This journey
of earning my Master’s degree in Entertainment Business has been a very
enlightening one. I never imagined
myself going back to school after earning my Bachelor’s. However, it seemed to be great time to go
back to school and learn about the entertainment business. I was hoping to one day be able to use that
knowledge to open my own music venue. In
the end, I came away with valuable education on how businesses are created,
managed, and eventually evolved. This is
a chronicling of my journey at Full Sail University and the classes and
projects I completed.
Our first
class was basically an introductory class, a refresher on proper research
techniques. Since most of the program
and effectively building a business plan consists of research this class gave
an appropriate indication to the level of work that would be required. For my first major research assignment I
conducted research on the benefits of content marketing. I deducted that creating emotional
connections and catering to the specific needs can make for a more memorable
customer service experience.
Executive
Leadership was a very interesting class.
This month focused on teaching qualities of effective leadership and
decision-making. It was fascinating to
learn the different methods of mentoring and leading and the opposing
viewpoints of Greene and Maxwell. As a
leader, it is important to invest in relationships and have confidence in your
vision to be successful in business. I created
a presentation on how Sir Richard Branson created an impact throughout his life
and continues to be an influential leader, as well as explore the various
leadership qualities that Madonna has expressed in developing her musical
career.
When
running a business, it is immensely vital to learn to effectively manage your
team. Project and Team Management taught
management concepts, including prioritizing tasks, the components of a
successful project, staying within budget, and utilizing your team members’
talents for the benefit of the company or project. Tools and resources that can be used for
budgeting and planning were explored throughout the class. A PEST analysis was conducted on my intended
industry for a research assignment.
Business
Storytelling and Brand Marketing was also a very fascinating course. In sharing similar viewpoints of content
marketing, it helps to create lasting customer relationships by connecting
through emotions. Instead of just being
portrayed as another business company, building a story and brand identity can
strengthen the business’s professional image.
I began to explore the brand identity of my prospective business idea
and expressed the branding aspects of a company I currently work for.
With any
business, learning to secure the financials is an essential part of running a
business. Success comes from recognizing
business opportunities and creating a lucrative solution for needs that can be
met. In Entertainment Business Finance,
various finance concepts were discussed, such as financial planning, capital
management, making financial decisions, creating pro forma statements, and
utilizing available funding resources.
For a research requirement I expressed the benefits of using
crowdfunding to allocate funds from people willing to contribute to the
company’s cause.
In any
business setting, negotiations happen on a regular basis. Negotiation and Deal-Making explores the
skills necessary to become a strong negotiator.
Learning to recognize mutual benefit and becoming aware of your own
strengths and limitations will make for an amicable solution where all parties
can benefit. Role-playing was conducted
with other classmates to demonstrate and critique our abilities as negotiators
in business agreements.
Becoming an
artist manager has been an option that I have been considering upon completion
of the graduate program. Product and
Artist Management addresses issues involved with managing, problem-solving
techniques, and various case studies.
This became another milestone in the completion of the business plan as
an investor pitch was created to demonstrate management and planning
concepts. Having the students present
the logistics and planning of a fictional live event and counteracting any
undesirable situations with a carefully constructed plan were also a test our
abilities.
Protecting
business assets, preventing liabilities, and exploring contractual agreements
were part of the curriculum in Entertainment Law. During this digital age, it
has more important than ever to protect intellectual property and the rights
holders. In the aspiration of opening a
live music venue, I explored the legal issues this industry can typically
encounter, such as Dram Shop Liability and protecting the business from being
responsible for a patron’s actions resulting from intoxication.
The digital
age can present issues with protecting and publishing creative content. With the possibility of losing ownership over
original content, Entertainment Media Publishing and Distribution explores
solutions for protecting content and other issues present within the industry,
including piracy, digital rights management, and social media. Publishing also gives the owner the benefit
of being able to monetize from their efforts.
For our assignments, students acted the role of authors looking for
publishers and producers to distribute their product.
Marketing
helps a business by spreading awareness of its mission and product. Digital Marketing teaches the principles of
marketing your product within the digital realm. Utilizing digital platforms, such as mobile,
search engine optimization, social media, and developing a professional online
presence, will better promote a business to its intended audience. Proper research was conducted to ensure a
market’s availability, as well as explore competitors’ statistics by using
analytic tools, such as Google AdWords. I
was able to prepare an executable digital marketing plan for my future business
idea using search engine optimization, digital public relations, and social
media.
The
capstone project of the Master’s program involves creating a formal business
plan for potential investors. Every
class within the program has provided students with another piece to the final
business plan. Financials and startup
funding were finalized and an executive summary was developed. Extensive research was conducted to support
reasons for our business endeavor. At
the end of this amazing journey, I was able to compile a working business plan
for Terra Lounge, a live music venue and vaping lounge idea I aspire to create
into a reality one day.
In only a
year’s time I was able to gain the valuable knowledge needed to create and run a
successful business. Before I build my
business, my plans are to work within other entertainment companies to see many
of the concepts learned firsthand. I
would like to explore the possibility of a career as a marketing director or an
artist manager. The amount of knowledge,
resources, and prospective connections made while attending Full Sail will
prove useful and I am looking forward to what is to come in the future.
