Freelance Musician The Entrepreneur Chris Bakerwww.musicstudentinfo.com
Definition of Entrepreneur“The entrepreneur, by definition, shiftsresources from areas of low productivity andyield to areas of higher productivity and yield.Of course, there is a risk the entrepreneur maynot succeed”
Entrepreneurship Vs ManagementEntrepreneurship – Creating something new – New product, new method of production, new markets, new source of raw material – Challenges the ‘norm’Management – Protects – Stewardship of existing resources
Why become an Entrepreneur?• Personal situation• Resources• Entrepreneurial skills• Success stories• Desire for independence• Opportunity to exploit a gap• Frustration
Psychological Characteristics• Need for achievement• Locus of Control 1. Internal 2. External• Risk-taking Prosperity• Tolerance for ambiguity• Type A Behaviour 1. Impatient, time urgency, driving ambition, competitiveness• Need for Independence
What is the Role of the Entrepreneur?• Opportunity recognition• Market uncertainties – Dealing with the future• Risk taking – Businesses, financial and personal• Resource gathering• Profits/Reward
Profile of Entrepreneur• Self belief• Passion and vision• Risk taking• Persistence• Hard work• Commitment to people
Motives for Start-ups• Desire for independence• Opportunity to exploit a gap in the market• Frustration• Solution Orientation• Money• Safety Orientation• Change in their life – Move, redundant, etc.
Reasons for Entrepreneurial Success• Hard work and long hours• Dedication, drive, enthusiasm and belief in the idea• Unsatisfied market demand• Managerial competence• Luck• Strong control systems• Sufficient capital
Hurdles in starting up a a business• Lack of the right business idea• Complicated regulatory efforts• Own financial risk• Lack of courage• Lack of right founding partner• Lack of equity• Lack of debt capital• Know-how-deficit
Hurdles in starting up a a business• Lack of contact clients/customers• Economic cycle• Business environment• Fear of failure• Support by family and friends• Lack of time• Lack of entrepreneurial skills
Some Music Entrepreneurs•Madonna•Jay Z•Dr Dre•David Bowie•Victoria Beckham•P Diddy•Richard Branson•Beyonce
Have you the ‘fire in your belly’? – Not indigestion but – a vision; a concept; a belief; in your future?Have you the guts to take the rough with the smooth? – Sure rough times – but accept it and move on. If you are entrepreneur – work is fun!! Have some fun……………….