Part 2: What do the Experts Say?

Both experts I chose to follow offer great advice. I will start with Russell Simmons, the key thing that Mr. Simmons said was, “Stay on your hustle,” “Don’t quit.” It is important to stay strong through out the business journey; it is tough road with a lot of closed doors. I have learned that working hard and continuing to do what I believe in will pay off. I recently got an internship position with Terrence Huggins, T-Pain’s Manager. Getting this internship will help me start working toward my Opportunities part of my SWOT Analysis. I am new to the Music Industry with limited resources to successful in building my Talent/Artist Management Company.

The second Expert is Reid Hoffman, the founder and creator of LinkedIn. LinkedIn is the largest professional network. Through LinkedIn you can, “build your professional identity online and stay in touch with colleagues and classmates, as well as discover professional opportunities, business deals, and new ventures.”

Mr. Hoffman says, "Even if a business has both a large audience and the right product, without cash flow, everything will end in failure. The business plan must make allotments for not only the initial funding but also ongoing stable funding. By having available capital, a business can continue to operate and grow no matter what unforeseen changes may take place.” Ried Hoffman’s advice leads me to the most important parts of the business plan.

The most important part of the business plan for the investors to notice is growth. It is crucial to be able to prove that there will be a breakeven within the third year. One of the main reasons most smallbusiness fail within the first three years is due to not properly budgeting and taking into an account hiccups along the way. I also believe the investors should read the business plan very carefully and take into consideration the amount of drive each individual shows through the plan. With a right amount of passion, drive, proper education and financial backing I believe anyone is capable of being a successful businessperson.

What do the Experts say?

As I approach the end of my Master’s Degree in Entertainment Business, I feel it is important to hear what the experts are saying about having a successful business plan. Whether it is a small or large business everyone started with an idea. It is imperative to do what works best for you and your plan. Not every business started out with a formal business plan, there are other ways at achieving the same end result. It is important to have everything aligned in order to productively move for with your business plan.

Expert 1: Russell Simmons                        

Russell Simmons is a business mogul, activist and best-selling author, his message for small business owners; is getting rich is a lot easier than people think. Although not all business owners are in it to get rich, it is important to know that anything is possible with the right frame of mind.

In Russell Simmons book “Super-Rich: A Guide to having It All,” Simmons says that a positive attitude, passion and openness to wealth—both spiritual and material—are some of the qualities needed for entrepreneurial success.

Russell Simmons offered the following advice for all entrepreneurs: young, old, big and small.

• Do a business you believe in: “I’m an entrepreneur who is moved by passion, but not numbers. I am constantly being approached with business ideas that will make money, but if I don’t believe in the business, I won’t do it,” said Simmons
• Be passionate about what you do.
• “Stay on your hustle,” said Simmons. “Don’t quit.”
•  Give away your business products and services for free. “If you are a good giver, you will be great getter,” Simmons said. “The less you need, the more you attract.”
• Find business that lift people up.
• Don’t worry about the results. Focusing on results distracts the entrepreneur, from building his or her business, said Simmons.
• “Quiet the mind,” said Simmons. The entrepreneur who has a still mind is the entrepreneur who can do anything, he said.

http://money.cnn.com/2011/04/26/smallbusiness/russell_simmons_small_business/

Expert 2: Reid Hoffman 

Reid Hoffman is the co-founder of Linkedin and, according to TechCrunch, “undoubtedly one of [Silcon] Valley’s most profiled angel investors.” Reid wrote an article for TechCrunch giving advice to those developing a business plan. He has three key components he looks for when determining if a plan is worthy for his investing. 

How will you reach a massive audience?

        Reid writes, “In the old days of business, everything was about “location.” In the new days of Internet business, it is all about “distribution.” How will your business stand out from all the rest on the Internet? Reid says, “Every Net entrepreneur should answer these questions: How do we get to one million users? Then how do we get to 10 million users? Then how will you get deep engagement by your users [?]”

        What is you unique value proposition?

“When building a business product for the Internet, make your product innovative enough to distinguish your product from all the others out there. Don’t make your product too innovative, however. If the product is too far ahead of its time, it won’t be accepted by the general populace and it will risk failure."

Will you business be capital efficient?

        “Even if a business has both a large audience and the right product, without cash f low, everything will end in failure. The business plan must make allotments for not only the initial funding but ongoing stable funding. By having available capital, a business can continue to operate and grow no matter what unforeseen changes may take place.”

           




 http://www.360digitalartist.com/business-plans-experts/#ixzz2jSKOJksl

Digital Marketing in the Music Industry

One of the first things I think of when I hear the reference “Digital Marketing” is social media. Social Media is one of the best ways an artist can gain fans. It is important to stay up to date the evolution of the digital world. Artist need to have a Facebook, Twitter, videos on YouTube and Blogs to stay connected to the fans. When posting to these social media channels, pay attention to what the fans are asking for. Be sure to engage in conversations, this keeps fans interested in what the artist is working on, where their next gig is and where to find the best deals on concert tickets and etc. 

There are many platforms for up and coming artist to use if on a budget. Not only are the social media sites free, there are ways for Artist to get funds to help with different projects. Crowdfunding is “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”

"Musicians, filmmakers, and artists have successfully raised funds and fostered awareness through crowdfunding." https://www.google.com/#q=what+is+crowdfunding

I personally know a musician, Stesha Cano who recently through Kickstarter was able put out her sophomore album.

Amanda Palmer a more famous success story of how Crowdfunding helped raise the money she needed to start her music career. Amanda Palmer touched so many people on her journey to become a musician. She would keep fans engaged through her Twitter page and other various strategies. See her video below.

Chris Windley, at 9 Figure Mentor explains “Digital Marketing and the Music Industry” in his YouTube video. He describes that the Artist not only needs to be involved in keeping fans connected, but also needs to use analytics to see which platform is the best for each Artist. Through analytics an Artist can see the demographics of people visiting their sites, this will help the Artist decide which platform is the one to build off of.

The digital world is constantly changing and it is up to the Artist to keep up with the changes. The fans will be loyal as long as the Artist is putting in the work. 

J.Cole

I recently went to the J.Cole and Wale concert here in Jacksonville, Florida for J.Cole’s What Dreams May Come Tour. I have been listening to J.Cole since his second mix-tape, The Warm Up, released in 2009. One of my favorite songs on that album is Lights Please. J.Cole dropped his first mix-tape in 2007 and shortly after he signed to Roc Nation. J.Cole stood outside of Jay Z’s office for 3 hours waiting to give him his mix-tape personally. At first glance Jay Z shrugged J.Cole off. Later on Jay Z contacted him and the rest is history.

Who is J.Cole?

J.Cole is short for Jermaine Lamar Cole. J.Cole was born in Germany and moved to the North Carolina when he was 8 months old. His father was in the United States Army and eventually left J.Cole’s mother whom along with his aunt was raised J.Cole. At the age of 12 he began to start rapping and took it seriously at the age of 15. His mother bought him his first beat machine right around this time. His first stage name was “Therapist” not only did he rap he also produced and made the beats. After graduating high school in 2003, J.Cole knew in order to get in the music industry he would have to move to New York City. He attended St. John’s University on an academic scholarship and graduated with a major in communication.

Not only is he talented he graduated magnum cum laude.

There are many musicians out there have been fortunate enough to know someone in order to get into the industry. I enjoy J.Cole’s story for the simple fact that he never gave up on his dream and still kept his education first. The entertainment industry can eat you up and spit you out. I do believe those that have an education outside of being a star can handle themselves better and are taking more seriously. J.Cole is an inspiration for the younger generation. Follow your dreams and if someone shrugs you off, do not let it get you down. It will be a matter of time before all your hard work pays off.

http://www.jcolemusic.com/us/bio