Step 1: I recommend that you cut your paper in to a square shape to begin. While this recommendation is not necessary, the edges of the square will help you judge the placement of the lines in your drawing.
Step 2: Draw the big U shape and the small P shape. Notice their relative size to each other and to the rest of the square shape. Notice where the lines of each letter end, compared to the edges of the paper. Finally, notice that the U and the P tilt to the right.
Step 3: Put in the triangle shape at the top....close to the middle of the page. Also put in the line in the upper left corner.
Step 4: This is a tough step.....Do not expect to get this perfectly. These are shadow shapes around the eye and they are not as important as getting the position of the eye correct. Notice the general placement of this shape. It lies above the tail of the P shape and more than 1/2 the way up the U shape. Sketch it in quickly. Do not agonize over it.
Step 5: Draw in the eyes. Overall, they are almond shaped and notice that there is one eye length between each eye. Also, be sure to add the double line around the eyes.
Step 6: Add the nose. There is a strong shadow on both sides of the bridge of the nose. There is even a stronger shadow at the bottom and the nostrils will be merged in to a shape that looks like a flattened M.
Step 7: Add the rainbow shape that you see. Notice its origin from the shape in step 6.
Step 8: Add Jay-Z's lips. The two lips together form a heart shape. The two lips are about equal in size to each other.
Step 9: Add the shirt and tie. Dont stress the placement of these shapes, they are irrelevant to the likeness.