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Mastery Journal - December 15, 2017

This month in Business Plan Development 2, I learned many great techniques that are going to enhance my skills in business moving forward. The first thing that really stuck with me was the value of an elevator pitch. At any time in our lives, we have the chance of running into potential business investors. An elevator pitch is a one minute pitch of our business that starts with stating a problem or opportunity. Followed by stating the market value to attract the investors attention, and then asking for a meeting to discuss the matter further.

Profit in a business is the most important part to know because it is truly the lifeline of the company. It is important for an investor to know that they are able to receive a return on their investment. Investors will want to know if there is any prior working capital being applied to the business. Statement of cash flow allows the investor to see how much money the business is bringing in every month. Investors are putting their own money up when they buy into a business, and they need to know in the income statements that they have enough cash flow to pay back their loan. Devolvement, milestones, and exit plan are used to show what has been done, and a potential exit point in which the company could sell.

The application process when finding a job can be very tedious. It is important that when looking for a job, we treat that process like a job itself. After getting an interview, the application process does not stop until there is a start date that is preferably in writing. If we wait two weeks and end up not getting hired, that is two weeks wasted of not looking for a job. One great question to ask a potential employer at the end of an interview is what the best attributes a person in said position contains. This shows the employer that we are interested in the position and being the very best we can. It is important we show up 10 minutes earlier, and not any more because it could lead to an awkward situation. Strengths should include always wanting to learn and get better at my craft.  

In 2018 I will have obtained a Bachelor of Science in Film, and a Master of Science in Entertainment Business. I look forward to applying my knowledge I have gained in the last three years to my professional career.

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Mastery Journal - November 19, 2017

For the past month I had the opportunity to take Business Plan Development 1 at Full Sail University.  Through this class I have been able to learn how to bring every together that I have built for Windzor Media into  tangible medium that can be pitched to investors. When making it to the level speaking with investors, you need to know every in and out of how your business operates. It is common for people to poorly write their business plans or have sloppy presentations, lack of research, competitive markets, or really a long term plan. To get an investor to buy in to a company, they need to be inspired by the process that in which the business will bring a return on their investment. It is important in the pitch that companies have an accurate evaluation of their company, intellectual property ownership and patents, products and a successful business model. A mission statement that summarizes the nature of the company, commitment to a quality and customer relationships, goals and price positioning are all points that can be targeted in a mission statement. Some companies will focus on one key aspect of the business, and some will have a broad view of their company. Being able to recognize the size and growth of an industry is important for knowing the economic value of a business. If the potential share of the market is not large enough, there is no way for investors to make their money back on the deal. Having a proof of concept that the business is turning a profit is important to sway the investors in the favored direction. Target markets are very valuable to a business because they are the people bringing in the money. Demographics, psychographics, income, sex, education, purchasing patterns, market size, and any other character trait that is beneficial to the investor. During this class I was able to bring full circle everything I have been building over the past year, and I can not wait use this knowledge to grow my business in 2018 and beyond!

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Mastery Journal - October 15, 2017.

During the past month I had the opportunity take the class Entertainment Media Distribution & Publishing at Full Sail University. The publishing process starts with an author or composer finding an agent to represent them. The agent and artist enter into an agreement for the artist to be represented by the agent.  The agent is actively shopping his clients work seeking potential publishing contracts. It is important when searching for an agent that you go are searching for the correct one that fits your work. Whether pertaining to a talent, music, literary, film, or any others the correct agents needs to be reached to have a chance of selling the work. After finding the agent to contact, a query letter needs to be drafted.  The query letter is an exciting opener, introduction to who you are, and a request for the agent to find a publishing deal. The work would then enter in an exclusive contract for a single or series of works, purchase an existing catalog, or enter a copublishing agreement. A publisher acquires new material, managing, marketing, and legal aspects of the deals. Music licenses range from mechanical, preforming, print, synchronization, grand, and transcription rights. The Harry Fox Agency is the company to register to receive mechanical royalties for music. To reach my goals of becoming a Master in my field it is very key that I know how exactly to get my work published. In the entertainment industry, people can either have expensive hobbies or functioning businesses. Contacts and connections are what bind this industry together, and with the correct representation my creative work will know how to turn a project from an idea into a profitable entity. Distribution channels need to be exploited in every way possible to ensure a businesses best profit margin. The fewer businesses a product has to travel through the better it will be priced. The three most important things to ensure a successful business are clients, connections, and business knowledgeability.

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Mastery Journal - September 24, 2017.

Entertainment Law has been a class that really opened my eyes to the legal side of the entertainment industry. When I came in to this program I wanted to learn how fully prepare myself the launch of my business in 2018 and this class helped me do just that. I have learned about so many different legal aspects that make up the entertainment industry. Contractual agreements are binding documents that hold this industry together. If a contract is constructed poorly, it could ultimately end up costing someone a lot of money, or their business as a whole. Businesses need to know how to protect themselves and their intellectual property that they create. One assignment in particular that I know I will be looking back on in the future was the legal documents assignment. In that assignment we had to fill out all of the information for a business registration form, copyright release form, and a trademark registration form. These are all things that I am going to be doing in the future and it is a great feeling to know I already have the general idea of my business and the products I will be creating. Safeguarding intellectual property is a very important run because if not protected correctly, anyone can produce and distribute that product. I am a photographer and videographer who will be working with different exterior locations with different models and businesses. All release and location forms need to be clear and concise so their are no blurred lines between what is and is not allowed. I plan on opening my business in California, and one important thing to know about California is that they do not have non-compete agreements because of all the big tech companies located there. Also any freelancer who works for my company as long as it is based in California, needs to have workers compensation insurance even if they are not located in California. I had many great takeaways from class this month and I look forward to implementing my newly acquired legal knowledge into my business practices.

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Mastery Journal - August 22, 2017.

Product & artist management this month taught me a lot about the entertainment industry. Artist managers take care of the business side of things so their artist is allowed to fully focus on their art. When designing products for an artist or any business, it is important to know the demographics and psychographics of the target audience. 

The standard rate for an artist manager is to receive in commission from the artists sales is 10-15%. It is more common nowadays for the artist manager to fund an artist directly as opposed to the label they are signed with funding the artist. It could be a year before the manager is able to get their money back. When the risk is higher with a certain artist to get them more known and touring, a 20% commission rate may be more suitable. If an artist is already very well-known and you know they will be able to sell out their shows, or they are putting up their own money the risk in the artist manager’s investment is lower so a lower commission like 10% makes more sense. The streaming era has caused much less money to be coming in to the artists. Artist managers are focusing more on ticket sales and merchandise because that is where the most money can be made. 

When going in to business, it is very important that you know exactly who you are selling to. Choosing a target market typically includes age, location, race, college education, affinity groups, job, and hobbies. The more specific when choosing a target market, the better research that was done about the customer. Businesses can fail because they put so much time and money into developing a product, and then it not selling because they never tested their market. If there is a group of people that you know has a higher income than most, that group of people may be who you want to make your products for. Knowing their behaviors like where they eat or shop are great tools to have when marketing to them. 

Artist managers are responsible for the business side of an artist’s career. Market research and understanding analytics allow managers to know exactly who they are selling to. When you know exactly who is paying for your service, you know who to gear your marketing towards. I look forward to taking what I have learned this month and applying to my future endeavors.

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Mastery Journal - July 28, 2017.

Throughout this month I learned a lot and about the process and different tactics used in negotiating a deal making. The research that is done going into a negotiation is the neutral criteria. Being prepared and knowing about each party is the best way to assure you are getting a fair and well informed decision. A BATNA (best alternative to a negotiated agreement) is the backup plan if you had to completely walk away from the negotiation all together. The 2015 MLS TV deal came to an agreement with an eight year deal at $720 million to be paid back between ESPN, Fox Sports, and Univision. The MLS had a backup plan of working with NBC Universal or even doing their coverage internally. In ESPN, Fox Sports, and Univision’s backup plan they would've had to compete with the lot of other broadcasters for Fifa coverage. The end goal of any negotiation it's to find the mutual benefit that best fits each party. In the case of the MLS TV deal, MLS was able to get coverage from well renowned TV broadcasters, and the other three companies were able to cover in North America’s premier professional soccer league. Negative emotions are present in almost any negotiation so it is important that we know how to handle these properly. It is important that we are careful with other parties and negative emotions so the deal is not sidelined completely. As I enter negotiations in the future I will remember that it's important to understand their underlying message of why they're feeling that way and I will focus on improving the relationship. When a mediator is involved in a negotiation it is important that they stay neutral to both parties. Each party is allowed to speak to the mediator secluded from the other party to allow transparency in the negotiation. As I enter deals in the future I know that'll be important that I am well researched on the topic at hand while also having a backup plan in case the deal were to fall through. After I graduate and move to Los Angeles, it will be vital that I stay keen with my negotiating and dealmaking skills so I can become the best businessman I can be.

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Mastery Journal - June 10, 2017.

In my mastery journal this month I chose to do it over Facebook Marketing: Advertising. I learned that one great thing about marketing on Facebook is that you are interacting with people that are engaged to what you will be saying. It is important to know what the goal of of the page will be. Whether it is gain more clicks overall, to download an app, or go to a website. Then you need to know who you are targeting with this campaign, and the budget. A strong call to action that gets the reader's attention will help bring them in. To have a page shown in the news feed you need to have a Facebook page. Websites only will be on the right side of the page. When targeting people there are many different things you can pick to target them. Facebook ads are unique because Facebook is able to tailor unique groups to the apps users use, pages they like, or previous ads they have clicked before. Behaviors are logged into this data as well through various businesses that keep track of things like what they have ordered online, or the average amount they are online in general. It is important to know your target audience in your campaign when creating an ad with Facebook because you want to have a good reach.When paying for clicks you will either be paying for CPM which is cost per 1000 clicks. CTR also known as click through rate is the number of clicks you receive divided by the number of times the ad was shown on screen. CPC also known as cost per click is calculated by the amount spent divided by the number of clicks received. Facebook makes it easy to review all ad campaigns through scheduled advertising reports. With the simplicity of the workflow in Facebook advertising and targeting customers it is safe to say Facebook is a great way to advertise a business.

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Mastery Journal - May 27,2017.

In my Business Finance class this month at Full Sail University I learned a lot about how money works in the business world that I did not know before. Some companies might go there first six months for their first three years without even making any money.  If it were not for financial statements and the different equations that we learn with them we would not be able to determine that long-term longevity of the company.  

One of my first assignments I had to analyze the financial records of the Walt Disney Company. It was in my research of this company that I learned that Disney Gross profit margin of 46%.  This means that every dollar invested gotten nearly a $.50 profit.  I realized how much a company he really needs to make to be able to pay their employee’s, taxes, utilities, transportation, and all other expenses. The rule of 72 is a formula that really intrigued me because simply by dividing 72 by the interest rate you see how long it takes foreign investment to double.  

US treasury bonds are the safest bet and investing money.  Another way to invest that involves more risk is the stock market. When a company creates an IPO the general public is allowed to purchase any number shares in the company that are based on the companies evaluation. The company is able to use that money to grow, and in turn the person buying the stock owns a portion of that company.

Pro forma financial statements are a forecast of a company’s finances for a certain amount of time. Throughout my time here my all my dream has always been to own my own production studio.  When doing this pro forma assignment I realized how much work I am really going to have to do to make a profit in this industry.   This class has really opened my eyes to the world of business finance. I look forward to using everything I learned in this class to making money in the future.

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Mastery Journal - April 27, 2017.

This past month in Brand Development I learned a lot about what it takes to truly grow and maintain a brand. If you aren’t able to tell your story and show your core values you haven’t shown what you’re brand truly is. At the start of the month, I wanted to make a photography business that also did video. About halfway through the month I realized I didn’t want to advertise my company as photography business and not get as much video traffic. I then decided to switch to Windsor Way Entertainment. This name really stuck to me because Windsor Way is the name of a street in my hometown. I was able to give that name recognition with my last name, and have a personal reason that tied me to the name that would show my customers a little backstory. But I felt Entertainment made the goal of my company sound too broad for what I am trying to do. It wasn’t until yesterday and I was brainstorming logo designs and ideas with my roommate and Windzor Media came up. This name I believe fits perfect for the company name and strategy of my business. Originally I wanted to use an orange logo with a white background, because orange represents instinct, warmth, optimism, and freedom. I have been working with a designer and I had mentioned to her I would like to work with sports teams. In her concepts she sent back to me she had versions that used orange and blue as complimentary colors. Blue represents spirit, perspective, content, and ambition. The two colors compliment each other very well. The logo also has a circle camera lens and abstract arrows that simulate a compass. With my name in the middle I believe I have finally found out the exact logo and brand strategy I will be implementing into my business in the following months.

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Mastery Journal - March 26, 2017.

During this past month of March has been a great learning experience. In my Project Management class I learned different techniques and ways of problem solving as a leader. I also was able to put together an entire project management plan for the documentary Starting Over that I will be shooting next month. Starting Over Ranch is a dog rescue shelter located on nearly 30 acres of land in Ocala, Florida. When I first started school I adopted a dog from this rescue. When I drove there with a friend to pick up my dog, I was blown away by the story of this non-profit and the network they have with other similar rescues all over the country. Through using Facebook, Melisa Yost and other volunteers are part of a network with other dog rescuers across the country, and they will drive hundreds or even thousands of miles to save an animal. By making a documentary about Starting Over and everything they do I believe I can provide quality entertainment, while also spreading the word and many different stories I learned from Melissa, the head of the non-profit. Risk management and planning for the future were some other big takeaways from this course that taught me things I can apply in future jobs. During shooting we could run into a few different technical errors. Such as the weather not cooperating on the three days we have planned to shoot. We are shooting during spring break so the whole crew will be free for two extra days that week which will allow us to go back for re-shoots. Equipment failure is also a roadblock we may come across. Our first plan of action will be to test all equipment before the two-hour drive to Ocala. Next would be to have backup equipment with us just in case something was to take a turn for the worst. I learned a lot in this past month in Project Management and look forward to using these lessons I learned in the future.

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Mastery Journal - February 20, 2017.

Leadership is very important when it comes to any job in any industry. Throughout my time here in Executive Leadership I have learned a lot in the Greene and Maxwell books. If I had to say there is one side of leadership that I lean towards between the two it is Maxwell. The five levels of leadership are very intriguing and opened my eyes a lot to the different types of leaders. My ultimate goal, which I think should be everyone’s goal, is to achieve personhood. Personhood is the highest level of leadership and it basically means you larger than life and you are leaving a legacy. Right now I would say I am in the position stage of the five levels of leadership because I am still in school and mastering my craft. I see myself excelling into the permission stage and gaining the trust of my employer and coworkers very soon after I graduate. In high school I worked at my grandparents Italian restaurant, La Gondola. A tornado went through our hometown and destroyed the restaurant I worked at. I had to be transferred over to a neighboring town because they never ended up opening that store back up. When I moved to the Morton store there were a few changes in the way they did things there that didn’t seem right to me. I ended up talking to my manager and I was able to get the employees at the store to put meet and cheese on the sub sandwich at the end of the loaf. Also on the hot sandwiches none of the employees put cheese covering the full sandwich. At the other store my uncle Richard really enforced the quality of our food we made and not making the customer feel as if they were cheated when they take a bite out of a sandwich and it’s just bread. I think this was a way that I was able to create positive change in my new work place. I think this situation was also Greene because of the law enter action with boldness. I had set up a meeting with a new manager I had never worked for and basically give her advice how to put out the product she had sold for years. But it ended up being a good change and she received it well. During my time here at school, I feel like I need to figure out exactly what it is that I can do to separate myself from the competition. I will be turning 22 the month I graduate and I feel like I will be young compared to other people applying for the same jobs.

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Mastery Journey Timeline Keynote

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What If Money Was No Object, is an amazing film narrated by Allan Watts that is very inspirational to me. It really puts in to perspective and makes you think about what you really want to be doing for the rest of your life. My cousin showed me this video when I was in high school and it had such an impact on me. Every day following seeing this film fully convinved me that I need to find a career that I will be happy with. There is one line that Watts mentions in the video that has really stuck with me is “You will be doing things you don’t like doing in order to go on doing things you don’t like doing. Which is stupid” (Watts, 2013). 

Watts, Allen, Actor. What If Money Was No Object. Allen Watts, Tragedy & Hope, 2013. Accessed 20 Jan. 2017. https://vimeo.com/63961985

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