If you haven’t heard already, Big Baller Brand (BBB) is the company founded by Lavar Ball and his sons Lonzo, LiAngelo, and Lamelo. According to their website, the 3 Ball brothers “are basketball players with Championship pedigree.” While the boys are tearing up courts around the country, Lavar has had a significant influence on the family’s public image. Regardless of what you think of his antics, you cannot deny Lavar knows a thing or two about branding. Last week, big brother Lonzo unveiled his signature shoe, the ZO2, under the family brand at a price tag of $495. That’s more than 3x the price of superstar Kevin Durant’s Nike shoes! While everyone was roasting Lonzo’s shoes, the hype was free publicity for Big Baller Brand. Not only has the family been featured on sites from ESPN to CBS Sports, the boys have a collective Instagram following over 3 million. You may not agree with the way Lavar seemingly architected his children’s future before they came out the womb, but the development of BBB is something from which black millennials can learn.
Despite criticism from media outlets and famous athletes around the launch of the pricey ZO2's, it may be Big Baller Brand who has the last laugh. If you remove basketball, Lonzo Ball is a 19-year old celebrity that would get praised for having the guts to take the entrepreneurial route at such a young age. He and his family are taking advantage of his notoriety while he can. Rather than be another pawn in the system of a large consumer brand (i.e. Nike), Lonzo gets the unique opportunity to be a part of a brand he can call his own. How many 19-year olds can say that?
With undisputed cultural influence, we need to take matters into our own hands like the Ball Family. I’m not saying we all need to get our own sneaker line and charge $500 per pair, but we need to realize our value and act accordingly so our families and communities are the ones who see the benefits. Don’t just be a consumer of the culture, be a creator. More than any other demographic, we are tech-savvy while being both socially and civically engaged. A Nielsen study reports Black Millennials are not only more likely than all millennials to try new technology products, but we also spend more time watching television and on social media than all other millennials. Cheryl Grace, Senior Vice President of the U.S. Strategic Community Alliances and Consumer Engagement stated, “Black Millennials are leading the way in their use of technology to impact change and get their voices heard.” As trendsetters, we should be transferring the talent that creates viral trends into creating innovative products and services.
With this entrepreneurial mindset, it’s important to realize ideas and issues brainstormed can quickly turn into intellectual property. As Jonathan Jackson famously tweeted:
“Don’t let people pick your pockets and disguise it by ‘picking your brain.’ You absolutely cannot aimlessly dig around through my intellect.”
When business ideas are forming in the early stages, getting feedback is crucial. Still, if you’re pitching an idea to a potential client, give only the details necessary to convey that idea. Avoid revealing too much because a competitor could snatch the idea and put it to use themselves, leaving you with little recourse. Do your research and know your audience. Share your ideas with someone you can trust knowing that a great friend doesn’t always make a great business partner.
Rather than just make money for ourselves, we have the power to bring wealth to our entire community. Our desire to make social change allows us to have the mindset, “When we eat, our whole team eats”. Technology is the equalizer that lowers the barrier to entry when starting a business and our understanding of it should not be overlooked. With the evolution of the largest social media platforms happening before our eyes, our ability to turn these experiences into dollars will be our greatest advantage.
Whether this means setting up a Shopify store to monetize your social media following, or freelancing your photography skills, the hustle is the same. The question we have to ask ourselves is: if we’re not reaping the rewards, who is?
