U.S. Markets closed

Master P says cross promotion is key to his success

Music and hip-hop mogul Percy Miller, better known as Master P, is doing his best to provide entrepreneurs guidance and advise on how to start and market their business. That’s why the big time rapper and head of an estimated $250 million dollar business empire is offering the Master P MasterClass Millionaire Mastery Business and Marketing Conference, a business and marketing conference taking place on October 5 in New York City.

The New Orleans-native has held MasterClass courses before, primarily covering marketing, a tool that is very important to Master P, who considers himself “a marketing genius.”

“I want to cross-promote everything that I have,” Master P told Yahoo Finance’s On the Move. “That's been the key to our success. Saying that if we cross-promote, we can open up opportunities for so many different people. And that's — that's what I love about my business. It's not about one thing.”

Master P recently promoted his new restaurant in New Orleans, Big Poppa Burgers, in his film “I Got the Hook Up 2.” The summer comedy filmed in his restaurant.

“Because it's all marketing,” he said. “At the end of the day, when you sell one of these businesses, you want to be a part of that business on the marketing side.”

Don’t be afraid

Besides marketing as well as networking, Master P advises future entrepreneurs to really take in all that they can from previous life experiences. And try not to let fear get in the way of what you hope to accomplish because “knowledge is more important than money.”

“In business, if you're going to be an entrepreneur, maybe you might need to cut off some people that's not worth it for your business or bad for your business, whether it's family members or friends,” he told Yahoo Finance’s On The Move. “I tell people all of the time, get into the game. You know, that's the only way. Nothing beat a failure but to try.”

ATLANTA, GA - OCTOBER 07: Rapper Master P speaks on stage at A3C Festival And Conference at Loudermilk Center on October 7, 2016 in Atlanta, Georgia. (Photo by Paras Griffin/Getty Images)

Investing tips

Another important lesson Master P makes note of is how prominent investing can be for a business to grow. Master P has worked to expand his portfolio by diversifying his investments into private companies that focus on different industries like real estate, fashion, media, and entertainment.

“Understand your investment,” he said. “A lot of people like to get in stuff, say they just want to make money. I tell people all of the time, you can't make money. You got to love what you doing, be passionate about it. So when you're making that investment, make sure it's something that you know and you believe in. And if you investing in somebody, make sure they have skin in the game, too.”

Marabia Smith is a producer for Yahoo Finance On the Move.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.