The Experience of Music Business - Essay Example

The Experience of Music Business Introduction We came up together in a group of four people and together we had an agreement to start a business. We had not decided yet on the kind of business were to start on. We were able to come up with a final decision but this took time as each one of us had an idea. At the end, we agreed for music business and the following are the factors that led to this decision: One of the team members was a very good music producer We all had rich and diverse knowledge on how to run the music business Our niche market, the students, would easily buy our product. It was a good business to apply the theory of bootstrapping Upon the decision to focus on music business, we analysed our market and found that our niche market would be the students at the campus but tutors, member of staff around campus and people who will visit the website to buy the music considered our target audience and there were more than welcome to buy the music album. Each member of the team was given a key role to play; music producer, PayPal coordinator, finance and accounts, website producer and I was to lead in marketing. The distribution of roles was necessary in helping us achieve the goals. According to Schneeman (2013) it is important for duties and roles of each partner to be well defined while starting a business partnership. They should be included in the partnership agreement. If roles and duties are not well stipulated, partnership conflicts can easily arise Gitman and McDaniel (2008) Initial challenges As mentioned earlier, when we started the business, we all had different ideas before settling for music business. The most outstanding challenge was to decide and agree on the kind of business we were going to focus on. One of the team members who are the music producer was able to convince us into music business by giving us an analysis of the market. Other team members were doing the same for their business ideas, at the end we all agreed to do the music business as each member of the team can contribute with past experience and it was the best business to apply the theory of bootstrapping. We had to go through three meetings to finally agree on the business, plan it and forecast the costs. According to Clifford and Warner (2012) each partner has different priorities and personalities. It will take compromise from each other for this to work. The other challenge faced was effective communication within the team members. According to Norman, (2003), communication is very vital in any business and business partners as well. At the first meeting some were feeling nervous to share ideas as some of the team members were new. Furthermore, due to the difference in characteristics and background that each member has, in the beginning, I was shy and did not express my ideas and concerns. This is duo to the fact that I consider as “Chairman Role” in Belbin’s theory (See appendix 1) that tries to keep the team together and give an importance to communication and avoiding clashes. However, once there was open discussion, appreciation and respecting opinions between the group members, this speed the process of the decision making, enhanced the communication among the team and less conflict of disagreements rose. This also helped me by becoming more confident to share my thoughts and feelings. Learnt about entrepreneurship and the entrepreneurial process from this activity Partnership as a form of entrepreneurship comes with allot of risks and obligation. Dealing with people who have different ideas can be very challenging. Every member of the partnership has personal interests that they need to protect. Baron and Shane (2008) say that partners in business have flexibility and freedom to run the business and share profits. 1. The importance of identifying market opportunity to do the business and apply bootstrapping. This means that there must be thorough research done in order to come up with the best market opportunity in the business world. 2. The importance of time management of entrepreneur and when running a business. In reference to this, DuBrin (2012) articulates that good businesses must be guided by proper time management at all times. Learnt lessons about myself from this activity As stated earlier, during the first meetings of the team, I was very shy. But with time, I realised that I was not really shy. Instead, I was taking my time to analyse the situations in concern and think of the best solution before sharing it with the rest of the team. This proof to me, that I am a “Chairman” in regard to Belbin’s Team Role Theory. I also learnt that I was good at sticking with deadlines and during the course we had to submit our presentation parts, therefore having a clear goal of the task required and managing the time benefit my submission deadlines of being always on time. Moreover, having people that shares similar characteristics role to myself will give me the confidence to share my opinion as duo to past experiences with groups, being surrounded with bossy members will cause less participation (Fulmer and Bleak 2008) What I would do different if we started the assignment again When you are starting a new business, it is encouraging when you are in a position to justify and validate your decision. This will be facilitated by extensive market research Belew and Elad (2012, p. 288). Therefore, if I was to do this assignment, the first thing would be to I would ensure that I properly utilize my target market, not only to my fellow students but the staff in the institution , thus facilitating a wide market and growth of the entire business. I would gradually increase my products in order to suit a wider range of customers such as staff members and further increase the price depending on the general market prices and demand as well. For example, the prices of each album as prices were £2 for first £1.50 for second and £0.5 for the third instead I would have a fixed price for all of the albums. Impact on your employability skills and career This assignment has had a great impact on my employability skills. Verbal communication was a great challenge for me before the assignment. This has improved and this puts me in a better position when it comes to pursuing my career. Interviews are mainly based on communication skills. If an individual cannot communicate well verbally, their chances of getting the job are low McIntosh (2014, p. 56) This assignment has been able to build my teamwork spirit. Through the assignment, I was able to work with three other people and this equipped me on gaining confidence as well as appreciating the contribution of each member. An expert professional is often charged with duties and responsibilities for encouraging cooperation as well as facilitating the team. In the workplace today and more so in the future, advocating for teamwork will be very vital as there will be very fewer managers and decisions will be pushed mainly to the members of the organization Clark and Kasar (2009) Summary Through team working and participation, we have successfully run a music business and generated revenue throughout the time. Personally I was very happy to work with my group members. Each member of the group has put equal contribution to the work and was able to produce such a quality work and each member of the team was satisfied. Our group member were happy as we helped one of our team member to fulfil his dream on starting s music industry which he will continue running even after finishing this course. This assignment helped me acquire a lot of knowledge and skills in regard to entrepreneurship. Other employability skills were also acquired like teamwork and verbal communication which was a big challenge before the start of the assignment. Lastly, this has been one of the enjoyable courses I have undertaken as it gave me the opportunity to start a new business in practice and measure the success/fail and the outcomes which will benefit me by giving me the confidence to start my business in future. Bibliogaphy Top of Form Top of Form Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Top of Form Top of Form Bottom of Form Bottom of Form Top of Form Bottom of Form Bottom of Form Baron, R. A., and Shane, S. A. 2008. Entrepreneurship: a process perspective. Mason (OH), Thomson/South-Western. Belew, S., and ELAD, J. 2012. Starting an online business all-in-one desk reference for dummies. Hoboken, NJ, John Wiley & Sons, Inc Clark, E. N., & Kasar, J. 2000. Developing professional behaviours Thorofare, NJ, SLACK Inc Clifford, D., and Warner, R. E. 2012. Form a partnership: the complete legal guide. Berkeley, CA, Nolo Bottom of Form DuBrin, A. J. 2012. Essentials of management Mason, Ohio, South-Western/Thomson Learning Fulmer, R. M., and Bleak, J. L. 2008. the leadership advantage how the best companies are developing their talent to pave the way for future success. New York, AMACOM/American Management Association Gitman, L. J., and McDaniel, C. D. 2008. The future of business: the essentials. Mason, OH, Thomson South-Western McIntosh, B. 2014. Job interview success for introverts secures the job you want and deserve. Birmingham, UK, Impackt Pub Norman, S. 2003. Transforming learning: introducing SEAL approaches. London, Published by Saffire Press for SEAL Schneeman, A. 2013. The law of corporations and other business organizations Clifton Park, NY, Delmar Cengage Learning. Bottom of Form Read More