31 July, 2011

What's Next? Live Music or Make Money

Most recent grads are concerned with being able to secure a job in their field or as some would say “make” money. But without the knowledge and proper training, especially in the music industry, knowing how to effectively maneuver up is just only a possibility that will never manifest. As a recent grad, as of Thursday August 4th I would like to focus on digital distribution in music and the many channels used to distribute it. After I completed my Entertainment Media Publishing and Distribution and Digital Marketing courses I felt empowered, to say the least because I conquered another topic that I really was not interested in before. Both of these courses were packed full of information on the types distribution channels and companies. It also helped me realize how these channels would impact my market and business. Before going further with the channels or companies it is imperative that I research to find out which one will in fact best suit my company.

According to Nielsenwire, music sales are 1.6 percent in 2011, with digital music sales up 16.8 percent (nielsenwire.com). In this new age, consumers, especially those between the ages of 15 and 24 prefer to purchase music via iTunes or any other digital source, such as Amazon MP3. Digital music is growing despite the gloom of the economy. For some reason, people always find safety in music. What can I say? It makes the world go round just as money. Looking further into the future, I would like to explore the possibilities of being a digital music distributor, catering to the classical music world. In the meantime, I will work on securing a “dream” job and constantly mastering my first loves, signing and playing the piano. With the education from Full Sail University I know that I can take the knowledge and skills learned and make an impact on any industry. Thank you Father for giving me the opportunity to expand my education and make a difference.
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(May 31, 2011). Cue the Music: Driven by Digital, Music Sales up in 2011 retrieved on July 31, 2011 from http://blog.nielsen.com/nielsenwire/consumer/cue-the-music-driven-by-digital-music-sales-up-in-2011/

30 July, 2011

Another Chapter Begins...

The journey is coming to an end and I can the see the light, though faint at the end. It wasn’t all peaches and cream, in fact it was what some would call a handful of lemons. With the start of any program a foundation has to be laid. In Media Literacy and Research Methodologies I was introduced to LinkedIn and numerous of RSS feeds pertinent to the entertainment business industry. In this class, we were required to complete a Business rationale paper and a joint venture proposal, and conduct online research for business and marketing purposes. I must say that Personal Learning Networks (PLN) became my best friends during this class. Propelling me into my course where I had to create a blog and assess my leadership skills, Executive Leadership provided me with the skills to play up my strengths and address my weaknesses. This course required that I become acquainted with Keynote and iMovie because we had to record and submit assignments using these mediums. Did I mention I hate being in front of the camera? Well I do. Reading Developing the Leader Within You by John C. Maxwell during the course helped me to successfully complete a leadership self-assessment and write a reflection paper maximizing leadership strengths and overcoming weaknesses. Strength is definitely what I needed in Project and Team Management. In this course I learned the principle of project management and the true meaning of teamwork and how valuable it is in accomplishing goals. We were required to create a team charter, a document completed by all members to manage the project and address team related issues. Being the only female in my group, I was somehow coerced into the role of project manager. It was my responsibility to create a detailed plan and schedule for the project, effectively communicate with my team, and monitor the success of the project. In addition to this we were asked to create a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis on a business idea pertaining to our focal industry area. By the end of this course, my blog writing skills were getting better because in the next course I have a story to tell. In Business Storytelling and Brand Development I was able to create a personal brand strategy a brand story using Keynote, a market research paper analyzing market trends within the competitive business environment. This course allowed me to bring my business plan to light. During this course I was able to build my brand portfolio and develop S.M.A.R.T. marketing goals to build my company’s brand. Now, building a brand and a presence, whether online or in your community takes money. How am I supposed know what type of funds I need and how to measure my company’s break-even analysis? That’s easy, by understanding how Entertainment Business Finance can make a positive impact on your company and keep it thriving. Reading Entrepreneurial Finance and Rich Dad, Poor Dad I was able to create, read, and analyzes financial statements. I wanted to know the behind the scenes calculations, the kind of information no one likes to talk about. It was getting real PERSONAL and I was ready for the challenge. OK! Let’s talk money because after all it does make the world go round right, especially since we’re in a crisis. YIKES! The break-even analysis, pro forma financial statements, and personal finance projects helped us to put finances into perspective, recognizing that they are indeed a vital part of building your company. Now when it comes to negotiating and making deals in the entertainment industry that can be risky, yet rewarding. Negotiation and Deal Making is a course where I created financials for a product line and conducted a case study on Alex Rodriguez contract negotiation. Each week we completed negotiation worksheets, in which we had to collaborate with a classmate on 5 core concerns that play a role in negotiations. I enjoyed this course because it gave me a small taste of what to expect when it comes to negotiations. I do feel comfortable enough to conduct negotiations focusing on mutual benefit as well as facilitating them. In order to facilitate anything, one needs to know how to effectively manage the situation. I proved this to be successful in Product and Artist Management where I produced a live event tour for Rihanna and a product development pitch for a natural hair care line. Each discussion was geared toward taking creative inventory on both a product and artist. Throughout the course, it allowed not only our creative side, but also our business side. Evaluating the four P’s of marketing, product, price, place, and promotion pushed me to develop a vision that was more advanced than where I was. Advanced Entertainment Law is what I thought wanted to explore as a career until I looked past all of the glamour and added zeros to one’s salary. I was not prepared for the “legal” issues that followed. From property risks to trademark concerns to contract issues, this course definitely was an eye opener. I learned how to assess and complete registration forms for a business that would like to copyright a work and trademark an item. I then wrote a paper on liability research in which I focused on Trade Secrets. Overall the course was very enlightening and informative because when it comes to entertainment law, some automatically think of a celebrity entertainment lawyer. But little do they know it’s much more background work involved. As some know I am in the process of finishing a long overdue book. With Entertainment Media Publishing and Distribution I was able to sample a taste of what the process entails. Writing a query letter and a book proposal prepared me to know what publishers look for and how to effectively market your work using online and offline mediums. This course showed me how to develop a business strategy to self-publish and distribute my own merchandise if I choose to. The collaboration assignment allowed me and my classmates to share information on different sectors of the entertainment industry. Again, teamwork is an important part of any program. It is not good to keep all of the information to yourself. At least I don’t think so. Another intricate part of the program would have to Digital Marketing because there is so much you can to digitally market your business or company. During each week, we were asked to do a discussion on a certain aspect of digital marketing just as we were to do in the previous courses. Creating a marketing proposal and digital media plan were the most exiting part of this course because it brought all of the information we had reviewed together. In my marketing proposal/plan I used Search Engine Optimization (SEO), Digital Public Relations, Social Media and Viral Marketing, and Email Marketing. For the type of business I am undertaking these 4 channels would benefit the most and eventually expanding to other channels. The two blogs birthed from this course evaluate relationships between digital marketing strategies and the entertainment industry. Using sites such as Quantcast.com and Alexa.com we were able to measure the amount of traffic our site, in this case, our blog received.


Using information from the 10 previous courses, I was able to start the groundwork for my company/business. In Business Plan Development we were finally able to show the industry or in this case, our professor just how much knowledge we have gained and retained by putting the pieces of the business plan together. Each week there was a new section of the business plan to be constructed. I was kind of relieved because I was free from the discussion posts, or at least I thought I was. The company description, target market analysis, financials, operations and management were to be written each week. These projects were to be a reflection of the actual business plan used to present to potential investors. It gave us a virtual hands on approach to what to come in our last and final course, Final Project: Business Plan. So, it all came down to this huh? This is where I see all of my hard work and effort is put into full force. Oh, did I mention that the discussion posts are back? Yikes! Ok, I’m kidding because I actually enjoyed all of the discussion posts. It was a way of interacting with my classmates and professors. Sharing ideas and thoughts, of course in a professional manner will take me a long way. My professors were briefly introduced to what Hear Me Sing, Inc. is all about in my Elevator Pitch assignment. A one-minute presentation explaining what my company is all about, what are the opportunities are, how will I solve it? and why should an investor take the time to listen and eventually provide the funds to my company. Up next…the Written Business Plan, but not before I write an Executive Summary, included a Title Page, Table of Content, and completing my Financials. Now my Business Plan was complete. Professors Bill Thompson and Michael Taylor guided us through the entire process. Thanks Professors. But it was not complete until the fat lady; excuse me, until I presented it. That was a breeze. The presentation was to include all components completed in the written portion and briefly describe each section as if I were in front of investors. Each week began with an introduction of the course, and a Wimba session as in all the other courses. This one was different though, simply because there was a sense of accomplishment and I recognized that this was the end of the program and the beginning of a new chapter for me. So I am reflecting over the past year and I can do nothing but be thankful that I reached another milestone. Congratulations to the Class of 2011!

16 July, 2011

Show Me the Money

When it comes to lending, investing, granting, and donating money people want to know:
• Why should they give you the money?
• How realistic are the financials?
• When will they get their money back?

I would not necessarily say that I am in the market for “investors” per say, but I do welcome grants, donations, and sponsors. One of the main reasons I would not pitch to investors is because my company is non-profit organization. We are seeking funds with hopes of being able to foster and nurture the gifts and musical talents of underprivileged youth. Most investors or venture capitalists are looking for how will a company they give money to make that money back and sustain the growth of their company.

While searching through for potential financial sources provided by my course director, CDVC and CDFI funds struck a nerve. Both companies are geared toward community development and offer tons of helpful information in obtaining the proper financials. CDVC Funds, which stands for Community Development Venture Capital Alliance makes investment equity in businesses in economically distressed areas. They look for companies with strong management, good ideas, impressive growth potential, and promise of high financial terms. Each fund listed has its own investment criteria and process for submitting business plans. They also offer training programs, consulting services, and research development. The other company is CDFI, Coalition of Community Development Finance Institutions. I think I am starting to see a pattern here! What can I say? I love companies that find ways to assist communities in need.

Similar to CDVC, CDFI is comprised of private-sector organizations that attract capital form private and public sectors. There organizations range from religious institutions to banks. There are six types of CDFI’s with different purposes. For instance, the fund that would probably benefit my non-profit would be Community Development Loan Fund. This particular fund is given to non-profit, housing, and business developers in urban and rural lower-income communities. Both companies can greatly benefit both start-ups and larger capital investments. It is up to me to research to find out which one and what type of funding would benefit my company. One of the biggest advantages that I found helpful was that both sites provided a plethora of information on different types of funding and other resources. One piece of advice to the rising entrepreneur would be to make sure that your financials are realistic and that your numbers match what you mention in your business plan. For more information on these two companies, you can visit:
http://cdfi.org/index.php and http://www.cdvca.org/.

26 June, 2011

The Value of a Business Plan

This entire program is designed to propel us into becoming, if not already, entrepreneurs. From the beginning with Research Methodologies to now, putting together our final business plan it has provided with tools for success, negotiation, managing a product and artist, and knowing how to effectively generate and manage finances.

You may be asking, why is a business plan so important? Why do I have to create one? Why does it matter? It does not matter the industry, but in order to reach your long-term goals, a business plan is the way to show investors, banks, etc how you plan to execute, why, where, and what. It is the glue that holds the success of the business together. According to Nic Brisbourne, “writing a business plan typically helps to clarify and enhance thoughts and plans about the business.” There are many things that I want to include in my plan, but I have to be really careful when it comes to non-profits. Unlike for profit companies, who petition investors or venture capitalists for finances, non-profits have to go through a series of trial and error when it comes to finances. I intend to focus mainly on my Executive Summary, strengthening it to reflect who I am and why I want to do what I plan to do. The financials are another important focal area. I plan to map out every detail possible to show what we will need to start-up, maintain, and keep the organization thriving.

In our textbook, The Successful Business Plan: Secrets and Strategies it provides us with a roadmap to creating a successful business plan. “Creating a business plan as a response to an external request makes the process seem like a burden instead of an opportunity” (Abrams, p. 1). You may still be asking what can a business plan do for you? Well write one with the proper components and see. Paul Heyworth makes an excellent point; he says, “A plan will help you to put your ambitions for the business down on paper so that you can have a clear vision. Then you can monitor your progress.”
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.

Brisbourne, Nic. (September 17, 2010). Understanding how a business plan is read. Retrieved on June 12, 2011 from http://www.theequitykicker.com/2010/09/17/understanding-how-a-business-plan-is-read/

Heyworth, Paul. (n.d.). Expert view: Do I need a business plan? Retrieved on June 26, 2011 from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212

05 June, 2011

Through the lens of an 'Expert'

What makes an expert and expert? Is it because they are more knowledgeable in their field of choice? Or is it because they have taken the necessary steps to master their field of choice? The two individuals I will discuss are Dave Lavinsky, President and co-founder of Growthink, the largest strategic advisory and investment banking firm and Peter Shankman, founder of HARO.com (Help a Reporter Out).

Since 1999 Growthink has completed more than 2,000 engagements for companies in the technology and energy, consumer and retail, entertainment, financial services, and healthcare industries. Lavisnksy received his MBA from Anderson School of Management at UCLA and his BA from the University of Virginia. Lavinksy, along with Jay Turo, co-founder of Growthink devised a list of components that will make any business plan stand out and get investors to actually read it through. It must have an Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, and Financial Plan (Growthink.com). Of these components, the Executive Summary is the most important. “The Executive Summary alone persuades a reader to spend the time to find out about your product, market, and techniques” (Abrams, p. 47).

On the other hand, Peter Shankman is best known for founding (Help a Reporter Out) HARO which in under a year became the de-facto standard for thousands of journalists looking for sources on deadline, offering them more than 200,000 sources around the world looking to be quoted in the media (Shankman.com). Shankman, a Boston University graduate is also the founder of The Geek Boutique, Inc., a boutique Social Media, Marketing, and PR firm in New York City. In Shankman’s high-resolution life of an expert he feels that a business plan is not necessary. Instead he says:

• Don’t launch into your business plan right away, or in fact, at all, the first time we meet
• Don’t go deep
• Don’t be a close talker
• Lastly…
o Practice.Smile.Believe in whatever you’re saying.Again-Smile.

Though these two individuals are experts at what they do in their perspective fields, they see the world of business plans different. Both are successful and have generated revenue totaling billions, I mean hey, Peter Shankman sold HARO.com for $5.7 billion dollars, built lasting relationships with thousands of companies, and still continue to build on their ‘plan.’
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Abrams, Rhonda. (2010). The Successful Business Plan: Secrets & Strategies. Palo Alto, CA: The Planning Shop.

Kennedy, Peter. (n.d.). How to Write a Business Plan for Venture Capital. Retrieved June 3, 2011 from http://www.growthink.com/content/how-write-business-plan-raising-venture-capital

Shankman, Peter. (November 15, 2010). What is the first thing you say to me?. Retrieved on June 4, 2011 from http://shankman.com/whats-the-first-thing-you-say-to-me/

22 May, 2011

Is Apple Too Anti-Social for Media

When it comes to social media, the keyword is: SIMPLICITY. No one wants to spend an entire day’s work searching for your company or its products, let alone your Twitter and Facebook pages. Have you ever heard the saying, “less is better”? Well, in this case “simple is better”. When Apple launched its first Macintosh in 1984, Steve Jobs, Steve Wozniak, and Ronald Wayne had no idea that the company would gross $8.16 billion dollars a year in revenue. You may be wondering how in the world can one company dominate the world of computers and technology. With the launch of iTunes in 2001, it has allowed the world of music and video to be seen in a whole new light.

iTunes is a digital media player application that is used to play and organize digital music and video files. It is also an interface to manage the contents on Apple’s iPhone, iPad, and iPod. With its 14,669,119 fans on Facebook, over 900,000 followers on twitter, and its blog that is updated 2-3 times a month, keeping consumers engaged in every effort to improve their product and deliver more content.

In its effort to market, Apple really doesn’t need to because it has already established credibility with its clients and consumers. There are an estimated 5o million iPhone users in the world, so you can imagine how many have downloaded and are actively using the iTunes application. Apple makes every effort to integrate social media not only in their marketing efforts, but in their sale projections as well. If you were to visit the Facebook it has at least 2-3 posts daily with music, TV, and movie updates and release information. Needless to say iTunes has done a phenomenal job with its marketing efforts. It not only gives updates about music releases (which is what I normally pay attention to), but also short reviews about the artist or project up for release. For more information on the when, where, and how visit http://www.apple.com/itunes/ping/. As Apple continues to create new and innovative products and applications, I hope we all can keep up.