More Related Content Similar to Music Business Entrepreneurship Similar to Music Business Entrepreneurship (20) Music Business Entrepreneurship3. 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
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
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
Editor's Notes 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.