being. Like, even the way I communicate: I'm proud of my growth on that. I'm proud to walk into any building as this person. Nothing about me makes me embarrassed about me," Rihanna told T magazine.
As a leader, the three C's to remember are to lead with care, confidence, and consistency — the rest will follow.