When I was a little boy, I use to spend hours listening to Tito Puente at home. I tried to mimic everything he played and I dreamed that one day I could come close to playing like him. My father would end up recording for him and I would meet him. He treated me like I was his own child. As an adult, and already gigging myself in L.A., I would go see him perform. No matter where I was, he would find me during intermissions and ask me if I needed anything. We would chat, then he would go back to work. I dedicated my Mastery Research Paper to he who has inspired me all my life. A picture of Tito is in my music book and travels with me to every gig I play. The latter video is a tribute I do to Tito on many of the gigs I play with my sextet “Proyecto TimbaWáh.” Hail to the Master, the Mambo King, and my friend and inspiration Tito Puente.
My main focus in this particular class was to complete a business plan that would serve me in the future as a template for my business. I didn’t want to use my time at Full Sail as a possibility for having a business in the future, but to use the time to actually create everything I needed to begin the process for incorporating a business after I finish my degree. Therefore, I really tried to calculate the numbers as best as possible and edit the verbiage so that tomorrow, I could pitch my business to an angel investor instead of waiting for a year or two. This process gave me a total picture of what I needed for start-up cost and a projection for the first three years.
The preparation in the areas of elevator pitch, Investor questions, financials, financing and business websites, final business plan worksheets, management styles, business presentation, and understanding the 5 W’s and H (who, what, when, where, why, and how) has prepared me and given me the confidence that what I am about to do is definitely achievable. It is a total preparation and understanding of the business plan that allows one to see the future and what is necessary to achieve the goal of owning a business. The rest begins with hard work and determination with a belief that one can accomplish the goal of owning a business.
The spreadsheets give us so much information to carry a business from start-up to the future with a three year projection. One is taught to prepare income monthly statements, monthly marketing budgets, quarterly marketing budgets, monthly sales budgets, quarterly sales budgets, monthly staff budgets, quarterly staff budgets, start-up income, quarterly income statements, assumptions for three years, and sources and uses of funds statements. The final business plan reads like a book with a disclaimer, mission statement and a table of contents. The executive summary is a vital part of the business plan and sets the tone by giving a short overview of what the company is all about, who the target market is, what are the products, why the company should be relevant, what purpose does the company serve, what will the company add in the future, and what are the revenue projections for the next three years. This is followed by sections of the following: the company description, Industry analysis and trends, the target market, the competition, the marketing plan, operations and management, the financials, and the appendix. Each segment provides a virtual modern day industry standard checklist of projections, charts, pictures, bullet point information, and examples pertaining to the business one has created. This was all attainable because of the instruction form the two business planning professors.
Each professor provided valuable information for us to succeed in these courses. They were very knowledgeable in the area and took the time to communicate what we needed to now for the final two courses. I was very impressed by the knowledge of Professor Thompson and his experience. To find out that he is a working musician and a connoisseur in business and finance, resonated well with me because of the parallel we will now have as a result of the education he has provided our class. It is due to these professors, that I now have a grand understanding of business plan development and all the intangibles associated with it. I play to reach out to each of them during graduation.
I have completed my Portfolio for the program. I have put everything that I wanted to put into it. It gives an understanding of who I am, what I do, what my business is, resumes, my brand, my biography, pictures, Video’s and mp3’s, my services, events, contact information, volunteer work, sponsors, and educational information. As we move towards opening day, we will continue to add more pertinent information. This has been a labor of love and a large undertaking as the pieces came together the information became more pleasurable to read and listen to. This will definitely give a better perspective to our clients/customers and allow them the opportunity to really have a chance to get to know us.
Based on the information from the digital design instructors recommendations at my school, he liked my portfolio and said I flowed from page to page. He made a few suggestions such as possibly taking out the water because of its movement and have a more consistent theme background from page to page. He stated it was not necessary however, I could make those changes if I wanted to. He loved the music and the education page with the presentations. He also stated that the contact page was clear for individuals to see so that they can get in touch with us.
As we headed into the Business Plan class, my expectations included learning about the structure of the plan, and what needed to be included in the plan. Of course I knew that we would have to research items such as: marketing budgets, staff budgets, sales budgets, and start-up cost however, I didn’t expect to fill out spread sheets on Microsoft Excel. This proved to be a good surprise as it was very similar to the project the class did in our Project Management class. It was great to get away from the writing process and crunch numbers to actually see how it fits with the overall theme of the Business Plan. I think it’s a great idea when presenting to prospective investors to have a spread sheet in which they can see the actual data with projections to help them make a decision on our company.
What I found interesting was the small tidbits of information from business owners like Jayson Whitmore and Sara Blakely. Sara Blakely CEO from Spanx spoke about failure and its ability to either propel one forward in their quest for success or delay one’s ability to reach their goals by not having the proper mindset in defeating failure. I feel that this information is essential not only for business, but for having the proper attitude to move beyond those times when one is not feeling as confident as they would normally. It served as a life lesson!
Jayson Whitmore has a few videos one of which speaks on the ability to sell oneself and the things he looks for in a prospective employee. Understanding that most individuals who go to a university have the tools, he focuses on one’s creative aspects and humbleness. In the other video he focuses his attention on professionalism and how important it is to be professional in all aspects of one’s brand because it is viewed by prospective clients, customers, and investors as one of quality.
When I originally worked on my timeline, I looked at this course and deducted that I needed to know more in three areas before moving forward.
1. I wanted to know about distribution and publishing.
2. I wanted to have a better understanding of how distribution works for an Indie artist.
3. I wanted to be able to formulate a strategy for distribution.
How was this goal met by the course?
I believe that the goal has been met and surpassed by the information that I have learned in this course. I learned a pleather of information regarding entertainment media publishing and distribution. The book by Professor Craft is excellent in teaching the relevant information one needs to know to put ones material in the hands of the right people or simply self-publish with distribution. This information has made me really think about how I’m going to finish my career in the entertainment industry.
What did you learn from this course?
There are so many things I could write about as to what I’m walking away with from this course. The step by step approach to the methodology is incredible in this course. I really wanted to learn how to get into the door in the modern times. If one wants to find a company to publish and distribute ones material, one can pitch/query a letter to a record company to begin the process. Once a response is received, a press kit with press release elements can be taken to the interview to show the record company executives what one has to offer. Having an entertainment attorney is pretty much a requirement in modern times. They can provide valuable information when it comes to setting up paperwork and viewing contracts. Making sure ones licenses with companies like ASCAP and BMI are essential to protecting ones legal rights as it pertains to their music.
If one is self-publishing and distributing their own music, I like the packages that “CD Baby” has to offer. With their ability to distribute ones music globally in different formats and provide pertinent information to new artist, they are a viable option for any artist that is trying to get their music in the hands of the people. Their pages are very affordable, and one has the ability to register their music through their site.
How will you apply the material learned either personally or professionally?
The plan is to develop a step by step methodology to develop a fan base while getting into the studio and completing my musical projects. By using my traditional and digital social media segments, I will be able to attract a fan base and continue to develop relationships with the fans I already have. I’ve decided to approach the business from an Indie artist prospective however, I fully expect to take advantage of the opportunities I’ve had with the major studios in creating multiple future opportunities. By taking these opportunities, it will create awareness and therefore give me a better chance of getting my music into the hands of my fans. This course has given me many of the strategies needed to be able to accomplish my goals. From the legal importance to the submission process, I now have a better understanding of the process and therefore should be in a better prepared to be successful.
For my Timeline, I wanted to address publishing and
copyright laws so that I have a better understanding of what I was getting into
in regards to books and recordings. I don’t think we have touch on publishing
yet however, if we don’t, I will send out an e-mail to the professor asking her
if she can touch on this particular subject. In regards to copyright, we
have learned a pleather of information
on copyright laws, trademarks, patents, and trade secrets. All fall under the
Intellectual property. It’s amazing to see how many things need to be put on
the agenda list to protect oneself from any kind of mishaps. The information is
invaluable for those of us who wish to establish companies.
The second question on my timeline is about recording
residuals and how they are to be collected and distributed. While we haven’t
touched on this subject, through the research there was much information I was
able to gather about registering my recordings with companies like ASCAP and
BMI which supply the information for residuals. Thank GOD there are
organizations like this to protect us from losing money on the work we put into
our craft. In the international arena there are laws being put into place to
protect artist from losing revenue as well. It’s not perfect but it’s much
better than what it was just a few years ago. Countries are now working
together with the United States and the European Union to help artist in those
matters.
Finally, my last question had to do with the understanding
or specifics of what an entertainment attorney does for the artist. The
entertainment attorney does a host of things for the artist and his/her brand.
For instance they provide legal help in all aspects of the entertainment
business. They can:
Drafts contracts and review
contracts (Diane Dannenfeldt, 2019).
Maintain relationships with studios
and recording companies (Diane Dannenfeldt, 2019).
Help new clients in the industry
with an understanding of what papers need to be filled, what rights they have,
and how to set up their particular business (Diane Dannenfeldt, 2019).
They can help in marketing deals,
taxes, and real estate deals. (Diane Dannenfeldt, 2019).
Teach and help artist to use
materials from other artist with an understanding of copyright laws (Diane
Dannenfeldt, 2019).
So, there are many things that entertainment attorneys do for
artist, companies, and individuals who want to enter the business. I just
scratched the surface, but a good entertainment attorney is extremely valuable
to an artist and to his/her opportunity for continued business in protecting
them from harm’s way and steering them in the right direction.
When I began working on the Mastery Journal Timeline, part
of my thought process was that I would be working with other artist to help
them achieve their goals in the entertainment business. As I have continued
through this course I have changed my philosophy about that understanding because
the time it takes to work for other artist will not allow me to reach my goals
as an artist. Through this course work it has become very clear to me that a
vast amount of time is needed for an Indie artist to reach their ultimate
potential. Having an understanding of how the new age music industry works has
given me a different appreciation of the value of time both for my creative
side and business side. The devotion to the products we are producing along-side
of the methodology used to distribute to and develop a solid fan base, makes it
very difficult to work for other artist. However I will alwayshelp any up and coming artist as long as they have a professional mindset and are willing to learn
through dedication and hard work.
The question of how to manage an artist has been answered through the research in this course. A greater understanding of how to use social media or digital marketing segments in conjunction with traditional marketing segments is the way to go. The age of catering to your fans and being selfless through analytics allows one to keep their hands on the pulse of their fan base. Products are important in creating multiple sources of revenue. Enticing fans by having giveaways and inviting them to special functions helps to create funds for the business/artist, but also is a way of saying thank you to your fan base. Providing the ability for fans to experience live experiences is essential in todays entertainment industry. Remembering that 20% of your fan base is responsible for 80% of your revenue is extremely important in the development of one’s artist and business. I feel that this course has answered many of the questions I had coming into this program. I am a thirty-two year professional musician who is ready to make the move to build my own niche in the music industry. Having an understanding of the new way of doing business as an Indie artist is just what the doctor ordered. I am truly grateful for the opportunity to study these essential strategies.
As I continue to move forward in this program, I find that each course
has its specific information that is unique and can help propel a new business
owner to success. Of course this only happens when one follows the guidelines
and the strategies offered by each course. I also realize that in order to
accomplish each goal, this information needs to become innate and part of the
daily fabric of the individual. In our Mastery course, we began plotting out a
timeline or blue-print for each course in the hopes of setting expectations and
acquiring the necessary information for each course. In understanding the
parameters, we were required to set three questions in our timeline, for each
course, in which we would further investigate while taking the class.
The three questions I wanted to investigate were as follows:
To set up a plan for negotiating a deal
To learn music negotiation
To learn the art of pricing my products
I’ve been making deals for events in music for thirty years, but this
class, in three weeks has given me what I hadn’t learned in thirty years. Of
course I knew a few of the methods however, this class provides a complete how
to training in many different contract negotiations. It provides one with the
win-win principles for deal making instead of a lose-lose situation. In
acquiring the best deal, one needs to understand the difference between deal
making and debating. There can be an emotional attachment to that type of
negotiating which usually does not work. Getting rid of any emotion during deal
making is the best recipe for success.
The course teaches you to do your homework and go into the negotiation
prepared by having an understanding of who you are negotiating with. Have a
bargaining position in mind, however, be flexible if possible. Also, by taking
a look at your underlying interest, you will better understand what type of
negotiations you can pursue. Try to find out what their motivation is for
making the deal as well. Make sure you know your neutral criteria and industry standards
so that they can’t catch you off guard with on-going industry information.
Under no circumstances should you haggle because it’s not an effective way to
win-win. One must always have a BATNA or back-up plan if you need to walk away
from the deal. By having a BATNA, you may be able to redirect yourself with
someone else who can make a similar deal. You can incorporate provisions and
clauses into your contracts to make sure you get the deal that you want.
Be fair and honorable in the negotiations and try to build a relationship
with the person you’re negotiating with. Learn to read body language and
understand on a global level, how to negotiate with different ethnicities.
Also, understand their communication styles and how not to offend them. Take
into consideration the different alternative dispute resolutions when caught in
a disagreement. This could help in many different ways including time, cost,
and privacy. To have to sue someone would take a long period of time and could
prove to be costly. By finding an alternative method like: mediation,
arbitration, or conciliation, one could have a particular situation resolved in
a short period of time. It could also lead to continued business between the
two parties.
In the future, I will be more prepared when negotiating with perspective
clients and customers by applying these techniques. They give me a well-rounded
understanding of negotiation skills that I didn’t have before I took this
course. Each provides me with a checklist of do’s and don’ts which will
alleviate mistakes I’ve made in the past. As I look to the questions from my
timeline I feel that each question has been answered with this course. The last
question of “how to learn to price my products” can be answered by this course
as well by simply preparing myself through industry standards.
Roberto Martin’s Clear Dreams Productions is an education through the arts company which includes educational shows, musical shows, recordings, media, behavior modification programs, children’s books, movie scripts, and community efforts. We believe in education for every human being through the love of the arts. With this in mind, our hope is that we can touch each and every individual and help them live a peaceful and successful life.
Our main competitor would be a company which has a combination of Disney goes to Scholastic. It incorporates the entertainment factor of a Disney Company with the distribution of a Scholastic Company with books, magazines, and DVD’s.
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We would like our clients/customers to recognize that our products could help and inspire individuals to live a positive and peaceful life. We would hope they would view us as a company that brings meaning to life through the arts. We want them to simply enjoy themselves as they partake in our experiences.
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Our aim is to make you smile, dance, sing, learn, love, and be inspired. Individuals should feel a sense of joy and happiness, with a touch of motivation and inspiration.
Robert Molina's Mastery Journal 