Recap, Class Four, Entrepreneurship in Music and the Arts

Here is the email recap + assignments that I sent to my class this morning. #

Dear Class, #

Here’s a recap of last night’s class + your assignments for the next 2 weeks. #

I congratulated you as a group for your superb ideas. I am genuinely impressed by your imaginations and ability to create in a practical manner. #

We opened by talking about how ideas develop, grow, sometimes die and are reborn. I stressed that some of the best ideas come after pursing a related one that fails. #

I talked about how business entrepreneurs need to be able to make a “pitch.” I asked you to develop an elevator speech and share them in small groups. We then modeled expanding on, and critiquing ideas. Then still in small groups you practiced this model. The level of sound in the room told me that this activity was working! #

I interrupted your work to introduce a rubric on evaluation of ideas. I listed and explained 5 items to consider when developing an idea. They are: #

Value Proposition
Customer Segments
Revenue Streams
Capital Requirements
Sustainable Competitive Advantage #

We discussed each of these, providing multiple examples. #

We then completed the critiquing activity. #

For your assignment I asked you to work up a development plan for your ideas. What are the next 3 steps you will need to take to expand and fill them out? I asked you, while at the same time in developing your next steps, to also devise a market feasibility measures. I explained that these measures may be part of your development plan, but also may not. You will know as you begin your work. #

I asked you to consider employing 3 techniques in your market feasibility testing. One of these should be benign research. Find out through research everything you can find out about your product or service. Has it been done before? Is some other entity doing similar work? Find out EVERYTHING you can about similar ventures. One of your measures should be talking to people who are a potential market. A couple of you are developing new literature for your musical instrument. Talk to your fellow flutists to get a sense about what you are proposing to do. If you can, ask them if they would be willing to pay for it, if and when it would become available. Last I stressed that you could do a targeted online survey to those who might be interested in your venture. #

I stressed that we musicians often take criticism as a challenge to try harder, but that when developing a new enterprise this quality can be defeating. Listen to your feedback and incorporate it into your development plan. Listen to your audience, your future clients, as they are the ones who will make or break you! #

Before February 25, next Monday: Development Plan
Before March 5: Development Plan + Feasibility Study #

Read Brinckerhoff, “Social Entrepreneurship,” Chapters 5 and 6; Optional, but recommended: Chapters 1-4. #