5 Business Lessons We Can All Learn From Last Night’s Premiere of the “New Edition Story”

Lastnight BET premiered the first part of a 3 part mini movie about the life and journey of one of R&B’s top male groups, New Edition.

While fans have been excited since BET announced the production of the film, producers have been feeling the pressure. In fact, throughout the production of the movie many producers were concerned with how “The New Edition Story” would be received by fans and viewers, specifically “Black Twitter”.

Despite the fears, the movie appeared to receive a warm welcome from it’s anticipated audience as they sought to tell the true and authentic story of the group.

Just like with any other group, business, or idea the early days of New Edition’s career was full of business errors that we can all learn from:

Never Sign a Contract Without Reading The Fine Print

When New Edition was approached with their first contract, the 5 young boys gathered around the table and celebrated over the $500 contract they had been given. Yes, $500. Months later there mothers were frantic to find out that even with a hit single the boys had only managed to bring in $1.

As annoying as it may be to the person who hands over the contracts to me, I read EVERY WORD of any contract before signing it. Not only does reading every word protect me but it also shows whoever you’re doing business with that you take your work seriously.

Family and Business is Not Always a Good Match

New Edition’s first manager was Brooke Payne(who was also Ronnie’s uncle) and as we could all see from part one, Brooke had no expertise in being a manager and ended up causing more harm than good to the new edition trio.

While family can be great people to work with, not everyone in your family is fit to manage your business or even your money. Always use discretion before walking into any business relationships with your family.

Stand Up For What You Really Want

Early in New Edition’s career young Ralph was offered a solo deal that he wholeheartedly turned down because he knew he wanted to be in the group with four of his friends.

So often in business relationships we as employers, entrepreneurs and partners settle for what we don’t want just because we’re afraid of what consequences may occur if we follow our instincts.

If It Sounds Too Good To Be True, It Probably Is

Throughout the days of New Edition’s youth they were often presented with business propositions that proved to good to be true. They were promised riches and fame and yet a few bad business deals had their famlies’ still living in the projects.

Sound familiar? We have all been presented business opportunities at one time or another that sounded too good to be true and we took them even though we knew these things weren’t good for us. Remember, we are all given an instinct for a reason.

Sometimes You Have to Be Willing To Give Up On Things You Once Wanted In Order to Chase Your Dream

Before Mike Biv joined New Edition he dreamed of some day being a basketball star. When his career with New Edition really began to take off he realized that he had to choose between his basketball career or the group and ultimately he decided to pursue his singing career.

Despite what people will ever have to say about New Edition they will go down in history as one of the best R&B Groups in history and one lesson we can learn from them all? You live and you learn.

What lessons have you learned from BET New Edition Story? Leave your comments below.