MASTER LEVEL: COMPLETE
Final Business Plan
I am very fortunate to have been in this program for the last year. Before I enrolled in the Master’s program, I was taking some free online classes on various websites. Although they provided some information that I was looking for, the classes were not as structured or engaging as I would have liked, and that is when I decided that I wanted to attend a full program. Full Sail’s program provided the guidance and resources that I needed in order to establish a 3-year business plan and to be a more confident business person. I was never able to visit the campus, but I did take a lot away from my 12-courses. It was very intense to learn so much information in a short span of time and I definitely wish that some of the classes could have been longer.
I have always been concerned with how to establish the financials for my company, and how I would be able to negotiate the best deals for my future clients. These were two areas that intimidated me before I came into the program; but I do feel more comfortable presenting and negotiation contracts. ‘Negotiation and Deal Making’ and Business Plan Development were two of my favorite courses because they provided insight on the two areas that I was interested in. Business Plan Development was the course that put everything into perspective for me as far as organizing and presenting all of the components of my plan. I was so amazed at how far I had come since the beginning of the program. I was really able to look at my start-up cost in a realistic way that prepared me to present my idea to investors. As a creative consulting company, I have already started to do work with more artists who are in line with my company’s mission and vision. As I help them to sort out their great ideas and create strategies to express them, I hope that more people will recognize my brand and want to do work with me.
Business Plan Development
My original goal for this course was to synthesize everything that I have learned in the last 11 months and to add the finishing touches to my business plan which I felt like I was able to do. This course really forced me to dig into very specific parts of my plan and to detail them even further to prepare it for the final draft. I have learned a great deal in this course about business planning and I am more confident in the plan that I am still developing. Ever since I decided to become an entrepreneur, I was always worried about the financial aspect of my plan because I did not know where to start or where the money would come from. In this class, I figured out which services I will be offering and this made it easier to create realistic financial goals.
My brand, The CoSmic Club, is a holistic entertainment consulting group based in Newark, NJ. We offer free and low-cost artist development services that include: short-term management, public relations, individual and project support to artists who feel like they have everything they need…except for a dedicated team and the right resources. With a collected, coaching approach to management, our mission is to guide independent artists to make more strategic and wholesome decisions to create sustainable careers.
I have already started to offer my new services to artists and so far, everything is in accordance with my plan. It feels good to know that if I stay on track, I can meet and even exceed some of the financial goals that I have set for myself over the next three years. More than anything, this class taught me the importance of staying focused and planning meticulously. I am looking forward to what I will gain in the final class of my program.
Entertainment Media Publishing and Distribution
My goal for this course before starting was to learn more about music publishing and royalties, but I do think that I have gotten much more out of this course. Firstly, Kim Craft is an amazing writer and instructor, as I found all of the supplemental resources for this course to be useful. Our main book, Entertainment Media Publishing and Distribution written by Ms. Craft provided a lot of real information about the industry structure, standards and formats. I am certainly able to use the assignments, such as the query letter and TV treatment, to get a better idea of where I would like to take a real-world client, Spicy B’s Soup.
One thing that I enjoyed about this course was the flow and consistency of the assignments. At the beginning of the course, we were asked to select one major area to focus on, such as film/tv, book or video game. Although the assignment was the same for each area, you were to work on the same project throughout the course. I liked this because it helped me to further develop ideas I had already been working on versus just being a random assignment. I chose to focus on film/tv in order to gain more information about how to publish and distribute a web-series/tv show for a client who is currently working on their teleplay. This course brought a lot of things into perspective for me and helped me to look at distribution in a more realistic and understandable way.
I have always been interesting in publishing and distributing music but through this course, I was able to widen my scope of experience. Before taking this class, I really did not have much knowledge about how to get a show from script to TV but now I have a better idea. One of my goals was to become a publishing company by the end of the month and I am still looking forward to doing that; I just feel more comfortable stepping outside of my comfort zone when it comes to developing pitches and distribution opportunities outside of music.
Advanced Entertainment Law
In my opinion, Advanced Entertainment Law was one of the most useful courses because I was given in-depth information about the law as it applies to this field. When it comes to running any business or brand, ensuring that all of the legal aspects of your brand are taken care of should be a priority. It starts with owning the rights to your business name and taking the appropriate steps to ensure that the proper copyrights are in place. You do not have to be a legal expert before you decide to pursue a career in the entertainment industry, but you should understand the basics.
While I am not well versed in entertainment law, I have gained more of an interest in it. For years, many artists have not been as knowledgeable or invested in their rights as they should have been and it is definitely time for a change; especially with more independent artists trying to take their careers more seriously. There are many new platforms and opportunities for artists that come with just as many legal issues and complications and it is important that they are aware of everything. My brand, The CoSmic Club is invested in helping artists to understand and navigate this industry, even the legal aspects. This course just emphasized the importance of being educated and prepared to deal with the law.
Product and Artist Management
Product and artist management has been my favorite class so far because of how informative and engaging it was for me. The assignments were very realistic and I was able to enhance my portfolio with the work that I produced. My instructor was helpful and gave very thorough feedback on all of my assignments, which I appreciate. This course is excellent for developing your creative mind and strategy for success as an artist or product manager..
When I first began my program at Full Sail, I wanted to learn how to better manage products and artists in today’s industry. While this course did offer some tips on how to be an effective manager, it was more about research and marketing. Through my own research, I was able to get a better understanding of my podcast audience and how to reach them. I found that creative Millennials, between the ages of 18-34, that are located in New York, Toronto and Dallas, that love to find new music on social media would be an ideal group for me to start with since they have engaged the most with my content. As projected in this course, I would love to find out more about these people. It is my goal to always have fresh and engaging content that not only entertains, but inspires you as well. This is in line with what my demographic values as well.
The best takeaway from this class for me was the importance of being meticulous and and direct when it comes to your target market. The more you know about them, the better you can adjust your product to satisfy their needs. I had been familiar with Nielsen Soundscan prior to taking this course but I have gained other valuable resources in my quest to develop and connect with my clients and audiences. I also really enjoyed the videos, especially The Future of Social Commerce and Direct Distribution from the 2015 Midem Festival. There are so many opportunities for artists to be more independent and involved in their careers and this panel was a great testament to that. “Midem 2017 is the international music event gathering key players from the music ecosystem to forge business connections and explore current music trends”(Midem.com) I would definitely love to go this year or sometime in the future.
Negotiating and Deal-Making
Negotiating and Deal-making was a class that I was really looking forward to. As a young woman who is aspiring to be in the cutthroat music industry, I feel like it is super important that I am able to meet conflict and negotiations efficiently and effectively. This class definitely opened me up to more terms and tactics when it comes to negotiating. Although anyone can negotiate, not everyone can do it well which is where I think the tips will help. One of the biggest things that I learned in this course is that it really does not matter if you are right or wrong, but your approach can change everything. I also learned that a lot of negotiating is about knowing yourself and knowing the other party as well; again, it is not about who is right. I learned that perception is important when it comes to dealing with others and that you really do have to separate the people from the problem. I learned that when you have an effective negotiation, both parties walk away with feelings of peace and resolution. It is important that you take your confidence with you everywhere you go, but especially if you want other people to trust and listen to you.
I feel like we covered a lot of great materials in this class and that the worksheets really reinforced the information that we were learning. I did enjoy the resources and assignments of the class, I just wish that I would have been on campus to take this class. I know that I would have gotten more out of this course with some hands-on experience. My instructor was very accessible during the course, but I would have loved to have some face-to-face negotiation practice, however, I took this course online since I live out of state. Overall, I did enjoy this class and the resources will help me as I become a better negotiator.
Digital Marketing
In digital marketing, I wanted to learn how to master social media for business. Before I became an entrepreneur, I was always interested in the concept of instant communication and connectivity through social media so it only make sense to use it for business. This course forced me to think about my digital marketing strategies in a very realistic way. The most important thing I learned was that although there are so many channels out there to share your business content, critical thinking and analysis will help you understand the most appropriate channels for you to use.
I think the use of viral videos could help my marketing strategy because it will definitely increase brand awareness, interest and eventually sales. I am interested in working with artists who want to remain independent, but still be able to reach and make mainstream money. The internet is a great tool to help with this goal and viral videos can bring some of the best success stories. For my initial discussion board post, I decided to use the massive success of Rae Sremmurd’s Black Beatles as an example. It was already a popular song but The Mannequin Challenge took the song to new heights by having it shared so many times in so many places. When working with a new artist, I would love to see their success and market value skyrocket because of the luck of a viral video even if it only adds to the number of streams and downloads.
Entertainment Business Finance
My main goals for the month were to open up more streams of revenue for The CoSmic Club, to develop a financial plan for it and to open a business account at my bank; so far I have only done two out of three things. I have expanded the products and services that I will offer at The CoSmic Club in order to create more opportunities to make money. I have also created a financial plan (pro forma sheet) for the next year to see where I can take my business.
Entertainment Business Finance was one of the most challenging courses that I have encountered so far during my studies at Full Sail University. When running a business, there is absolutely no way you can be successful if you do not know what is going on with your money. Even if you are not the person who handles the money, it is important to have a basic understanding of your company’s cash flow and income statements. When I first started this class, my only intention was to understand how to make and manage money within the entertainment industry. I would say that this course definitely shed a new light on things for me and I will walk away better informed than I did going on.
I was never interested in finance but now I see how necessary it is to the heart of every business. It does not have to be rocket science but when you know the basic formulas and you have a financial plan, there is a higher chance for you to succeed as a business. I feel like financial planning is so important because it gives you a clear idea of what to expect and how. Just how we put a lot of time into writing a business plan, we must also spend a lot of time developing the financial plan. My favorite part of this course was discussing opportunity costs because it was something I really needed to hear. I would often think that I had to make one decision because it was convenient, but it didn’t help in the long run because it was not an informed decision. Opportunity costs helps you to look at more than one solution to your problem and logically pick one based on the maximum benefit. This is relevant to financial planning because you always want to have a return on your money and/or the opportunity to make more.
Business Storytelling and Brand Development
When I first began this class, I was excited to develop a solid narrative for my brand. The alone suggests that we would be learning creative ways to tell a story for our brand. My original goal for this class that I developed when in Mastery was to learn creative and effective ways to get The Cosmic Club’s core messages across. By the end of month 4, I planned to have a finalized logo, to continue the two-way communication with the early adopters to ensure brand’s message is consistent and to design custom apparel and novelty items. I feel like I was only able to accomplish some of these goals. While I do not think that this will be my final logo, I am content with the results that I have because I put a lot of thought and effort into it and it expresses what the brand is all about. This class definitely taught me to be more considerate of visual branding because it is about more than a logo and a few words. People have to feel connected and have a need for your product in order to ensure success.
I enjoyed the assignments in this class because they challenged me to think critically about my brand and what legacy I am trying to leave behind. I had an idea of how I wanted to express myself through my brand but I realized two things in this class. The first thing is that it is okay for your brand to have a personality separate from your own. I noticed that my brand seemed to take on my personality although I have different ambitions for the brand than I do for myself. The second thing is that the most important part of any brand is your connection to your audience. It cannot be forced and your product has to have a sincere and emotional to them as well. Going forward, I will just be more careful in how I am crafting my brand making sure that it reaches people in the best and most authentic way.
Project and Team Management
I am actually really excited to be finished with my third month of school which was my project and team management course. My main objective and a personal goal I had for this course was to learn how to build an effective team and how to manage a full-scale project. While 101 Project Management Problems by Tom Kendrick was very insightful, it was a reminder that I do need more real world experience when it comes to dealing with creative teams and projects within the entertainment industry. Some things that I planned to do this month while integrating my schoolwork were; actively participate in discussions, plan a social music event for Summer 2016 and practice social intelligence. As month 3 comes to an end, I can say that I am content with the progress of my goals.
One of the first assignments that we had to do was a teambuilding project. The lesson here was the importance of having a team leader, organization and communication amongst the team. Organizing and managing a team seems like it can sometimes require more work than the task itself but it was a learning experience, even at such a minimal level. Another assignment that I actually enjoyed starting was the Digital Leadership Portfolio. Since I am already in the process of building my brand, it felt really good to be able to share some of the things that I have been working on in a clear and concise manner. One of the last assignments was the character team assignment where we were all assigned a list of celebrities who would act as team members on our projects. This was an interesting task to do but it did alter the way that I think about teams. It is important to know whom you are working with, what their strengths and weaknesses are and how useful they can be to your project success.
Project and Team management skills are really life skills because there is always something to be done and sometimes, these things involve other people. Some things mentioned in the book were minute but I can see how important it is to consider when making something happen. I thought the information was helpful and cannot wait to start applying it to my own life and projects.
Executive Leadership
One of my goals for this course was to find out what my leadership style is so that I could learn the best ways to improve it. This class revealed to me two different types of leadership and I have come to the conclusion that I am a mix of both. If I had to break it down, I would say that I am 20% Greene and 80% Maxwell when it comes to my personal leadership style.
Maxwell’s style of leadership is more calm and inclusive, focused on getting the group ahead through your leadership and I feel like Greene takes a more cut throat and selfish perspective. I was a huge fan of Greene’s work in Mastery, but I did not like the bluntness of 48 Laws of Power. As discussed in the GoToMeeting session this week, Maxwell provides us with the traits of leader and Greene tells us how to play the leadership game. I would definitely take tips from Maxwell on priorities, problem-solving and vision because I can say that I have started to become more organized using some of the tactics that he has outlined. The Pareto Principle has become a valuable tool for prioritizing my week and actually getting things done. I feel like I will take some traits from Greene like law 2, learning to use your enemies. It is impossible to please everyone so it is best if everyone was working in your favor. I will also make sure to protect my reputation at all cost, as outlined by Greene in law 5.
While I will be taking some of Greene’s advice, I do plan to avoid some of the laws like getting others to do the work for you and taking the credit. This does not seem like something that a leader of high morale would do but it something that I see a lot of in the entertainment industry. I do not think that people should have their ideas stolen and I think everyone should get credit for their contributions. One of the things about leadership that I am not looking forward to is dealing with personal loss as I try to spread my vision to others and build a strong team. I know that loss is a part of your growth but that does not make it any easier to accept. Working to be a better leader for yourself and for others is something that you have to be dedicated to. You must be empathetic and considerate of others but you must also be audacious and secure in your leadership position which is why I can relate to both styles of leadership.
Mastery
I am glad that we started with Mastery because it is a very introspective course, but I am really excited to get to brand development and storytelling, negotiations and entertainment law because these are the most important things to know when running a successful artists management company. I love the energy that is flowing when I am in a room full of other creative, driven and talented people, which is why I am so attracted to the entertainment industry. There’s nothing like being in the presence of someone creating a masterpiece, whether they are writing a song, playing an instrument or working on a live-beat! I never want this feeling to go away which is why I want to be able to make sure that things are taken care of on the management side, so it is less stress on the artists and they can put their energy into their work. I have a lot of admiration and respect for artists of all kinds because it takes a lot to not only share yourself with others, but to influence them as well. I am in the process of developing a collaborative and holistic space for artists from all over the world who are down to showcase their art and inspire people in the process.