Entertainment Business and Successful Entrepreneurship

Image
Entrepreneurship is generally recognized by society as taking complications, creating opportunities out of them, and then actively carrying out a proposed mission. In turn, society benefits from new products, goods, or services in a more efficient and/or effective way. However, entrepreneurs are often confronted by various negative and criticizing influences, especially within the entertainment industry. Being able to distinguish a non-entrepreneur from an entrepreneur brings more clarity to what it takes. An entrepreneur can be successful with the right attributes, networking professionalism, and a strategic plan with specific goals.

Attributes

Entrepreneurs are a recognized class of people based on their significant attributes. George Howard, an author from the Artistshouse Music Company, states that there are characteristics that entrepreneurs tend to have that do not necessarily need much explanation, such as the desire for responsibility, immediate feedback, and being highly organized and conscientious. But while many traits can be applied to entrepreneurs and are self-explanatory, focusing and providing detail on a few, such as alertness, mindset, and drive, supports why entrepreneurs are a different breed.

Howard says, “The first thing to think about is the fact that entrepreneurs differ greatly from dreamers.” He provides two arguments to this difference: (1) dreamers are not alert and (2) dreamers are passive, not active. He implies here that entrepreneurs have an “alert creation,” meaning that they understand their potential market, see problems that others don’t, and take action to solve them. These problems represent the opportunities that entrepreneurs actively strive upon, whereas dreamers passively move on — changing or creating nothing. This “alert creation” can be further understood through the cognitive style and drive an entrepreneur embraces.

Cognitive style and drive add to the separation of the entrepreneur and non-entrepreneur classifications. Steven J. Armstrong and Andrew Hird found that entrepreneurs tend to be more intuitive and less analytical than non-entrepreneurs. More intuitive entrepreneurs exhibit higher levels of drive towards entrepreneurial behavior. The theory conveyed from them is that having a more intuitive mindset gives entrepreneurs an edge on being successful within a market or industry. Needless to say that an entrepreneur who is intuitively alert about any challenges within the entertainment industry and actively creates opportunities out of them with passion and drive can be successful. Entrepreneurs have the propensity to take risks and ambiguity does not deter them. They are able to visualize towards the future and value achievement over money. An initial indicator of entrepreneurial activity is venture creation, which quickly formulates by utilizing the social and business networks that entrepreneurs have.

Networking Professionalism

Entrepreneurs believe in the significance of building strong social and business networks. Jonah Lehrer, the author of Imagine: How Creativity Works, gives a video interview to GigaOM about how entrepreneurs can unlock their creativity and how social networks play a vital role in entrepreneurship. Lehrer states that creativity plays a huge role in entrepreneurship because in theory people want to have an original idea or do something never done before to fill a void. Furthermore, he says that people have a tendency to think that these well-known successes, such as Steve Jobs and Mark Zuckerberg, are individuals who created these epic businesses or pioneered new ideas all by themselves; however, the reality is that their success is based off a social phenomenon. Lehrer shares a study done by Martin Ruef, a sociologist at Princeton University who looked at 766 graduates from the Sanford Business School and went on to start their own company, who found that social networks actually influence the levels of innovation. Moreover, the more diverse and unpredictable your social network is, the more innovative ideas are generated. Essentially, everyone is part of a particular network, but entrepreneurs use these networks effectively to explore opportunities and exploit business.

According to Elena Vasilchenko and Sussie Morrish, social networks potentially generate business relationships where exploration is facilitated, which often leads to exploitation in the form of new market entry. Vasilchenko and Morrish say that social networks may also be created from formal business networks as well and that entrepreneurs who strive to use these networks greatly influenced the process of market entry. These networks become great sources of knowledge and resources and create the sense of creditability and validity. Suffice it to say that entrepreneurs in entertainment business who are well connected and able to unlock their creative potential can be successful in any ventures they pursue, but they must have a business plan with specific goals.

Business Strategy and Goals

Formulating a business strategy, after identifying the problem that an entrepreneur is trying to tackle and/or change, starts with setting specific goals. Howard points out that goals shall connect to the core values of the entrepreneur. These core values should be relevant to the mission statement the entrepreneur has created. Furthermore, he stresses the fact that entrepreneurs often work hard but have an inclination to become less efficient. This efficiency is lost by what he refers to as “random acts of improvement.” While these acts of improvement may result in short-term accomplishments, they are not relevant to any other goal, causing the loss of efficiency. Being completely focused on your business mission and avoiding random acts of improvement are vital to successfully completing your goals. An entrepreneur can attain these goals by making them difficult but achievable, observable and measurable, and specific with target dates.

Like any other, the entertainment industry holds its own with challenges and opportunities. Taking this into consideration the general goals for entrepreneurs should then be the ability to assess any challenges, connect with the most diverse networks they can, unlock their creativity, and fulfill a purpose that holds value to their core beliefs. This journey will be sure to bring many failures, but an entrepreneur shall eventually meet success.

Entertainment entrepreneurship is becoming more popular today and opportunities are out there. Yet, this territory comes with negative influences and criticism. However, studies and sources show that if an entrepreneur has the right attributes, networking professionalism, and business strategy, they can be successful. As generations pass by and the entitlement mentality of the Industrial Age dissipates, more people in the entertainment field will need to have an entrepreneurial mindset and expand their creativity as people become successful at younger ages.

Advertisements
This entry was posted in Entertainment Business and tagged , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s