New Technology In The Entertainment Industry

An author named, Nicco Mele wrote a book called “The End of Big”. It basically debates about the new technology of the industry. The book raises the question, would you rather have six mega movie studios or 800 million aspiring directors sharing their works on YouTube? In today’s world, you can create any kind of media at zero cost using smartphones and laptops. “Radical connectivity has reduced the cost of creating entertainment”, according to Nicco Mele. There’s been people that has been discovered on YouTube for singing or rapping and was given a record deal. Many would think that the new technology makes things easier but at the same time it can hurt the industry too. The radical connectivity can be a threat to new companies in the industry. It has changed audience sizes. The more options there is, the smaller the audience gets. In my opinion the evolution of technology has its pros and cons. Before writing this post I thought that the new technology was nothing but positive for the industry. I think Mele raises a good point on how it could affect the industry despite the convenience it can be. Being a recent college graduate prepares me to excel when it comes to the evolving technology because my school not only taught me what was needed for a career in the industry but they also prepared me for the real business world. I think being mentally prepared for the real world while being fortune enough to gain a degree is very beneficial. Every new trend, business model or technology will have its pros and cons. What really matters is how you deal with it or what you would do differently. Mele’s book can be a little discouraging to some recent graduates that are trying to have a career in this industry but its just a realistic point of view. As a recent graduate and being tech savvy, I will take advantage of the new technology and make it work for me. I know how it can help my potential business grow. It’s all about being realistic and making the right decision.

Source:

Bellantoni, C. (2013, May 24). Does Technology Offer Anyone a Big Break in Entertainment Industry? | PBS NewsHour. Retrieved November 24, 2013, from http://www.pbs.org/newshour/rundown/2013/05/does-technology-crack-open-entertainment-industry-for-anyone.html

Alternative Financing

The National Community Investment Fund provides several financial opportunities for potential businesses. They focus solely on the mission-oriented banking industry. The NCIF invests equity in local financial institutions in hopes to driving development in low-income communities. They also co-invest capital and place deposits along with philanthropic investors. The NCIF is also exploring new initiatives such as Small Business Loan Fund and the CDFI Bond Guarantee Program. The U.S. Economic Development Administration assists with grants. The grants are made under the EDA’s programs to help with the economic development strategies in distressed communities.

In order to receive grant funding with the EDA, there is a competitive process. Projects are evaluated to determine they advance global competitiveness, create jobs, leverage public and private resources, and demonstrate readiness and ability to use funds quickly and effectively. Not only that but link to specific and measurable outcomes. The NCIF invests in strong network of different banks and financial institutions. They seek institutions that have effective leadership, show commitment to business in underserved communities, and create an expectation of strong financial and social returns for all stakeholders. They also want institutions to create an expectation of providing liquidity to equity investors within a period of time and are aligned with NCIF’s mission.

On the NCIF website they provide information about their network, annual conference, equity capital, custom analysis, tax credits, deposits, publications and research. You can also search for a mission-oriented bank on their site as well. On EDA’s website they give information about their investment programs, their mission, who is part of the leadership committee and how to contact them. The advantages of using the alternative financing is easier approval, flexible repayment term, promote new business concepts, and affordable rates. The disadvantages to using alternative financing are repayment, high rates, cash and collateral, and impacts on credit rating.

The Advantage of Alternative Financing: Small Business Opportunities - Small Business Financing: Small Business News - The Small Business Fund. (n.d.). Retrieved from http://www.thesmallbusinessfund.com/blog/2012/5/15/the-advantage-of-alternative-financing-small-business-opport.html

Debt Financing - Pros and Cons for Business Owners. (n.d.). Retrieved from http://entrepreneurs.about.com/od/financing/a/debtfinancing.htm

Economic Development Administration. (n.d.). Retrieved from http://www.eda.gov

National Community Investment Fund. (n.d.). Retrieved from http://ncif.org

Incorporating My Research On Experts Into My Business Plan

I intend to incorporate what I’ve learned from my own research on the experts profiled in the previous posting by keeping their philosophies on business and success in mind. Dr. Gedeon said in a video,” I teach my students about personal success first and business success second.” It’s important to be happy with yourself before starting a business. Mr. Gedeon also says,” Entrepreneurship is like playing the guitar.” You have to just do it. I would incorporate his advice about starting a business because I found it meaningful. Mr. Chuck Blakeman uses his experience to help business owners create success. I would seek business advice from his group, The Crankset Group about my business plan before presenting it to an investor. Not only that I learned from both experts that failure is okay and its part of success. I didn’t make any changes to my business plan based on the information by these experts but I do find the research insightful. I’m going to continue my research on these two experts and follow them as start my journey after Full Sail University. As I present my business plan to potential investors I will keep in mind that “I have to be curious about the world and have a passion for what I want to do”, says Dr. Gedeon.

A business plan should be well organized and proofread before it’s given to a potential investor. The most important sections of my business plan to the investor that is reading my plan would be the financial section and the executive summary. The executive summary is the first opportunity to gain the investor’s interest. The investor wants to know about the company that he/she may invest in. The finances are important because the investor will want to know how they are getting their money back. 

Sources:

Business Plan: Examples and Best Practices of Business Plan Writing. (n.d.). Retrieved from http://www.youtube.com/watch?v=RoytcBiOpDI

Business Plan Executive Summary | SBA.gov. (n.d.). Retrieved from http://www.sba.gov/content/business-plan-executive-summary

BusinessInfoGuide.com (2011, March 24). Entrepreneur Interview: Chuck Blakeman of The Crankset Group : Business Info Guide: Small Business, Internet Marketing, Entrepreneur Interviews & Resources. Retrieved from http://businessinfoguide.com/entrepreneur-interview-chuck-blakeman-of-the-crankset-group/

Chuck Blakeman / Live well by doing good. (n.d.). Retrieved from http://chuckblakeman.com

Crankset Group – Make your own business rules. (n.d.). Retrieved from http://cranksetgroup.com

Steve Gedeon | LinkedIn. (n.d.). Retrieved from http://www.linkedin.com/in/stevegedeon

Steven Gedeon | Entrepreneurship is like learning to play the guitar (till your fingers bleed) [Video file]. (n.d.). Retrieved from http://www.youtube.com/watch?v=JyQiJd2CrPQ

Taking A Look At Some Experts & What Investors Look For In A Business Plan

Professor Steven Gedeon, PhD is a serial entrepreneur, angel and venture capitalist. He has founded and led over a dozen private, public venture capital and non-profit organizations. Dr. Gedeon has delivered over a hundred public speaking engagements and on-line videos on personal leadership. He is currently a Director of the Ryerson Entrepreneur Institute, the Ryerson Angel Network and the Dobson micro-Financing Seed Venture Fund. He also holds a position as Chairman of CEO Fusion and the Research Committee of the National Angel Capital organization. His background includes investing in and bringing new products and services to market in high tech, IT solutions, software applications and artificial intelligence. Dr. Gedeon is a licensed Professional Engineer in the USA and Canada and has won over 20 awards. His has experience when it comes to starting, leading, financing and coaching technology-based companies.

Mr. Chuck Blakeman is a business practitioner who uses his experience to help business owners create success. He has years of experience in sales, marketing and operations of companies. These companies are involved in branding, database, website development, call centers, printing and direct mail processing. He’s an author of “Making Money is Killing Your Business”. Mr. Blakeman has a group called The Crankset Group that provides outcome based mentoring, peer advisory and consulting to business owners. He is a regular convention speaker. Chuck Blakeman is responsible for starting and growing five businesses and is considered the thought leader in Marketing Support Services. Microsoft, Tyco Healthcare, and Apple are a few customers that have worked with Mr. Blakeman. He speaks and works with businesses in the U.S., Europe, Africa and Australasia.

Even though the particulars may vary depending on the investor, there are some components they are looking for. They want to see your background in the industry and business experience. Investors also will be looking at the experience of your management team as well. You must be able to show how your product or service is unique. You have to prove that there is a need for your product or service in a large market that would make their investment worthwhile. Investors will also want to know if you know your demographics and how you plan to reach your target market consistently. The pricing and sales strategy must be clearly defined. They also want to know that you researched your competition thoroughly and how you plan set your business apart from theirs. Most importantly, investors expect to see a return on investment. They want to see financial projections that will show how long it will take for your business to show a profit and get their investment. They are considered key because it helps the investor see your vision in clear view. It shows that you put time and research into your vision for your business before you started looking for an investor. Not only that but it helps the investor know whether they want to do business or not.

About | Steven Gedeon. (n.d.). Retrieved from http://www.stevegedeon.com/about/

AllBusinness.com (2009, May 12). Five Things Prospective Investors Are Looking for in Your Business Plan - NYTimes.com. Retrieved October 6, 2013, from http://www.nytimes.com/allbusiness/AB12322189_primary.html

Chuck Blakeman's Biography | Mulligan Speakers International. (n.d.). Retrieved from http://mulliganspeakers.com/index.php/chuck-blakemans-biography/