On the path to mastery, I have found another great treasure it is the power of negotiation. Over the past month I have endeavored to understand the foundations of the practice of negotiation. It has been a month of involvement with positional bargaining and mutual benefit as it relates to contract negotiating in the Entertainment Business. This adventure has only just begun to reveal the possibilities of success in negotiating.
The NDM course offered by Full Sail University in the EBMS program has added another skill to growing list business skills which are developing my leadership qualities. The ability to close a deal that includes a mutual benefit for all parties is considered as a successful outcome. The fundamentals of negotiation have been well presented in this course. The material presented in this course has improved my negotiation ability by 90%. It is possible to look at the interest of people and understand that their needs are important to the outcome of the negotiation. I have spent much time looking deeper into the proper preparation of objective criteria which must be presented and included with all negotiations. I have learned that in order to keep the negotiations moving in a positive direction it would help to assert words of appreciation and to find a way to affiliate with the parties involved.
Game Theory was also covered in this course. I have found that it is possible to predict the behavior and outcome of a particular negotiation with math. This was a completely new idea for me but easy to adsorb. The ability to use math as a prediction tool is a very powerful element when added to the negotiation process. I also had the opportunity to apply the lessons learned this month by doing an actual negotiation in the field. The outcome was positive and I am satisfied with this moment on the path to mastery. There is much more to come as I travel forward on the path.
As another intense session is coming to a close it is time to share a reflection on Entertainment Business Finance. This course is the basis of my new understanding of how to develop and use finance to keep my business out of the red. The Mastery of Entertainment Business Finance is a process which will take time to secure. However, this foundation is the best place to start on the road to success.
The Entertainment Business Finance course has exposed the reality that there are investors who are looking to take a gamble on a new idea that has a good plan. These investors surf the web for projects that have been launched through non- traditional means known as Crowd Funding. Crowd funding is a prime example of creating success by including the community on the web to participate as executive producers. Of course titles are not necessary just a promise to complete the project and provide a sample of the finished project in return.
What is a business without a balance sheet? How do you manage your personal finances without a balance sheet? The idea is that the balance sheet is necessary to keep track of finances. Before taking this course my knowledge of the balance sheet was limited to credit and debit learned in undergrad accounting training. I did not apply balance sheets to my personal finances. Entertainment Business Finance has shown me that the balance sheet methods must be applied to the business finances as well as the personal finances. By using a balance sheet the decision making process for what direction to take with finances is clear and laid out on a spread sheet with projections out to three years. A review of the cost of money was also included in the course which was very helpful in understanding interest rates.
There were many case studies, interviews and videos to help drive the point home that Entertainment Business Finance is the foundation of business success. A great brand must have a strong financial plan in order to reach the target market and turn mega profits. This is another step down the yellow brick road to Mastery in Entertainment Business.
This post is a review of my accomplishments in Business Storytelling and Brand Development. The course presented tools and topics which have been added to my growing arsenal of Entertainment Business skills. I discovered the correct path way to creating a strong presence for my company. It is now possible for me to re-evaluate my business position in the entertainment consumer market. Thus, I will create a positive business presents.
Storytelling is an activity that I enjoy. However, it did not come together as a business tool until I learned the principles of Business Storytelling outlined in this course. I am now armed with a skill that will allow my Brand to be properly presented with a compelling story line. I used marketing research techniques to explore successful brands. My discoveries included uncovering the art of branding through reviewing the history of certain business leaders. The application of business storytelling presented in this course will prove to be a value to my brand development.
It is clear that the customer must experience the brand in order to place a value on the product offered. The brand identity is part of the customer’s unique experience. My business leadership skills have been enhanced by business storytelling and brand development. My identity is the story behind the brand and my brand is what the consumer will experience and evaluate.
I now understand treads in the market place applied to brand marketing. Keeping updated with current trends in entertainment will allow my company to adopt when change is necessary. The market is competitive in entertainment but, when armed with the skills of brand development, repositioning in the market place will be easier to handle.
Finally, my learning experience with Business Storytelling and Brand Development has created a feeling of confidence in my skills. The information acquired is in line with my educational goals. My journey on the path must continue. I am looking forward to greater business adventures while on the path to success.
This post is a review of what has been accomplished over the past month in project and team management. The course presented topics and materials that were cutting edge for modern business. I discovered the responsibilities of the project manager. It is now possible to understand the project life cycle. I can now evaluate the key constraints of the project before it is launched. The steps involved with the project management process are clear in my mind. This course has exceeded my expectations.The project manager faces many challenges that I can understand and prepare for.
Team development is a major step in project management. The stages are complicated and require research and attention to details in order to develop an effective team. The characteristics of the project’s team members are important to the performance of the team.
Conflict can be managed to insure the progress and timely completion of a project. I can now approach conflict resolution with a tool known as a conflict resolution policy. It is possible to create a project team On-Line, the same rules apply as in face to face meetings. The communications techniques that I have learned are relevant assets for a project team manager.
Blogging was also effectively discussed I now have a better business approach to using my blog as a marketing tool. Using animations to advertise a business idea and exploring creative financing to secure a budget are powerful business methods for success. All of the materials and lessons in the PTM course are real life solutions which I have started to apply.
The PTM course is in perfect sequence with the previous courses. I have added to my advantage towards putting my business plan into action. I can substantiate my business plan and meet the needs of today’s business environment. Applying these rules and standards will surely lead to success in Entertainment Business Management.
At this point on the journey to mastery in entertainment leadership I have examined the laws of leadership from two perspectives out of which has given birth to my own understanding. Robert Greene’s views can be woven into the John C. Maxwell perspective to give clarity to conditions that may exist where flexibility is needed. So, I have to apply a little of both styles in my business dealings. I am very comfortable with the Maxwell views on leadership. Robert Greene gets right to the point of the hard sell keeping feelings out of the decision making process. Sometimes the hardcore model is necessary but not all of the time. People are important and their feelings should be handled with care when doing business.
For example: I will be working with many different Artists while overseeing the production process. I am a people person; I enjoy meeting and greeting new Artists while listening to their ideas. My position as an A&R Executive requires more of the Maxwell guided leadership skills. Production priorities must be maintained with a positive attitude under pressure. As a Maxwell follower it will be easy to solve conflicts between Artists and Labels. Or, the problems can be kept to a bare minimum because of the Maxwell training. It takes an open mind to observe raw talent and develop a vision with integrity for the Artist.
Adjusting to change is a Maxwell characteristic that is necessary to development. Applied to the entertainment industry this characteristic is a valuable tool. Public taste change often and to notice these changes takes unbiased thoughts. It is not about me it is about what is needed to keep the audience coming back for more. All of the skills needed take time and practice to develop. It is well known that change helps to bring the needed skills to the surface in life.