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Leena Sowambur - Music Business Entrepreneurship (Darker Music Talks July '13)
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Leena Sowambur - Music Business Entrepreneurship (Darker Music Talks July '13)

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Video: http://www.tommydarker.com/music-talks/archive/leena-sowambur-music-business-entrepreneurship/

Video: http://www.tommydarker.com/music-talks/archive/leena-sowambur-music-business-entrepreneurship/

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  • Personal benefits ProsCons• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.• Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience.• Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense.
  • Personal benefits ProsCons• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.• Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience.• Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense.
  • Personal benefits ProsCons• Salary: Starting your own business means that you must be willing to give up the security of a regular paycheck.• Benefits: There will undoubtedly be fewer benefits, especially when considering that your business will be just starting off.• Work schedule: The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second and late hours will have to be put in.• Administration: All the decisions of the business must be made on your own; there is no one ranked higher than you on the chain of command in YOUR business.• Incompetent staff: Often times, you will find yourself working with an employee who "doesn't know the ropes" as well as you do due to lack of experience.• Procedures: Many times during your entrepreneurial life, you will find that many policies do not make sense, nor will they ever make sense.
  • Transcript

    • 1. 1 Music BUSINESS Entrepreneurship Presentedby Leena Sowambur © Leena Sowambur and Positively Music. All Rights reserved 2013
    • 2. 2 #darkermusictalks @positivelymusic @darkermusictalks @leenasowambur @tommydarker Hashtag! Tweet It! Facebook It! © Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship
    • 3. 3 Contents • Purpose • Your Tasks • About Me • Definitions • The Bigger Picture • Music Business Application and Trends • How To Be A Music Industry Entrepreneur • Case Study • Summary • Homework © Leena Sowambur and Positively Music. All Rights reserved 2013
    • 4. 4 Purpose • To clarify the concept for you. • To equip you with some theory for bigger picture thinking. • To stimulate your thinking. • To help you work out what it means to you. • To give to some take away actions points to get started. • To re-charge your entrepreneurial spirit. © Leena Sowambur and Positively Music. All Rights reserved 2013
    • 5. 5 1. Write down any insights, ideas and action points during this session. 2. Make sure you schedule (date and time) , review and act on your points! 3. You will be given mini exercises during the session. 4. You will be given “homework” please tweet and Facebook to us your progress over the next fortnight using the tags provided. Music Business Entrepreneurship Your Tasks For This Discussion © Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship
    • 6. 6 Why is this the best time in history to be in the music business? Music Business Entrepreneurship Question For Your Consideration © Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship#darkermusictalks
    • 7. 7 • Started out when I was just 4 years old! • Chose Education Pathway – primary and secondary school and university. • Now I have over professional 12 years in the music business, starting off in digital and progressing through to entrepreneurship. • Worked for Sony, and with Warner, EMI and Universal. I directed numerous international, European and national digital marketing and PR campaigns for superstar artists from Beyoncé to Take That. • “Positively Music,” dedicated to entrepreneurship and digital business training to the music industry. A Bit About Me Hi, I’m Leena! © Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks
    • 8. 8© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneur Exercise #1 - Your Thoughts? #darkermusictalks What is an Entrepreneur?
    • 9. 9© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneur What is it? (Entrepreneur) someone who organizes a business venture and assumes the risk for it. (Source. Princeton.edu) #darkermusictalks
    • 10. 10© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneurship What is it? Entrepreneurship is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen, in an effort to transform innovations into economic goods. (Source. Wikipedia.) #darkermusictalks
    • 11. 11© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneurship What is it? #darkermusictalks (Source. Anon.)
    • 12. 12© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneurship Key Words #darkermusictalks KEY WORDS FINANCE BUSINESS RISK INNOVATION Music BUSINESS Entrepreneurship
    • 13. 13© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneurship Exercise #2 – Your Thoughts? #darkermusictalks FINANCE
    • 14. 14© Leena Sowambur and Positively Music. All Rights reserved 2013 Definitions - Entrepreneurship Help Is At Hand! #darkermusictalks KEY WORDS FINANCE BUSINESS RISK INNOVATION More Later
    • 15. 15© Leena Sowambur and Positively Music. All Rights reserved 2013 The Bigger Picture Music BUSINESS Entrepreneurship Importance – General Landscape • Important for economic growth, productivity, innovation and employment. • Entrepreneurship is the solution to faster global PESTAL change and challenges. • High income and high human development countries have made entrepreneurship a priority due to the recent Depression. #darkermusictalks
    • 16. 16© Leena Sowambur and Positively Music. All Rights reserved 2013 The Bigger Picture Music BUSINESS Entrepreneurship • In every previous downturn, new SMEs have pulled the economy out of recession. • Job creation is typically located in small businesses and new businesses rather than in bigger companies. • Innovation typically comes from newer, smaller, more agile businesses with access to little to no cost infrastructure. #darkermusictalks Importance – General Landscape
    • 17. 17© Leena Sowambur and Positively Music. All Rights reserved 2013 • Creating jobs. • Promoting regional balance e.g. setting up businesses in regeneration areas. • Reducing the concentration of economic power. • Stimulates equitable distribution and creation of wealth. • Improving the standard of living - providing new products at a lower cost – e.g. the internet. • Enabling export trade with other countries. #darkermusictalks Importance – General Landscape The Bigger Picture
    • 18. 18© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks To Sum up (Source. Sir Richard Branson. The Telegraph 2011- http://bit.ly/eZkrLl) “Building a dynamic entrepreneurial culture is one of the key characteristics of a healthy economy. A society which encourages new business and recognises the importance of start- ups and small firms will be successful on the global stage. Firing up a new generation of entrepreneurs will be a crucial part of our recovery and essential for creating sustainable growth in Britain over the next decade and beyond.” The Bigger Picture
    • 19. 19© Leena Sowambur and Positively Music. All Rights reserved 2013 The Bigger Picture Music BUSINESS Entrepreneurship Music Business #darkermusictalks
    • 20. 20© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Exercise #3 – Your Thoughts #darkermusictalks Where are we right now? Typical Industry Lifecycle reflecting music industry
    • 21. 21© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Industry Lifecycle #darkermusictalks Where are we right now? Typical Industry Lifecycle reflecting music industry Music Business Entrepreneurship OVERLAP
    • 22. 22© Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship The Current State Of The Music Industry • Music Industry has been in recession for over a decade. • Recording, publishers and touring whilst resilient are still challenged. • The Music Industry doesn’t make as much money as it used to. • Technology has changed the way fans consumer music and therefore the status quo. #darkermusictalks Music Business Entrepreneurship
    • 23. 23© Leena Sowambur and Positively Music. All Rights reserved 2013 The Current State Of The Music Industry #darkermusictalks • The music industry is down 64% from its peak in 1999. • The music industry is actually down 45% from where it was in 1973. • 10 years ago the average American spent almost 3 times as much on recorded music products as they do today. • 26 years ago they spent almost twice as much as they do today. (Source. Business Insider - http://read.bi/gSSbLi) Music Business Entrepreneurship
    • 24. 24© Leena Sowambur and Positively Music. All Rights reserved 2013 The Current State Of The Music Industry #darkermusictalks Music Business Entrepreneurship (Source. Business Insider - http://read.bi/gSSbLi)
    • 25. 25© Leena Sowambur and Positively Music. All Rights reserved 2013 The Current State Of The Music Industry #darkermusictalks (Worth $168 Billion – 2011) Music Business Entrepreneurship
    • 26. 26© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship TREND! The Current State Of The Music Industry
    • 27. 27© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Industry Historical Trends #darkermusictalks Music Business Entrepreneurship
    • 28. 28© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Music Industry Historical Trends
    • 29. 29© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Music Industry Historical Trends
    • 30. 30© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Music Industry Historical Trends
    • 31. 31© Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship Exercise #4 – Your Thoughts? The Music Industry is an example of Creative ___?___ #darkermusictalks Music Business Entrepreneurship
    • 32. 32© Leena Sowambur and Positively Music. All Rights reserved 2013 Exercise #4 – Your Thoughts? #darkermusictalks DESTRUCTION Music Business Entrepreneurship
    • 33. 33© Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship Joseph Schumpeter 101 #darkermusictalks • Joseph Schumpeter, an Australian economist in the 1930s. • Economic growth happens in waves. • These waves are extended periods of technological revolution. • These waves mean old industries e.g. cassette tapes are destroyed and replaced by new industries e.g. CDs • Economic activity increases = more jobs = more purchases = more demand = more jobs. Music Business Entrepreneurship
    • 34. 34© Leena Sowambur and Positively Music. All Rights reserved 2013 To Sum Up #darkermusictalks Music Business Entrepreneurship Entrepreneurship is a key driver of economic growth Where the opportunistic entrepreneur can engage in new tech to disrupt the status quo and get an edge on the major players. E.g. Sean Parker
    • 35. 35© Leena Sowambur and Positively Music. All Rights reserved 2013 • Creating employment in the music industry. • Promoting regional balance e.g. setting up music businesses in regeneration areas. • Reducing the concentration of economic power – so music industry power agencies have less control. • Stimulates equitable distribution and creation of wealth. • Improving the standard of living - providing new products at a lower cost – e.g. access to online music education. • Enabling export music business trade with other countries. #darkermusictalks To Sum Up Music Business Entrepreneurship
    • 36. 36© Leena Sowambur and Positively Music. All Rights reserved 2013 To Sum Up #darkermusictalks Music Business Entrepreneurship CALL FOR ENTREPRENEURS!
    • 37. 37© Leena Sowambur and Positively Music. All Rights reserved 2013 To Sum Up #darkermusictalks Music Business Entrepreneurship • Took a step in promoting entrepreneurship as a centrepiece of economic growth and stability around the world. • Helping entrepreneurs launch and grow startups that eradicate poverty, generate wealth and improve lives. • Foster entrepreneurship worldwide as a tool for development. • Education is the first step toward empowering the citizens of the world through entrepreneurship. (Source. Kauffman http://bit.ly/17SDuje 01/07/13)
    • 38. 38© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Getting Started #darkermusictalks Music BUSINESS Entrepreneurship
    • 39. 39© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Exercise #5 – Your Thoughts? Music Business Entrepreneurship Is It For You? 1. Can You Take Risks? 2. Can You Make Decisions On Your Own? 3. Can You Take Rejection? 4. Can You Negotiate And Persuade? 5. Can You Solve Problems Creatively? 6. Can You Ask For Help?
    • 40. 40© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Exercise #6 – Your Thoughts? Music Business Entrepreneurship What habits do you think you need to succeed as an entrepreneur in the music industry? Music BUSINESS Entrepreneurship
    • 41. 41© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 42. 42© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 43. 43© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 44. 44© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 45. 45© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 46. 46© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 47. 47© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 48. 48© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 49. 49© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 50. 50© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks 10 Habits For Success Music Business Entrepreneurship
    • 51. 51© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks When And Where? Music Business Entrepreneurship START NOW SO YOU ARE READY FOR RECOVERY
    • 52. 52© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks When And Where? Music Business Entrepreneurship
    • 53. 53© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Pre-empting Problems #darkermusictalks KEY WORDS FINANCE BUSINESS RISK INNOVATION Music BUSINESS Entrepreneurship
    • 54. 54© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Pre-empting Problems #darkermusictalks Music BUSINESS Entrepreneurship FINANCE BUSINESS
    • 55. 55© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Pre-empting Problems #darkermusictalks Music BUSINESS Entrepreneurship INNOVATION
    • 56. 56© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Pre-empting Problems #darkermusictalks Music BUSINESS Entrepreneurship RISK
    • 57. 57 • Get A Vision That Is Bigger Than You • Set S.M.A.R.T Goals • Business Plan – 3 years to 10 years • Get Learning • Get Help • Fail as fast as you can © Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Actions
    • 58. 58 http://vimeo.com/40068650 © Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Case Study – Jamal Edwards
    • 59. 59© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Case Study – Jamal Edwards • Started with a £200 camcorder filming his friends rapping on YouTube. • Started 8 years ago • YouTube was only a year old at the time (Timing is everything) • Acted alone for 3 years • Travelled all over London to get rap footage and interviews. • All times of day and night • All weather conditions.
    • 60. 60© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Case Study – Jamal Edwards • Estimated fortune of up to £8m, • He appeared in the Sunday Times young power and rich lists • Signed a deal with Sony RCA to run his own record label. • Verified Twitter A/C = 130K plus followers
    • 61. 61© Leena Sowambur and Positively Music. All Rights reserved 2013 #darkermusictalks Music Business Entrepreneurship Case Study – Jamal Edwards • Columns in RWD, The Observer, The Guardian, The Independent, Dazed & Confused, the Sunday Times Style magazine • Assistant production credits with the BBC, Tiger Aspect Productions • The Google Chrome Advert crashed the SB.TV website due to searches for “Jamal Edwards” • Quote “Have a niche, create a unique selling point. Be creative and chase your dreams, don’t stop. Don’t accept any knock backs.”
    • 62. 62© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Personal Benefits Exciting : High risk and lots of adventure Independence: Be Your Own Boss Flexible: Your time is your own Money: “You don't get paid for the hour. You get paid for the value you bring to the hour.” – Jim Rohn Exit: You can plan your way out and your next project #darkermusictalks
    • 63. 63© Leena Sowambur and Positively Music. All Rights reserved 2013 Music Business Entrepreneurship Personal Benefits Freedom! Work whenever you want, wherever you want, and however you want. #darkermusictalks
    • 64. 64 Why is this the best time in history to be in the music business? Music Business Entrepreneurship Question © Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship#darkermusictalks
    • 65. 65 Music Business Entrepreneurship Why is this the best time in history to be in the music business? © Leena Sowambur and Positively Music. All Rights reserved 2013 Music BUSINESS Entrepreneurship#darkermusictalks Answer:- Now YOU can be part of leading it and shaping it
    • 66. 66 Your Homework #darkermusictalks #darkermusictalks @positivelymusic @darkermusictalks @leenasowambur @tommydarker © Leena Sowambur and Positively Music. All Rights reserved 2013
    • 67. 67 THANK YOU! Where To Find Me www.positivelymusic.co.uk www.facebook.com/positivelymusic www.twitter.com/positivelymusic www.facebook.com/leena.sowambur leena@positivelymusic.co.uk © Leena Sowambur and Positively Music. All Rights reserved 2013

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