One of the major problems most musicians face in our modern world is that they are so focused on entertaining that they forget that they are in business. As a music artist, you are first a musician, and second, you are a businessperson. You are in the business of making music. As a business man or woman, you should be able to handle the two personalities. In this article, we want to expose you to some unique ways successful business people think, so that you can apply some entrepreneurial thinking to grow your music brand. Do you see yourself as an entrepreneur or are you just into singing and producing songs to pass time?
Either way, if you ever have the dream of building a successful music business, there are at least 9 ways you must be thinking in order to succeed.
I call them the 9 effective ways to think and grow rich as a music entrepreneur.
Let’s go through them in bits:
1. Think by Action:
Start taking actions on your plans with whatever available means you have, don’t wait until you have all the resources complete. Every successful entrepreneur is action-oriented. To a conventional business person, the rule to success is to first aim at what they want, they fire, they are ready, but to a real entrepreneur, the rule is to get ready, fire and aim. It doesn’t make sense, right? It didn’t make sense to me too the first time I heard that, but you’ll definitely understand with that, every successful music entrepreneur has come to realize that. A true entrepreneur does care about fashioning out a perfect plan, he swings into action and swims through the ocean.
2. Think in Possibilities:
Don’t allow yourself to be limited by your present reality. Have the foresight to see possibilities that others can’t see in every situation. Everything is possible if you dare to try. According to a Professor of Harvard Business School, Professor Howard Stevenson, “Entrepreneurs pursue opportunities without regard to resources currently controlled.” They believe in the possibility of their vision.
3. Think in Ambiguity:
No matter the uncertainty of any situation, don’t lose focus, still be able to craft your ideas and hone your opportunities. Keep moving! For a majority of people, when a situation is ambiguous, it means confusion, disorganization and negativity, but to an entrepreneur, the clock never stops ticking. They are able to still function in the midst of ambiguity, uncertainty and a rather confusing circumstance. There are 1,440 minutes in a day, one minutes of a bad experience shouldn’t ruin the rest of your day, still forge ahead.
4. Embrace Risks, Don’t Avoid Them:
Entrepreneurs are risk managers. Apply the principle of affordable loss to manage risks and navigate through them successfully. Entrepreneurs are able to take more risks than regular people because they understand that risk is a necessary part of business and they approach risk management differently. By applying the affordable loss principle they are able to check the depth of the water before actually stepping inside fully. You hear them talk about things like lean startups, customer development process, beta launches, iterations and pivots, affordable loss experimentation, 'under the radar' launches, embedded entrepreneurship, and beachhead strategies. All of these are ways you can use to test out the affordability of an investment before you can go into it fully. Before you invest all your life savings into a song, have you tested the marketability of the song, because at the end of the day your profit comes from the reception you get from your audience. As a music entrepreneur, there are other ways you can apply this affordable loss strategy to work for you. Most of our services for musicians are structured in terms of the pricing in such a way that you are able to test out the service with very little investment, if you got good results then you can order more. Our Music Review Friday is also directed towards helping you to better manage music marketing risks.
5. Think in Patterns:
Entrepreneurs look at the world and things around them in terms of cause and effect. This pattern of thinking will help you to predict the future opportunities that most people don’t see. This will also help you to see the logical extension of a change or the creative-disruptive force of something new or the cross pollination ability of an innovation into new fields. You’ll develop new ideas around your music, adjust your songs to fit into the current realities and happenings around the society that your listeners will most likely relate to and accept. You’ll also have the power to sing prophetic songs that speak to the future. This sort of music prowess makes your type of music timeless.
6. Think Incessantly:
There’s no break, keep thinking, have a problem solving mindset, be opportunistic, curious and optimistic. Musicians are the poets of our time. You are the William Shakespeare of our time. Thinking is part of your art. Think differently about everything and constantly exercise your mind. This is an entrepreneurial trait, which makes it possible for them to come up with innovations that are capable of solving future problems even before they arise. If you develop this type of thinking mentality, you’ll always stay ahead of your peers.
7. Think Internally:
Look at the long-term benefit of everything you do. Whatever the outcome, take it as a personal development for you, never see yourself as a victim. Don’t let external factors determine the value you attach to your outcome. Entrepreneurs rule their world, whether things turn out right or wrong for them, they move and don’t care what the next person says about their sacrifices. Apply this firm mindset to your music business and you’ll begin to see your results differently. Everything is positive!
8. Think of Value-Add:
Always look out for ways to create new value for others. Values are created by increasing benefits or reducing cost. This entrepreneurial principle seeks partnerships with committed people and organizations willing to jointly create the future and are least concerned with traditional competitive analyses and strategic planning approaches.
9. Think of Making Meaning:
Entrepreneurs have an inherent desire to make a difference and to make their world a better place. So, for the entrepreneur, making money becomes a means to that end and not an end in itself.
With these entrepreneurial mindsets, your music business will be a massive success. At Viral Media Boost, we are committed to establishing that strong partnership with you, to jointly create the future that you desire in the music industry. We are making music marketing and musical brands and indie artists growth very seamless, stress-free and highly profitable.
Which of the above mindsets or ways of thinking do you think you lack and need to build? Leave a comment below.