Master P emphasizes the importance of ownership.

Master P is undoubtedly one of hip-hop’s most cherished entrepreneurs. The template he created with No Limit Records inspired CEOs that followed him. That being said, Master P has emphasized the importance of ownership in hip-hop and the Black community in America. In a recent interview with HipHopDX, Master P recently explained his decision to decline a $1M with Jimmy Iovine.

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“Best investment in my career was turning down that million dollars with Jimmy Iovine,” he told the publication. “And I looked at Michael Jordan career, that was the only reason I did that. So that’s what I’m saying, learn from other people’s mistakes. Look at the good things that they done, but I mean, Michael Jordan’s life turned out well, because I guess he kept going. But me looking at that when I walked into that office I’m like, they want me to sell my rights, my name.”

At the time, P said he only had $500 to his name. He wasn’t striving for billionaire status either, though he could’ve easily been a millionaire with this one deal. “Never do a deal when you’re desperate and don’t do a deal for money,” he advised the viewers.

“That was a life lesson that I learned that helped me build my empire. I think if I would’ve took that million dollars my career would’ve been over. I wouldn’t be where I’m at right now. The first to find my portfolio opening up other streams of revenues, to say, ‘Now I can feed my family for 20, 30, 40, 50 years, and be able to pass something down,’” he said.

Check out the clip below.