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The Experience of Music Business - Essay Example

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This essay describes the experience a group of four people to start a business. Each member of the team was given a key role to play; music producer, PayPal coordinator, finance and accounts. Also describes the problems and conflicts in planning their business…
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Download file to see previous pages 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)
As mentioned earlier, when we started the business, we all had different ideas before settling for the 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. ...Download file to see next pagesRead More
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