I have to admit that at this stage (the near completion of my graduate school program) that my emotions are bittersweet. On the one hand, I can’t wait for it to be over and on the other, I’m a little fearful. That being said, these last few months have been both challenging and rewarding. This month is Business Plan Development, in this class we had to incorporate EVERYTHING, which we learned, and put it all into one document before THE BIG ONE.
So, we all know that my business idea is to create a music production company focusing on the different music of the Caribbean. I’ve played around with this idea for years and being so close to seeing it come to fruition, leaves me speechless (hard to believe I know). I’ve never really thought about all what goes into business, but now I have a stronger appreciation for people who have the guts to pursue their dreams.http://www.howstuffworks.com/business-plans.htm
I’ve learned so much over these past few months that it’s a little overwhelming to realize that I am fast approaching the finish line. Compiling information over the last few months granted me the perspective I needed to determine if this is something I really want to pursue (look out world). In my travails today, I stumbled upon an article by Richard Branson in www.entrepreneur.com. He reminded his readers that “making mistakes is part of the process of building a company: quickly recovering from them is what’s most important.” http://www.entrepreneur.com/article/printthis/220743.html
Realistically speaking, I would love to be uber successful off the bat, practically thinking that’s probably not going to happen, everything takes time and overnight success is fleeting (I think I’ll wait instead).
All of the industry experts have reminded me that I need to stay on target. I need to know what I want, how am I going to achieve and be realistic about my expectations. I have to be prepared to be knowledgeable about my goals and always be prepared. I need to execute professionalism and recognize that my business and all that it encompasses is a reflection of me, how do I want to be seen by the rest of the world?
I’ve had to make some changes to my plan over the last few months, the biggest one was the tagline. It took forever to come to me; it’s now Hear the Caribbean (catchy isn’t it?). I’ve also had to broaden my target market instead of just opening it to just male youths in the United States, I’ve broadened it to include the most obvious audience; those of Caribbean descent. I also didn’t realize how much money I would really need, so I’m going to need to rework some numbers. I don’t like being indebted to anyone, but no man is truly an island is he? http://www.randalpinkett.com/index.asp
As far as what would be the most important to my potential investors, obviously the money (WOW!), but also the target market, the description of the business and the product. Most investors will ask the question how do I plan to build, promote and expand my business. My response will be through hard work, dedication and knowledge. It ultimately boils down to how much am I willing to invest personally, emotionally and financially. http://www.mbsolutions.com/articles/writing_music_business_plan.html
So, people as I always say, what cost are you willing to pay to become a celebrity?
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