Music Industry Trends

Over the past five years, the industry has been effected by, and been forced to adapt to changes in todays society. The industry has gone through many changes from early television, broadcast radio, compact discs, and the most recent being mp3 (MPEG-1 or MPEG-2 Audio Layer 3) players. One of the biggest trend changes in society that has impacted the industry has been the use of the Internet by consumers. The Internet has had an impacting change on the way society communicates through a wide variety of social media networks. Social media has affected the music industry, its artists, and fans all over the world.

There are a social media networks such as YouTube, Facebook, and MySpace, which took society by storm when they first were created. It was not known nor expected that these sites would affect the industry like it did. These sites are now the breeding grounds for artists to promote new material and interact with their fans across the world. This has opened doors for anyone who has dreams of being in the industry because now, they can own their own mini studios and record music themselves. In 2009, more than 50 percent of the Grammy awards went to independent artists (Hopkins, 2009).

Being a recent college graduate receiving my Masters Degree in Entertainment Business, I will be well prepared to take on the industry with confidence, poise, and ambition. South Carolina State University and Full Sail University have both given me the education background and experience that i will need to be successful. I will always remember the lessons learned and the experiences that I went through. This year, I will be launching my company Big BAX Productions, LLC and will be looking to establish myself in the entertainment industry.

Hopkins, D. (2009). Why artists need social media. Still Indie,

Retrieved January 28, 2012 from http://www.stillindie.com/2009/06/artists need-social-media.html

Are you in need of Funding for your Business???

For this week’s post, I have researched a few websites that are available for people to obtain financial funding. As an entrepreneur looking to launch my business in the next couple of months, I will be searching for investors to assist in the funding for the start up of Big Bax Productions, LLC.

  The first site I visited was http://www.microenterpriseworks.org/ and I found some very useful information. This site is run by AEO (Association for Enterprise Opportunity).  AEO is an organization that supports entrepreneurs in starting and maintaining their business. One thing I liked about this site is that it gives its members an opportunity for secure a mentor that will assist them in starting their business the right way. Personally, I think that is a great feature to ensure that people know exactly what they are getting into and become aware of the steps they need to take to progress in their industry.  To become a member is very easy,  all you need to do is specify your type of organization and complete your standard information where it asks you. Great website in my opinion for entrepreneurs.

The second site I visited was http://www.cdvca.org/. The CDVCA (Community Development Venture Capital Alliance) is network for people in the field of community venture capital investing (CDVC).  They specialize in funding companies that are in underinvested markets and companies in search of market-rate financial returns.  Each CDVC fund has its own unique criteria and process one must undergo to receive funding. They do allow you to submit business plans online. This site is a good site for low-income entrepreneurs to receive financial assistance to make their business idea come to life.  One thing I noticed about CDVC funding that I did not know before was that they really look for companies that will benefit the community as far creating jobs.

Be sure to check out these sites if you are looking for funding for your business!!!

Business Plans

I have learned a tremendous amount in regards to creating a good business plan while conducting research on Susan Ward and Paul Heyworth. While currently writing my own business plan, I have taken these things and applied them to my plan.

Susan Ward said that your business plan should be written with an investor in mind. This means that I should make sure my business plan is promising to people that may possibly put money behind my company. With that in mind, I made my plan progress through the years showing promising numbers in revenue. My company has high goals and we will strive to achieve every one of them. I believe that I am on the right track to successfully securing investors for my company.

There are a few sections that I think are key for the investor to read. Starting off, the Executive Summary and the Company Description are the first two sections an investor will read when looking at your business plan. They both should be very detailed and descriptive.

The Competitive Analysis is another section that is key for an investor to read. This section A listing of the top competitors along with a description of each, as well as an explanation of how your business will create competitive advantage above these adversaries. If you have creative ways to surpass the completion in your market, then that information should be in this section.

http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan

http://www.growthink.com/businessplan/help-center/business-plan-outline-key-sections-business-plan

“Experts Views on the Value of Business Plans”

There are many things to think about when creating your business plan. It is the layout of how your business will operate and should be used to attract investors.

Susan Ward

Susan Ward writes for www.about.com and has earned both her bachelor and masters degrees in education. Since the last 1990’s, Ward has been writing about business and the importance of business plans. Her work has been published numerous times.

One of the things she encourages entrepreneurs to think about when writing a business plan is that it should be prepared with an investor in mind. As the years pass and your business grows, so should the business plan. By writing out a business plan, one will find that they have saved time and money by doing so. One will be able to see what changes need to be made to their company after writing out the blue print to their company.

According to Susan, if capital is needed for the startup of your business, the plan is the only thing accepted and considered by financial institutions. Investors also look for a business plan when considering new ventures. They want to be comfortable knowing that investing in your company will be the best decision, it is their money they are putting behind your company.

Paul Heyworth

Paul Heyworth is the Director of Business Development at Orvia Group Limited. Mr. Heyworth states, “It is true that a business plan is a written proposal often used when raising finance for a business, but it also serves other vital functions.” He believes that a good business pln will set goals and milestones for your company.

“If you do not set targets, how do you measure what you have achieved?” - Paul Heyworth

Investors look for the following:

·      A management team with a proven track record

·      A defensible product with a competitive advantage

·      Reasonable Valuation

·      A clear statement of the investment offering

References:

Berry, T. (2005, September 12). What investors look for in a plan. Retrieved from http://www.entrepreneur.com/article/79834 

Heyworth, P. (2011, November 29). Expert view: Do i need a business plan. Lancashire Business View, (41), 1. Retrieved from http://www.lancashirebusinessview.co.uk/news-details.htm?news_id=212

James, N. (2011, September 29). Experts views on the value of business plans. Retrieved from http://nayjames.com/2011/09/experts-views-on-the-value-of-business-plans/

BIG BAX PRODUCTIONS, LLC

!!!!! Are you looking for a new sound, a hit single??? Contact me at bigbaxproductions@gmail.com !!!!!

Also Follow me on Twitter!!!

Digital Marketing

 Digital Marketing is the promotion of brands and products by using all forms of digital media to connect with consumers.   There are many forms of digital media that companies utilize such as the Internet, Radio, Television, and many more different avenues.

As the world advances in technology, many companies are making an effort to become more efficient at Digital marketing and marketing via social media sites. Social media has become the gateway for companies to connect directly to their consumers.  

Every time I log onto my computer and get onto the Internet, I see advertisements all over the place. From the ads on Facebook and Twitter, to the RSS feeds that I have subscribed to, I come across a lot of different companies trying to reach out to the consumer market. As a consumer, I find it very beneficial that companies are now utilizing the Internet more to connect with consumers. A lot of times, people may not be able to go to a store to see what is on sale, or what special deals are being offered. Now you can subscribe to certain companies email lists and RSS feeds, which are constantly updated if used right.

“Open conversations generate loyalty, sales and most of all, learning… for both sides”. Seth Godin

In his bestselling book Seth Godin coined the phrase Permission Marketing, indicating a shift in control to the consumer. Marketers must earn the right to communicate to customers. This is done over time, bit by bit, by drip-feeding valuable communications to customers in return for their most valuable asset - their time (Millar, 2010).

The next time you log onto your email, social media site, etc… Take a few minutes to see how companies are attempting to reach out to you in the form of digital marketing.

Also, here is a Video that goes further in depth into Digital Marketing.

Reference:

Millar, M. (2010, December 12). What is digital marketing? not just another channel to market [Web log message]. Retrieved from http://www.inpharm.com/digital-pharma-guide-2010/digital-marketing-not-just-another-channel-market

Steve Jobs: How to live before you die

 

Steve Jobs is the co-founder and chief executive officer of Apple Inc., which is one of the most successful companies of our time. He has also served as chief executive of Pixar Animation Studios  and he became a member of the board of directors of The Walt Disney Company in 2006. Mr. Jobs gives a speech during a Stanford University graduation in 2005. I found the speech he delivered to be very motivating as he talked about having hope for the future. Mr. Jobs talks about how he made his own path after dropping out of college, not giving up hope, but having faith that his future will benefit from his decisions.

“You cant connect the dots looking forward, you can only connect them looking backwards.”

This quote from his speech really connected with me. It gives me hope to follow my dreams and follow where my heart takes me. When you follow your dreams, you are not always going to have a smooth sailing ride. There will be trials and tribulations that one will encounter; however, one must believe in themselves and what they are doing will benefit you in the future.

Steve Jobs also talks Love and Loss as he tells his story about being fired from Apple, the company he helped start. Being terminated from something you are passionate about has to be very depressing. Mr. jobs tells his audience about how he overcame that moment in his life because he still loved what he did. He didn’t let “getting fired” stop him from doing what he loved. During this period of his life, he began to brainstorm. Over the next five years he started companies that were called Next and Pixar, both companies are very successful.

He encourages his audience to “Love what you do”… “Keep looking, don’t settle”…

Lastly, he encourages the graduates to live their life and their life only. Death is something that everyone has in common; it’s a part of life. Steve Jobs tells his story of his near death experience battling cancer. The message I received from this story was to basically “Live today like it’s my Last”.

Steven Jobs has encouraged me to follow my dreams no matter what anyone else says or thinks. I have to live MY life and MY life only! I hope you will feel inspired the same way as I by watching the video of his speech below.

Video LINK:

http://www.ted.com/talks/steve_jobs_how_to_live_before_you_die.html