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Final Project Business Plan

Moving forward with a business idea can be confusing, scary, and lonely. As I proceed in developing my business and career, the knowledge gained during the Final Project Business Plan class will indeed be of great benefit.

Originally when asked what I hoped to gain during my final month at Full Sail University my goals were to develop time management skills, solidify my ultimate mastery goal, and develop a meditation routine. These goals were accomplished prematurely, and I entered my final class thinking I'd only complete the logistics of my capstone project. I was wrong! Yes, I completed my business plan for company 5Vibes, however, I also learned so much about the industry as a whole and received valuable detailed content regarding the financials associated with my business.

Understanding the financial aspects in-depth is an area I am not the best in and did not project I'd leave Full Sail with confidence in this area. Today I can say with pride I truly understand the multiple facets the financials associated with my business. Areas such as balance sheets, cash flow, taxes etc. were broken down in a way that made it easy to comprehend and PDF reference sheets also added to this comprehension.

Mastering my elevator pitch was another area I previously felt would take some time for me to develop and become comfortable with presenting. Surprisingly I was able to achieve both this month which has given me even more confidence as I proceed with launching my business.

The tools and information obtained during the Final Project Business Plan class, along with the knowledge priorly gained, has provided with a sense of security as I move forward with my personal business and helping other entrepreneurs through consulting services. Having a solid understanding of all aspect associated with a business structure and development, plus the ability to financially back this structure up are skills many do not obtain.

I am happy to be in the group of individuals knowledgeable in both the business and creative side of the entertainment industry.

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Business Plan Development

Establishing a business plan is a key component to my company’s progress and success. During the Business Plan Development class, I was able to start building the foundation of my business. Working to establish a viable marketing plan, operations, and identifying my target markets allowed the opportunity to further analysis and develop my business concept.

Prior to taking this class, my objectives were to create a business marketing plan, establish a financial plan, and develop a solid outline for my business. I can with confidence say these goals were accomplished and my business development knowledge level has greatly increased.

When establishing a business plan there were many areas unclear. Although my general idea is confirmed, I was unaware of all the additional areas and research needed to before presenting a concept to investors. Through this research, I was able to redesign some areas of my concept making it more marketable and target based. The information gathered was surprising, making women in NYC now my target market. When creating my marketing plan, I now grasp the importance of allocating roughly 18% of sales to marketing efforts. Initially, I’d plan to spend as minimum as possible however my understanding of the importance of investing back into my business is now clear. In addition to setting a new target market and allocating the proper marketing funds, I also configured my company’s operations. Post reviewing multiple companies I admired, key components of their company’s culture and used it as a base for developing my own.

As I move forward into the Final Business Plan class I am confident with the direction of my company and its financial projections. I can also say with confidence I have now mastered business development skills that will be transferred to projects when dealing with clients. Most importantly my business outline is now developed for success.

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Media Publishing + Distribution Journal

With content development being the bases of today’s society, understanding distribution and publishing is a major asset. Prior to taking the Entertainment Media Publishing and Distribution class at Full Sail, I had many goals I’d hope to accomplish during this month. These goals included understanding music publishing, understanding the process of creating distribution and publishing plans, and understanding the difference between distribution and publishing along with which is used when.  I can confidently say I now have a clear understanding of all goals, in addition, I now have a grasp on multiple platforms that can assist me with self-distribution and publishing.

Prior to partaking in this class publishing and distribution was not an area I saw of benefit to my company. I felt the work involved outshined the rewards, however, I now have a new outlook.

Due to my brands, long-term goal being the opening of a management and advertising agency, adding a distribution and publishing sector would be a great addition.

By adding this sector clients would have the opportunity to receive all needed management, advertising, marketing, and distribution/publishing under one roof. The additional sector would also help to further establish the 5Vibes brand as an industry leader.

When moving forward with the distribution and publishing sector, partnering with vendors such as Create Space will be a must for smaller scale clients. By using print on demand sites such as Create Space I can avoid having excessive products in stock and rely primarily on order placement for fulfillment. Another advantage of this partnership will be their affiliation with Amazon. Having the option to distribute products through the Amazon platform will indeed benefit my clients dramatically.

Unlike other classes in the Entertainment Master’s program, I initially had minimum, to no interest in the publishing and distribution. Although this classes content is not a primary focus of my business, it will indeed assist in expanding my services and revenue. I can also use the knowledge gained to consult individuals interested in self or traditional publishing and distribution methods.  

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Understanding Law in Entertainment

           Understanding the legal aspects associated with an industry will essentially assist one in developing a solid business model, structured to avoids prosecution. This month during my Advanced Entertainment Law class, I was provided with the foundation needed to build a legally secure company. Prior to taking this class my awareness of legal liability issues was minimal. I lacked vital knowledge on the process needed to copyright my content, and trademark my brand. In addition, I had little to no understanding of the many other liabilities I may face as a business owner.

           My original goals for this class consisted of understanding the legal perspective within the entertainment world, mastering entertainment contract development, and understanding laws within digital space. After my first week, these goals were altered. I realized fully grasping intellectual property would be the main legal aspect needed for my business. The act of mastering contracts, although very important, I now feel it is a necessity to have legal counsel involved when developing contracts for larger deals. I will also seek counsel prior to signing, and/or drafting contracts. My goal of understanding laws in digital space was indeed achieved.

With an objective to develop an online business that will profit greatly from content, and run numerous competitions requiring contestants to submit personal content; understanding legal ramifications is vital to my company’s success.

           I am indeed grateful for all information learned during my Advanced Entertainment Law class. As I move forward in my mastery journey this knowledge will be of benefit to both my clients and my business brand.

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Product + Artist Management

Product and artist management is a subject of deep personal interest, and one of the primary reasons for me moving forward with my mastery journey at Full Sail University. With plans to develop an advertising and management creative agency, the knowledge obtained this month will be of great benefit to my overall goal.

Prior to taking the product and artist management class, my goals for this month were as follows, work on proposal layouts, develop product management skills, and master artist management. Although I did not get around to my proposal layout goal, the information I obtained regarding product and artist management exceeded expectations. The general role of an artist and product manager were areas I have always been aware of, however, I never truly analyzed the depth of this sector in the entertainment industry. I now understand those managing artist and products are essentially in charge of the success or failure of individuals &/or items.

Being in a digital age has both advantaging and disadvantages for artists and products. The primary advantage is accessibility; fans now have a direct connection with their favorite products, brands, and artists. This cuts down on advertising cost and helps to increase fan bases at a rapid. The disadvantage to the digital age is fans now require an experience, through both social media and live entertainment. Regarding music specifically, free music by way of digital download has decreased the value of albums and artists are now expected to run their careers like a business.

This month truly allowed me to grasp the business approach needed when developing artists and products. Today, just being an artist isn’t good enough and albums alone will not provide a valid income stream. I learned artist need to develop into brands, their essentially products. In addition, product lines and touring are a must for artists to generate substantial revenue. Above all, an artist or product manager handles the business of the show.

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Negotiation + Deal Making

Negotiating and deal making are key components to successful careers within any industry. During month six at Full Sail, I had the opportunity to explore methods and principles used to achieve successful negotiations and secure deals. Prior to taking the negotiation and deal making class, my goals were to sharpen my overall business skills, learn how to approach negotiations, and master the development of contracts. Although I have not mastered contract development, so much more was achieved. I never realized how important negotiation methods were in securing deals and building relationships. As individuals, we spend much of our time negotiating in some form. From bargaining at the local market to decide who gets the last piece of the pie. Ultimately negotiations are constantly taking place. Understanding communication styles, the person you’re negotiating with perspective, and bargaining positions are just some of the areas I’ve gained a more comprehensive understand on as they relate to these negotiations. One method explored this month I believe will assist me in my mastery journey is game theory. Game theory as it relates to negotiations focuses on predicting reactions and processes. With a goal to manage, brand, and advertise individuals + products mastering the art of game theory is a huge asset. With two of my primary goals for this class being to sharpen my overall business skills, and learning how to approach negotiations, the methods I’ve learned this month have without a doubt helped me to expand in these areas. I now have the confidence and knowhow to negotiate effectively. This confidence has also helped me to better my business skills as I have developed more effective ways to communicate. As I continue my mastery journey, I plan to further build on the negotiation methods and deal-making techniques explored this month. This methods and techniques will provide great value to both my personal and professional journey.

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Digital Marketing Journey

Digital marketing is becoming one of the most valuable assets in today's business economy. As a future business own, it should be of little surprise my excitement for partaking in the Digital Marketing Masters class at Full Sail.

Goals prior to taking this class are as follows: developing marketing techniques for the digital world, mastering marketing plan development, and learning of multiple marketing mediums. My key strategies to fulfill these goals consist of researching marketing formulas, reading of eBooks, and participating in online training.

With a goal to develop an e-learning portal, content marketing is a key component of the company's marketing plan. This content will essentially be the driving force behind my company's success. Due to this, I decided to review Lynda.com's session titled Content Marketing Fundamentals by Dayna Rothman. Post completing the course my grasp on methods to develop marketable content has greatly increased, I have a better understanding of content development teams, and I've gained ideas on methods to promote content. This information will be of great value as I move forward with creating content for my business. Understanding how to build an effective content team, and their roles are the first step in developing marketable material. Methods in creating this content will be the next step in our content marketing process. A deep comprehension on ways to develop marketable content will allow our team the ability to reach a target audience, and establish our sales funnel. Knowing mediums used to effectively promote this content, and how to using these mediums, will provide our team with the ability to promote products using best methods and outlets.

The Content Marketing Fundamental course provided much light to one of the major contributing factors of my future business. This course has also inspired me to create an internal eBook for my content team highlight best practices, promotional tips, and content development outlines.  

Post completion of my Digital Marketing class, I am confident I'll have the required knowledge and skill sets to market both personal + business brands effectively.

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Entertainment Business Finance Journal

Comprehending and implementing a solid financial plan is one of the most important aspects of starting a company.  Understanding ones needed startup capital, projected revenue, and cost of doing business essentially allows company executives, and shareholders to truly analysis and forecast a company’s current + potential growth.

Prior to partaking in month five’s Entertainment Business Finance class, I did not truly understand the importance this class would have on the overall success of my tech-based startup. Although I was aware of the need to secure startup capital, I never put thought into forecasting growth potential. My goals when entering this class were mastering excel, understanding of financing for clients, and gaining knowledge on raising business funds. These goals were quickly altered. Toward the end of my first week, I had redefined my objective; now aiming to master business finance calculations, the process in developing + understanding annual reports, and mastering the pro forma process. I felt these new goals would better assist me in developing the needed financial materials for my startup.  To date, I have achieved these goals, and still building on them. I have also moved forward with one of my original goals of mastering excel. Although this program is not mastered, I have become more comfortable in creating equations and using excel in general. I’ve learned this program will be of great value when creating budgets, forecasting + monitoring, my company’s progression.

Math has always been my less favorite subject so naturally, I was unenthused about taking a finance class. However, I have developed a new love for the financial aspect of a business. My overall understanding of the equations and the “why” behind these equations has expanded tremendously. During a training session, Professor Woodward referred to MATH as being mental abuse to humans; he went on to explain methods and resources available that allow us to use our sense of business and general knowledge to pinpoint the necessary numbers to solve equations. This process and way of thinking changed my perspective of financing and I now believe this may be one, if not the most resourceful class I will take during my mastery journey.

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Brand Development + Storytelling Journal

Branding and storytelling are key components for both my personal and business brand. In addition, having extensive knowledge of these techniques will help me better serve my clients within the entertainment industry.

During month four of my Entertainment Business mastery journey, I had the opportunity to further my knowledge on the process of branding. By using case studies, assessment test, and virtual lessons, I was able to better understand the process one should take when developing their brand identity. This process has helped me hugely in defining my personal brand, company brand, and how to separate the two.  

As a producer, storytelling has always been a key component in developing projects; however, I never associated storytelling as a beneficial aspect in branding. While examining multiple companies social media feeds, and video components, I was able to identify strong business storytelling examples. These examples provided me with ideas on methods to tell my brand's story in compelling ways. Emotionally connecting with clients through my brand's story will allow audiences to develop a deeper understanding of both myself and company. This connection helps in the process of developing a lasting story.

Coming into this class my expectations were to master what it takes to create an iconic brand, gain key storytelling techniques, and to further develop my personal brand. All expectations were accomplished. In addition to my initial expectations, I also developed a better understanding of the logo development process and archetypes. Prior to this class I actually never heard of archetypes. Post assessment it was determined I am most likely a creator. This discovery was not a huge surprise as I love developing, and executing new ideas. Moving forward I will utilize archetypes to assist me in developing my client's brands.

The branding and storytelling class will be a tremendous benefit as I continue to expand on my mastery. When working with clients, my personal and company brands, branding will be the key to expanding and attracting audiences.

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Project + Team Management Journey

Understanding how to effectively manage projects, and teams, are skills all entrepreneurs must master. Although management styles may vary, the final goal of having a well-mended team and a successful project remains the same.

This month I had the opportunity to focus and essentially develop, a solid project plan for a product I’ve had in mind for some time now. Throughout this process, I’ve learned valuable project management skills along with developing new insight on ways to manage my project’s team.

My product being something I had previously brainstormed, truly focusing on aspects such as a comprehensive work breakdown and risk management plans were areas I had not ventured into. Once my work breakdown was complete, I noticed the direction of the concept began to evolve. Due to the scope of work being developed within the work breakdown, it allowed me to put together a team and budget more effectively. This process also promoted a better understanding of the risk involved throughout multiple phases in the project. For instance, I originally did not think to budget for a photographer in the event stock images were not in line with our products branding.

My overall goals when entering the project and team management class were to develop additional skills for leading teams, master project timeline development, and gain budgeting knowledge. These goals were met. Although I have not mastered timeline development, I have become more knowledgeable of the process, and comfortable creating project timelines for small and larger scale projects. In addition to my goals, I’ve learned the art of putting together a great team, to develop a great product.

The skills I’ve gained this month will be of value during my time at Full Sail and post-graduation. As I move forward with my mastery journey and entrepreneurial goals, I plan to further develop this knowledge.

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Continue to pursue your passion, and goals no matter the obstacle.

Live with no regrets ...Never quit!

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My Leadership Style

Developing yourself as a leader plays a vital role in mastering your craft and entrepreneurship. Before truly becoming a leader one must understand their leadership approach.

Going into this class my goals were to develop partnering skills, understand leadership directions within the entertainment industry, and to further develop my niche. Thus, far I have accomplished a percentage of all goals; gained a better understand of myself as a leader, and techniques to better myself.

48 Laws of Power by Robert Greene and Developing the Master Within You by John Maxwell both assisted in my journey to better understand my leadership style. Key concepts from both authors resonated with me, however I would say based on my industry (advertising and production) I lean more toward Greene’s approaches.

Greene’s views on mastering leadership is based off obtaining “POWER”. This way of approaching leadership can be looked down on, however in the entertainment industry I find power is a must to lead. The ability to fully control situations in my opinion is vital to success in this industry. Although, over all my approach to leadership is that of Greene, Maxwell also reflected on concepts that were relevant to my approach. Maxwell’s concepts on “Creating Positive Change” (p. 49) touched on many key concepts I practice. Here Maxwell discussed multiple ways to build relationships, implement change and the “why” behind people not following you.

The combination of Greene’s approach to taking complete control and Maxwell’s relationship building techniques, results in my leadership direction. I see myself as 70% Greene 30% Maxwell. All entrepreneurs in my opinion can value from this direction. As an entrepreneur, I feel regardless of the industry without obtaining power you will never showcase your full potential. To full gain this power you will need to build relationships.

As I continue my mastery journey, the leadership concepts I’ve learned will assist me in forming my tribe. Through additional research and implementation, I plan to further develop my leadership techniques and build myself into a true leader.  

References 

Greene, R. (1998). 48 Laws of Power. Retrieved from           https://bookshelf.vitalsource.com/books/9781101042458

Maxwell, J. (1993). Developing the Leader Within You. Nashville, TN: Thomas Nelson.

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Entrepreneurial Inspiration

The true entrepreneur is a doer, not a dreamer. 

- Nolan Bushnell 

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"The best way to find yourself is to lose yourself in the service of others." - Mahatma Gandhi

Reference:

Leung, S. (2013,March 21). 50 Inspirational Customer Service Quotes. Retrieved from https://www.salesforce.com/blog/2013/03/50-inspirational-customer-service-quotes.html

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A true testimony of hard work and dedications. This movie has inspired me in so many ways.

Never fear the unknown, be willing to sacrifice, and most of all never GIVE UP..

Reference:

Bjørn, J.(2014,March 20) The pursuit of Happiness Most inspirational scene [Video file]. Retrieved from https://www.youtube.com/watch?v=s5gZDJ8CbYw

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Pt. 2 of my Mastery Timeline 

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Mastery Timeline Pt. 1

I’m looking forward to completing all goals & mastering my craft... Cheers to success!