Two Experts Views on the Value of Business Plans

Dave Lavinsky

Dave Lavinsky, a holder of a Bachelor and Master degree,  is the founder and president of ''GrowThink", a Los Angeles based consulting firm and "GuidingMetrics", a company that tracks KPI's that help businesses grow faster since 1999. Known as a He helps future and potential entrepreneurs develop business plans among many other things. Lavinsky also has a background of guest speaking at top universities, developing over 100 business plans, and has written numerous articles on entrepreneurship, business planning, and capital raising.

His book "Start At The End: How Companies Can Grow Bigger and Faster by Reserving Their Business Plan" has landed in the hand by thousands of people as it implements some of the most useful strategies a business owner can think of. Those strategies are: 

1. Creating Vision Statements from a customer and business perspective that increase your sales and profits.

2. Systemize your business and minimize mistakes. 

3. Improve performance and productivity of your employees. 

4. Increase your conversion rates and the lifetime value of your customers. 

With these and more, Lavinsky gives advice about four essentials business plans tend to overlook. Those include: 

1. Company Description - A one line summary of what your company does.

2. Financial Model - Summary of finances, investments, and sales projections.

3. Risk Mitigation Milestones - Risks & Action plan for milestones achieved. "For every milestone your company achieves, the risk of investing diminishes significantly.  

4. Unique qualifications for success - Personal Qualifications and Ideas. 

Dave Lavinsky

Resources:

BP Expert Views

Start at the End

Grow Think

Bloomberg

Forbes

Carl Schramm

Carl Schramm, a holder of a law and Bachelors' degree is the 16th person at Syracuse University hold the title of Professor and President of the Ewing Marion Kauffman Foundation. He is a recognized leader in entrepreneurship, innovation, and economic growth. He has founded/co-founded many companies in the fields of healthcare, finance, and information technology.

In relation to business plans and entrepreneurship, Carl mentions that business plans aren't useful because they go out of date quickly. Instead he focuses on the characteristics of an entrepreneur and what it takes for one to have a successful business. Some of those characteristics include:

1. Working in a job they didn't like.

2. Working in multiple places and fields. 

3. Thinking in terms of disruption.

4. They know a lot of facts and information. 

5. They are an outsider. 

6. They see things differently. 

Carl Schramm

Resources: 

BP Expert Views

Carl Schramm Bio

Syracuse University Professor

Lecture Bureau Speakers

Both experts have good point of views and advice on entrepreneurship and business plans. As I continue to work on my business plan I will implement ideas and strategies especially with those that help minimize mistakes and maximize profits. 

Building Your Brand

In a generation, immersed with outspoken personalties and media, theres no doubt that there aren't brands attached to our everyday living. Whether your in entertainment, business, medical, or any other field theres a brand that follows you as an individual. A brand can be either a trademark or your persona. Throughout life this is what people remember/know you by.

Six Steps to Personal Branding Are:

1) Define your overall aspirations.  (Goals and Objectives)

2) Conduct Research (Are you where you want to be in life?)

3) Determine Your Brand Attributes (What makes You, You?) (In what niche of the market do you want to become known?)

4) Assess Your Current State (What can be done better, Why?) (S.W.O.T.)

5) Create Your Game Plan (Branding Yourself in Social Media,  Tangible & Intangible Characteristics.)

6) Manage Your Brand. (Make sure all aspects of you are in sync with one another and that they continue to reinforce your brand attributes and market niche.)

By these steps your reputation and presence amongst your friends, family, clients, consumers, will know and understand you better. It also allows you to network with those that like the same interest.

"In the past, cattle ranchers used branding irons to mark and indicate which animals were theres. As the animals moved around other ranchers and the public were able to recognize who they belonged to. That mark could've had a history / meaning behind it as well."

Social media networks such as Twitter, Facebook, Instagram, SnapChat, Google+, Linkedin, and many others help craft and show your brand to the world. They allow you to post pictures, videos, comments, your favorite music, or any thing else you want your friends, or family to know. They are also useful when marketing your business. They help spread the word about your products or services  much faster than the old way of using postal mail or newspapers.

Impact of Music Festivals/Concerts

For many years, people have come together to hear their favorite artists or to check out new music. Despite ones culture, racial background, or religion, among other things, theres always that one thing that will bring everyone together. "Music".  Music Festivals and Concerts are not only about the music but creating a experience beyond the music. Dating back to ancient times people have gathered together for this one specific purpose. 

These type of events create an atmosphere that connects music, experience, memories, and fun all together. By performing music that you have not only copy-written, but also published will allow you to receive royalties. If the event is based upon independents artists it is a great time to network and if you don't already have one to find an agent or get contact information for one. You will want to find a agent who is able to support your musical career, and is able to help you distribute and promote your music. 

This ties into promoting your creative content for distribution. Whether your and indie or major artist/musician/or band it allows you to showcase to the public and your fans what your all about. They are beneficial for both the artist and the consumer.  By allowing consumers to get a taste of your  music your exposing and pre-marketing your material.  It is one of the easiest ways to get your product or services into the consumers hands. Many people there after will post their experience to social media sites, or buy music from the artists personal website, amazon, ITunes, etc, if they couldn't get the hard copy.

From personal experience I am a fan of r&b music, so anytime theres a festival or concert featuring this type of music, I'm sure to go. Also, the event South by Southwest (SXSW), is a event anyone whether they're in the music, film, or interactive industry should attend. It is a combination of music festivals and conferences theta takes place one a year in Austin, Texas. Major and Independent artists attend form all over and are able to sign up, perform, promote, and distribute their music. 

Music Industry Controversies

Copyright Infringement 
Robin Thicke/Pharrell Williams vs Marvin Gaye

"Blurred Lines" was one of the biggest hits during 2013. Millions of copies were sold, with millions of youtube views. However many people, including Marvin Gayes family, took notice that the track sounded much like Marvin Gayes 1977 hit, "Got to Give it Up. The family took Robin Thicke and Pharrell Williams to court for copyright infringement. Williams was responsible for the creation of the track.  In the end, the Jury found Robin Thicke and Pharrell Williams guilty of copyright infringement which caused them to pay $7.4m to Marvin Gayes family.

      "Copyright Infringement is the use of works protected by copyright law without permission, infringing certain exclusive rights, granted to the copyright holder, such as the right to reproduce, distribute, display, perform, or to make derivative works. "

In my opinion, I don't think that the Gaye family should have targeted Robin Thicke and Pharrell Williams for Blurred Lines. For many years, and for years to come music has been sampled some even without clearance. Im not promoting copyright infringement but its nothing new. New music is adapted from old music. At the same time, however they should received clearance and permission to sample the song whether directly or indirectly. This controversy increased views and sales of both songs which can be a both good and bad depending on the parties involved.

Blurred Lines Trial

File-Sharing (Piracy)
Sweden vs Pirate Bay
In this case, the well known site Pirate Bay was shut down due to allowing the use of file-sharing copyrighted material without purchase. This was both a criminal case and a civil copyright action brought together by major record labels, movie studios, and others of the like. Piracy is something that goes on in many countries, it just happens to be Sweden that was targeted this time.

      "Piracy is the unauthorized use or reproduction of another's work".

To me this was a good thing to do because file-sharing robs companies of their products. Instead of a consumer going to a company to purchase something they instead go to file-sharing sites and download it for free. This type of issue has been going on for a long time, and I believe it is something that would die down easily. With the abundance of internet driven technology, this is an issue that may arise from time to time.

Sweden vs Pirate Bay

Payment of Copyrighted Material 
Lil Wayne vs Birdman

In this case Lil Wayne is suing Birdman (Cash Money) $51 million for unpaid royalties and agreed upon monetary contracts which include quarterly payments. Wayne is also trying to end himself and his company (Young Money) from their relationship with Cash Money. This is still a pending case.

In my opinion, I really don't understand what the two are arguing about. They have worked together for a long time and became celebrities with each others help. However, as a owner of a company Birdman should live up to his side of the contract and make sure his dues are paid respectively.


Lil Wayne vs Birdman

Audio: Producers vs. Engineers vs Artists: What's the Difference?

In todays' world, there are more than a million billboard top hit songs. As of today, Uptown Funk by Mark Ronson featuring Bruno Mars takes the #1 spot on the Billboard 100 list. With the help of producers and engineers, artists are able to make these ranks. Within this song, Mark Ronson, Bruno Mars, and Jeff Bhasker are the producers. Several engineers worked on this song as well such as Boo Mitchell, Charlez Moniz, Wayne Gordon, Bruno Mars, and a few others. Now lets rewind. Bruno Mars. Producer, Engineer and Artist. Are they the same or different? The answer is different and here is why.

An artists is one who performs, or releases recorded music through a label or independently. This is be a singer, rapper, or music with musical talent. Both Ronson and Mars, played drums on this song too.

There are two types of producers. The first type of producer is the one who creates the instrumental. This can be done through playing instruments or programming music using DAWs such as Pro Tools and Logic Pro. They create the track for the artists to sing to, and give advice on any ideas whether good or bad such as redoing a verse second type of producer is an executive producer. The executive producer oversees the production phase. They are also in charge of the recording budget, hiring and overseeing talent, engineers, and any other crew members needed to complete the song.

An engineer is one who operates any audio equipment that is used during the recording, mixing, and mastering stages in music. The main job is to help bring the artists and producer vision. Through the three stages vocals and instruments get recorded, audio gets cleaned up, and the final mix gets corrected for different media formats. Producers are capable of being engineers and vice versa as well, because audio knowledge is needed for both.

It is possible for one person to possess all of these talents through hard work and dedication. In Bruno Mars and Mark Ronsons' case, they were apart of all three positions into getting this song done.

Negotiations and Deal-Making: Interview Blog

Interview Blog

Name: Shaun Banks

Position: Entertainment Consultations / A&R

Contact: Unable to disclose

Brief: A&R responsible for hiring talent whether it be artists, producers, or musicians. Also acts as an aid for entertainment industry advice.

Questions: 

•    How do you separate the people from the problem when you are negotiating? What tips do you have for new negotiators who are trying to do this?

Answer: The number one way to separate people from the problem is to focus on the result you wish to obtain and/or the solution to the problem you're facing. Secondly, to understand that just because you make a decision that doesn't favor a person doesn't mean you're a bad person or that you dislike the person.

•           How do you handle positional bargaining tactics?

      Answer: The best way to handle positioning bargaining tactics is to get the person to see the advantages of looking at a different position or how bending a little from their position will reward them with greater results.

•           Can you give me an example of how you worked toward mutual benefit when you were negotiating a deal?

      Answer:  I once had a client that thought my commission for a deal was too high...and I thought it was actually too low. The way I created a mutual benefit was to show the client all the benefits they were getting by taking the deal and how the commission could actually be higher...the result was the client agreeing to a higher commission and I provided even more benefits than we originally agreed to.

•           Can you tell me about a time you failed to reach an agreement in negotiations?

      Answer: I have many, but the it always boils down to me not creating enough of a mutual gain for both parties. In the past I have used my position to get deals regardless of any interests. At those times, I should have put interests over my position because it creates a problem when others begin to see me only as a the title of my position and not for me and what I’m capable of.

•           What's the most complex negotiation you've handled?

      Answer: Trying to get my dad to give me a loan to start a entertainment business when I was young...he would not budge because I had not invested any money myself. Relating to this when negotiating deals with artists; If an artist has a set mindset to what they want whether relating to how much to offer them financially or benefits to signing a contract, it can be hard to change numbers if they would want the most ($$$) and abide by it.

•           Are you familiar with BATNA? Why is it useful in negotiations?

      Answer: Yes, Best Alternative To a Negotiated Agreement. It's so useful because if there is an alternative that creates a win-win you should take it. Helps measure the balance of power in a negotiation and is a mechanism for deciding whether and/or when to quit.  Also if you’re aware of any alternatives, the better prepared you are for negotiation.

•           Is a negotiation a debate? Why / why not?

      Answer:  No, a debate is when two people come in ready to disagree and only one person can win. In negotiations you want to create a scenario where both people can walk away at least satisfied.

•           What does it mean to demonstrate good faith in negotiations? Why is it helpful?

      Answer: The idea is to build a good relationship where you can have multiple opportunities to negotiate with them, because that means you're making money. If people feel you're dishonest, they will not develop that relationship and you will not make money.

•           How can you tell if the other side is bluffing to in negotiations?

      Answer: Its very hard to tell which is why you must know what you need to get out of a negotiation and where you draw the line. Sometimes they may try to use dirty tricks in negotiations such as talking for a long without addressing the issue bringing up irrelevant topics, or by trying to restart the negotiation after a deal has been reached.

Questions Reference:

Marr, A. (2013, February 6). 97 Negotiation Interview Questions - Simplicable. Retrieved from http://careers.simplicable.com/careers/new/97-negotiation-interview

Top 3 Music DAWs "Digital Audio Workstations"

A digital audio workstation (DAW) is software used to record, edit, produce, mix and master audio. it is commonly used for music, radio, television, film, podcasts, and any other situations that call for recorded/produced audio. Music notation and midi sequencing is also included in DAWs. Different components of a DAW include plugins such as equalizers, distortion, synthesizers, compressors, limiters and many more. Instrument plugins include keys, guitar, drums, horns, etc., and with the plugins, these sounds can be manipulated. Each plugin has a way to manipulate the sound waves tone, speed, and pitch of the audio recorded or inputted audio.

To date there are a wide array of DAWs available to the public. They all offer the same solutions but with different designs and advantages over one another. Here is my list of the top 3 commonly used DAWs to date. 

Logic 

Logic Pro was originally developed by German developer C-Lab, and Emagic. Now it is a manufactured and a product of Apple. It is only available on Mac operating systems. It is widely used as a midi sequencer and to edit music and audio. One can also record and do other audio functions on the program. Logic Pro is currently on its 10th version and systems include Logic Express and Logic Pro X. Logic feature Apple loops which are royalty-free professionally recorded instrument loops. Like the other mentioned DAWS, Logic provides instrument, synthesizers and editing/recording plugins. Real-time scoring in music notation and a guitar tablature are also included.

Pro Tools 

Pro Tools developed and manufactured by AVID Technology is currently available for Windows and Mac users. It is one of the most commonly used DAWS and is recognized as the standard for professional recording. It can run as standalone software or with external converters and internal audio cards with onboard DSP.  Available ProTools systems include HDX, HD, (10, 11) LE, 9, M- Powered and SE.  Pro Tools is currently on its 11th system.  It supports 16, 24, 32, and 64 bit audio at sample rates leading up to 192 kHz.

FL Studio

FL Studio (Fruity Loops) developed by Belgian company Image-Line is commonly used to create music and instrument tracks. It is a pattern based music sequencer and offers the option to import created sound fonts and sounds to its library. This DAW can be rewired into other programs such as ProTools and Reasons. FL offers a wide selection of plugins that come with the plugin and the option to easily add more plugins to the program. There are many plugins specially designed to run only on FL. System options include Studio Express, Fruity Edition, Producer Edition and the Signature Bundle. Fl Studio Mobile is available for Apple and Android devices as well. For now, FL Studio is only available on Windows computers but within the next year or two, it will be available to download and install on a Mac as well.