Investment Ideas and Resources for Entrepreneurs

            In the Final Project: Business Plan course, I had the opportunity to review various types of funding ideas and resources for entrepreneurs. The one great thing about building a company with a true sense of passion is the ability to spread those positive emotions to others. If the foundation of one’s organization is strong enough, the attention of potential investors can be captured leaving great opportunity to gain the necessary funding to help take a company to the next level. Not only that, but an experienced investor can also help guide the future of the company. The bottom line is that an investor who believes in your company will benefit from its success. The investor may also notice the great potential a small business has in creating jobs in a down economy. “Small businesses drive the U.S. economy and generate quality jobs in communities across the country” (Ofn.org, n.d.). Therefore, it is necessary to be prepared, which can be done with the assistance of a well-developed business plan.

            The website resources researched in this course gave great information on leadership programs, small business mentors, and youth empowerment initiatives. The best thing about this course and the resources given is learning the reasons why people help others. For the most part, it all revolves around the act of giving. Through this entire program the concept of giving to others seems to be the optimal way to find success and reap great benefits in the future. Not only does the process of giving open the door to a multitude of opportunities for small businesses, but it also enables an investor to grow the economy around them. As documented on www.eda.gov, the U.S. Economic Development Administration states that its mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

Kedrick “Rick” Mahoney

References

Eda.gov,. About the EDA | U.S. Economic Development Administration. Retrieved 7 December 2014, from http://www.eda.gov/about/index.htm

Ofn.org,. Small Business Financing Initiative. Retrieved 7 December 2014, from http://ofn.org/small-business-financing-initiative

The New Modern Business Plan

Seth Godin is a best selling author and public speaker. He is known for his speeches related to entrepreneurship and marketing. Mr. Godin states his views on a new, modern business plan. He discusses the following components for this type of plan:

•    Truth

•    Assertions

•    Alternatives

•    People

•    Money

Seth also states that the traditional business plan is often boring and misused to comply with expectations. If you have ever listened to one of Seth’s speeches, you are aware that he is a great out of the box type of thinker. I must say that I agree with his take on traditional business plans. My current thought is to write a plan according the Seth’s modern business plan components mentioned above. 

Another great thinker who discussed business plans is Robert Kiyosaki. He is widely known as the best selling author of Rich Dad, Poor Dad, a financial advice book series. Mr. Kiyosaki mentions that investors want to see passion in your business plan. Therefore, one’s business plan should communicate their passion for their organization. According to Robert, an individual should plan for personal development and self-improvement. Doing so would enable the development of a business plan that is not far bigger than the dreamer. “In a lot of cases, a business plan is far bigger than the person with the plan — that is, the dream is bigger than the dreamer” (Blog.gaiam.com, n.d.).

“Obviously, investors expect to see the details of the business, such as the type of business, location, business structure, and markets addressed” (Allbusiness.com, n.d.). As stated on AllBusiness.com, prospective investors look for the following five things in a business plan:

•    A company’s industry background and experience

•    A unique product with a demand

•    Ability to continuously reach the target market

•    Strong knowledge of industry competition

•    A return on investment

These are considered key because an investor wants to reap a return on their investment in a company. They also want to know that the parties leading the organization are capable of guiding the business in a competitive environment. All of the things that investors look for prior to investing definitely make it apparent that planning is important prior to seeking investment support.

Kedrick “Rick” Mahoney

References:

Allbusiness.com. Five Things Prospective Investors Look for in a Business Plan | Management > Strategic Planning from AllBusiness.com. Retrieved 2 November 2014, from http://www.allbusiness.com/business-planning-structures/business-plans/1721-1.html

Berry, T. Seth Godin's "Modern Business Plan" | Finance > Business Planning from AllBusiness.com.Allbusiness.com. Retrieved 2 November 2014, from http://www.allbusiness.com/company-activities-management/management-change-management/14584221-1.html

Blog.gaiam.com. A Quote by Robert T. Kiyosaki on think plan, success, dream, and business | The Gaiam Blog. Retrieved 2 November 2014, from http://blog.gaiam.com/quotes/authors/robert-kiyosaki/54636

Olen, H. (2012). Rich Dad, Poor Dad, Bankrupt Dad?. Forbes. Retrieved 2 November 2014, from http://www.forbes.com/sites/helaineolen/2012/10/10/rich-dad-poor-dad-bankrupt-dad/

Preparing for a Music Release in a Digital Landscape

The Importance of Marketing Music

Within the music industry, independent artists have access to multiple avenues for distributing and marketing music. The digital age of music has opened the door to the direct selling of digital downloads. Therefore, a serious musician can share their music with the world on an international level. Prior to releasing their music it is very important for them to draft a marketing plan for their new song. The marketing process of music is one that most tend to bypass and not give much consideration. Marketing music in order to garner a successful single is the primary goal of most record labels, but many fall short of continuous, high profile success. “For them, effective marketing is what gives them the biggest return on their investment” (Letang, 2014)! From experience, one should come to realize the steps that should be taken before implementing the marketing phase. These steps consist of the branding and development of a recording artist.

Image credit: MusicIndustryHowTo.com

Artist Branding and Development

Identifying the best way to build branding for an artist has a lot to do with generating the ideal image. The one thing that separates successful artists from those who are not is their ability to consistently remain in the eye of music consumers. With that being said, an artist’s team must fight for a vast amount of consumer attention. A great way to do this is with enticing content. This content is more than just music. The content I am referring to is visual content. Visual content is the key to gaining consumer attention in today’s music industry. This can be seen in the case of Beyoncé’s latest album release. “Not only did she break the norm by not marketing her release in the least, but the album is also unique in that it is simultaneously a visual experience” (Buli, 2013). Through the use of social media sites such as Twitter, Facebook, Instagram, and Pinterest, music artists are capable of building and maintaining consumer attention through the constant sharing of images and video. Many music artists have a tough time at this stage. However, this is where you must be as creative as possible. Monitoring current trends and highly publicized topics can assist during this process. If one is in need of additional insight in this area, consulting with individuals such as stylists, photographers, videographers, and music agents can be beneficial.

Kedrick “Rick” Mahoney

References

Buli, L. (2013). The 5 Best Music Marketing Moves Of 2013. Forbes. Retrieved 4 October 2014, from http://www.forbes.com/sites/livbuli/2013/12/19/the-5-best-music-marketing-moves-of-2013/

Letang, S. (2014). Record Labels Know The Importance Of Music Marketing, Do You? - Music Industry How To. Musicindustryhowto.com. Retrieved 4 October 2014, from http://www.musicindustryhowto.com/record-labels-know-the-importance-of-music-marketing-do-you/

Securing Publishing and Distribution

         In the music industry, securing publishing and distribution is very critical to a recording artist’s career. Finding an agent to assist with securing publishing and song placements for an artist can quickly accelerate the growing momentum of their brand. With proper song placement, an artist can experience their song in multiple outlets such as television shows, commercials, movies, and on soundtracks. There is nothing more important than exposure for an artist’s music. Even if it takes the work of twenty men, exposing an artist’s music is essential to their success. I always tell others that I will never appear as being modest about my music. If someone asks me how have things been, the first thing that I might mention is the constant effort being placed into my music career. Music is definitely my reality and everyone around me will know it.

         Distribution is another important factor. Without distribution for a music project, you have nothing. An album cannot find success without some type of distribution in place. Distribution is the primary way for consumers to access your product and share it with others. One should never forget to plan out how they would like to distribute the record after it is done. This process is what will get a song placed on the Billboard charts, which will monitor units sold via Soundscan. Therefore, with proper distribution an artist should make sure their music products are marked with a Universal Product Code (UPC). Most music distributors will supply a UPC code at little to no cost. “If you and your customer need to distinguish one variation from another, the general rule of thumb is that each product variation will require its own U.P.C. barcode” (Gs1us.org, 2014). Also, please ensure that each song is coded with an International Standard Recording Code (ISRC). “Each ISRC is a unique and permanent identifier for a specific recording, independent of the format on which it appears (CD, audio file, etc) or the rights holders involved” (Usisrc.org, 2014). This code allows your music to be identified across various types of music broadcasting media. This includes radio, television, and online media. Assigning ISRC codes can also assist in determining geographic and demographic data for your individual songs.

         Overall, through dedication toward your project, one can work to overcome any obstacles with securing publishing and distribution. Here is my motto. If you cannot find anyone who is willing to assist you, take matters into your own hands and do it yourself. Take your time and obtain the right level of education in reference to the process. Once that is done, set a plan of action into place and ensure that your product is professional and of a high quality. Then at this stage, you will submit it to the gatekeepers and wait for their response. The goal is to work hard and never give up at the process. Your product most likely will pass through multiple hands before it gets to the right person. Always remember that the right person is out there and they will definitely recognize a great product with they see and hear it.

Kedrick “Rick” Mahoney

References

Gs1us.org. (2014). Uniquely Identify Products and Locations with U.P.C. Barcodes | GS1 US. Retrieved 21 September 2014, from http://www.gs1us.org/get-started/im-new-to-gs1-us-2?utm_expid=88771579-7.vrcvwDsATUCTGdewDpWLKA.1&utm_referrer=http%3A%2F%2Fwww.gs1us.org%2Fget-started

Usisrc.org. (2014). ISRC - International Standard Recording Code. Retrieved 21 September 2014, from https://www.usisrc.org/about/index.html