Damon Dash, former hip hop mogul, has people wondering if he might be the "turnaround king." The Atlanta Post wrote a detailed piece about Dash's rise to the top and his dash to the bottom. Dash is best known for his affiliation with Jay-Z (aka Shawn Carter), one of the legends and leaders of the hip hop community. After meeting Jay-Z in 1994, Dash invested his own money into launching Jay-Z's career and helping him to make it to the top.

Two years after helping to launch Jay-Z's career, Dash produced Jay-Z's first album, called "Reasonable Doubt." He was also credited with helping Jay-Z to reinvent his image. With Dash behind him, Carter went on to record nine No. 1 albums, and win four Grammys. Times were good and Dash was making a lot of money.

By the age of 35, Dash owned five clothing and shoe companies, a Swiss watch company, a top shelf vodka company and several other businesses. His net worth was estimated at $50 million dollars.

Dash was also a big consumer. He wore a four-carat yellow-lemon diamond on his ear and drove a $400,000 dollar Maybach. He also employed a large number of cooks, butlers and assistants, along with owning 1,300 pairs of sneakers.

Dash's overspending and overconfidence eventually got the best of him. In 2004, Def Jam purchased a 50 percent stake in Roc-A-Fella records, the company co-owned by Dash and Jay-Z. Jay-Z then bought Dash's stake in Rocawear for $20 million. It was shortly thereafter that Dash became allegedly broke. He is reported to owe over $2 million in state taxes, was sued for unpaid bills, and had his SUV repossessed. On top of that, his wife, Rachel Roy, filed for divorce.

Dash's primary problems developed because he did not diversify his portfolio properly. Rather than being the sole owner in multiple companies, he might have done better to buy stock in bigger, more established businesses. It's good to be an entrepreneur, but once you get rich, your job is to stay that way by placing your cash in less risky ventures that will grow your money over time. Dash was also extravagant in his spending. Many millionaires who protect their fortunes don't spend as if they are wealthy. Warren Buffett, for example, is a billionaire who owns a home that he could buy with his pocket change. Having a lot of money doesn't mean you have to flaunt it.

The final complaint that some have about Damon Dash is that he is a bit unprofessional. He is known to be a strong and assertive negotiator, alienating some people in the process. It is not good to be known in your business for being disrespectful, because that's how your friends will remember you. Especially in entertainment, it's all about who you know. You can't make money if no one wants to work with you.

Given Dash's proven expertise in making money as a media entrepreneur, if he can partner with another great talent and learn from his mistakes, I bet we will see his name back at the top of hip hop business lists.

Lawrence Watkins is the CEO of The Great Black Speakers Bureau and an MBA student at Cornell University. For more information, please visit LawrenceWatkins.com.