Preparing to do well in the Music Industry for the long haul
requires a business plan. Everyone is free to have his or her own opinion about this. Since I am pursuing a music career behind the scenes, I am going after the best advice. I recently researched two Entrepreneurs I admire to
see what they think is important.
Mark Cuban, is famous for a combination of successful business ventures and transforming
the basketball team and fan experience of the Dallas Mavericks, since he took
ownership in 2000. He is also a familiar face due to his participation on
Dancing With The Stars and The Shark Tank. When it comes to business plans, Mark has been generous with sharing rules, tips and personal interest for helping others achieve their business goals. What stands out to me about Mark Cuban's thoughts are the following from his article on Entrepreneur.com:
- Keep the organization flat - If you have managers reporting to managers in a startup, you will fail. Once you get beyond startup, if you have managers reporting to managers, you will create politics.
- Never hire a PR firm - Be a source to the authors of articles in your field.
- Sales Cure All - Know how your company will make money and how you will actually make sales.
- As far as technology, go with what you know. That is always the most inexpensive way - If you know Apple, use it. If you know Vista, ask yourself why, then use it. It's a startup so there are just a few employees. Let people use what they know.
Oprah Winfrey, is famous for being a Television Pioneer by hosting the highest rated TV talk show in history called the Oprah Winfrey Show. She is also an Actress, Philanthropist, Producer, Magazine Founder, Satellite Radio Programmer, Television Programmer, CEO of her OWN Network, among many more honorable accomplishments. Oprah has been an example in creating and managing business. The few things I found most important to Oprah are:
- To have everything with her name on it put out only by her company under her direct supervision.
- It’s not all about making money, but about making a difference in the world.
- Do your homework - Check out the competition in your area and find out what their business is lacking and what you believe you can provide.
- Reveal your personal story - transparency between you and your business offers a sense of trust to your customers.
I realize
these points I listed are not exactly traditional stand-alone components we see
placed in a business plan. However, when confirming the company description, the
mission statement, the target market, operations, financials and management,
the important points from Mark Cuban and Oprah make a lot of sense and add
value to forming a great plan.
Cheers to
making a business plan that works!
