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Mastery Journal
Business Plan Online
Reflection Assignment
This class along with all of the other classes in the EBMS degree program has been a tremendous aid in my efforts to take my company, Jayez Pad Entertainment (JPE) from being a side business that yields a modest return, to a full fledged business that can sustain itself financially. Many of the network connections that were obtained during this class have been put to use already. One such connection is the Angel investor network. This is a network of private investors that operate out of their perspective states. They do not operate under traditional banking formats for investors. They are private companies and or private individuals who have the financial means to invest into the visions of individuals with whom they see a potential positive return. I have registered with the Angel Investor Network for the state of Georgia.
This class also aided in helping me to develop and complete a professional business plan that according to my instructor is of good quality and substance, gives a great overview of my company, and is ready to be presented to potential investors.
The biggest takeaway from this class for me is the financials. Numbers has never been my strong suit. However, any business owner who plans to be financially successful must have slightly more than a basic understanding of the financial scope of his/her company. Professor Thompson was able to breakdown the financial segments of the class and explain them in a way that was comprehendible for me. I was able to take the information he expounded on during class and get a clear understanding as to how it pertained to JPE. The breakdown made my company’s financial outlook manageable from its initial stages and gave a positive outlook for a prosperous financial future. Thank you Prof. Thompson and all of the other Professors of the EBMS program. GOD Bless
Jaye
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Mastery Journal
Business Plan Development
My original goals for this class were to perfect and build upon my current business plan. I also looked to build upon the skills necessary for constructing an accurate yet reasonable 5-year financial plan. During the four weeks, each of the goals that I had were actual assignments that focused on building upon these skills. Each section of the business plan focused on specific needs for that particular section and what that section would be responsible for within the business. The financial aspect of the business plan, (which I believe is the most important part of any business), was a bit challenging. It’s hard to input numbers into a plan when you don’t have the actual capital. However, inputting the numbers gave me a clear view of what would be necessary in order to meet certain goals.
My skillset for creating an effective and accurate business plan was definitely enhanced. The assignments that were completed utilized concepts and provoked research on different aspects of my company and the music and entertainment industry. Learning these concepts and the knowledge that was gained from the research only greater prepares me to be able to launch JPE on a commercial level.
The material learned during this course will be utilized in an effort to secure funding through investors, grants, and donations. It will also be used to ensure that JPE operates to the highest level of integrity and professionalism. The financial spreadsheet that was put together for this course will actually be a working part of my company business plan. It will be used to budget the company expenditures to include but not limited to; employee salaries, equipment needs for both administrative and production use, office supplies and several other miscellaneous items that were included.
Overall, this was a very productive class. I eagerly look forward to putting the entire business plan together in the final class.
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Mastery Journal
Entertainment Media Publishing and Dist.
This class has shed a lot of light on the process of “do it yourself”. There are several areas in the entertainment industry where budding individuals like myself will have to rely on ourselves to get some things accomplished. This class is dealing with many of those things. From the publishing of music and books, to developing video game concepts and treatments for potential movies and TV shows, this class gives an overview of the necessities to bring concept to reality. I believe that the information that I obtain in this class will enable me to take Jayez Pad Entertainment to the level it needs to get to with limited personnel and recourses until such a time that I am able to supply the company with the adequate personnel and recourses it needs to be self sustaining.
Prof. Craft is an awesome instructor. Her teaching methods make learning easy and very comprehendible. Each Goto session gave specific instructions on how to complete assignments and valuable information that I was able to implement immediately into my current business practices.
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AEL Mastery Journal
ADVANCED ENTERTAINMENT LAW
I feel this particular class is probably the most important class of the entire EBMS program. Throughout this month we have studied cases and researched published court decisions on several cases, some familiar, and some I had absolutely no idea where ever in litigation. One in particular was the case of Robin Thick and Pharrell Williams being sued by the estate of Marvin Gaye for copyright infringement. The claim was that the song, “Blurred Lines”, written by both Thick and Williams infringed on Gayes popular hit “Got To Give It Up”. I never connected the dots of the similarity between the two songs until the class assignment that required us to find a case dealing with different liabilities that are prevalent in the entertainment industry, specifically for myself, the music industry. The research brought to the forefront many legal liabilities that have the potential to affect my business and businesses that I will partner with in the future. It also brought to the forefront ways to avoid falling victim to many of these liabilities. The entertainment industry is an exceptionally competitive industry. The last assignment for this class lead me to do research on another legal terminology that I did not know existed; The Sherman Antitrust Act. This act was the first Federal act that outlawed monopolistic business practices. The Sherman Antitrust Act of 1890 was the first measure passed by the U.S. Congress to prohibit trusts. Again, in an exceptionally competitive industry, the lack of knowledge of this act has the potential to land someone in very costly litigation. According to a quote from Thomas Jefferson, “Ignorance of law excuses no one". To put it in simpler terms, legal principles holding a person who is unaware of a law may not allow them to escape liability for violating that law merely because one was unaware of its existence. This class opened my eyes to the fact that the most important part of the entertainment industry is not the entertainment itself, but the legalities of it.
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Product And Artist Management
Mastery Journal
This month’s class has been very informative. It has aided me in ways that I actually was not expecting. I was expecting it to be solely about the artist and how to manage their music. However, the detail of artist management went far beyond my expectations. It discussed the artist’s brand, merchandising and services, the creation of products and services to generate additional revenue outside of the primary source of revenue. All of these topics come at a time when I, as an independent label and producer, am in the process of releasing three (3) artists on my label. I am looking for innovative ways to promote and cross promote each. I have also partnered with someone in a new recording studio venture, and together we are looking for ways to promote the studio and generate additional products and services to generate additional income for this endeavor. All of the information shared in the class this month covered all of these concerns for myself as a business owner. It also helped in identifying my target audience as a studio, who the audience would be that we would target our additional services and products to, and who the audience would be that we would target our artist towards. This was the first class of the EBMS program that really focused on the reality of why we are in the program in the first place…to better position ourselves to MAKE MONEY!!! Prof. Winn was very engaging and her teaching methods made the class very interesting and insightful. I look forward to taking all the information that I was able to glean from this class and use it to further propel JPE into it’s next phase, and to further push myself into the category of “Highly Sought After”!. GOD Bless, and good luck to everyone going forward!
Jaye
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Negotiating and Deal Making
Negotiating And Deal Making
I really enjoyed this class. It helped me to identify areas in my professional and personal life that I need to perfect in order to ensure that I am always able to secure the best possible outcomes for my family and myself. I have never been to be comfortable with conflict or confrontation. However, I do recognize that in life, there is a certain level of confrontation that you are going to have to deal with in order to ensure your own personal success. My view is, if I don’t, the other party will. My goal is to build a company that will grow into a viable competitor in the music and entertainment industry. In order for this to happen, I realize that there are relationships that I will have to foster, deals that I will have to make, and contracts that I will have to sign. All of this will require negotiating and deal making skills that were taught in this class. While this class was only four (4) weeks long, the concepts that were taught are practices that I will continue to develop and build upon over the course of my career. I really enjoyed the last week and the discussion regarding ADR (alternative dispute resolution). The entertainment industry is one where disputes and disagreements are almost inevitable. I feel as though this information will aid in keeping any future disputes private and cost effective. I am very big on relationship. I believe if a dispute can be settled without having to escalate it to litigation and run the potential risk of ruining a relationship, not to mention the cost associated with a case going to trial, then ADR is definitely the way to go. Overall, this class was a definite must have as far as the knowledge I gained from it!
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Digital Marketing
My original goal for the Digital Marketing Class is to build upon my current skills in marketing. This would enable me to build my company that currently has limited financial resources, by using the free social media platforms to reach potential professional customers and consumers.
The Lynda.com tutorial that I viewed was entitled “Social Media Marketing: Social CRM”, (costumer relations management). I found this tutorial extremely enlightening. The key factors that I took away from this tutorial were CRM Platform Services, the importance of CRM training, and sales and marketing strategies.
CRM Platform Services: I have been interested in this service for several months now. With the type of company that I am building, much of the initial work as far as the infrastructure of the business has to be done by myself. With this being said, the time that I would have to manage my company’s social media accounts and generate awareness is extremely limited. I did not want to rely on the “friends and family” plan, wherein I would have to rely on a friend or family member to manage my social media accounts. While they always mean well, something always seems to fall through the cracks when relying on this method. This tutorial provided a list of CRM companies that offer a variety of services that could drastically relieve if not eliminate this issue from me and help me to build JPE, at reasonable prices.
The importance of CRM training: Although I look to bring on a professional CRM company to manage my social media accounts, they will still have to work with the people within JPE for content and information that they, as outsiders looking in, will not initially be aware of. This calls for training. Be it myself, or staff members that I assign to this area, the CRM company that I bring on will be able to provide a level of training that will make the process of connecting with costumers through social media flow easily.
Sales and Marketing Strategies: Bringing on a CRM company will also affect my sales and marketing teams. They will now have the benefit of knowing that our costumers are being reached and they will be able to tailor their marketing plans and campaigns around the strategies that are being put into place by a CRM company.
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Entertainment Business Finance Assignment: Mastery Journal
I must admit this course has been a bit of a challenge for me. I have never been very good at math, and the site of numbers that I’m responsible for computing can really give me a headache. However, I realize that understanding business finance and the concepts involved with how they all work together is necessary if I want to be financially successful in my future business endeavors. This course has shed a lot of light on the things that I will need to focus on in order to ensure JPE’s success.
Week 1 was a focus on financial statements. I thoroughly enjoyed this because it gave me an opportunity to really see how some of the major corporations handle their finances. I chose to research a company that I have followed every since I was a child, that company being the WWE. I’ve always known that the WWE was a huge moneymaker. I just didn’t realize how huge. Looking at their SEC required financial statements literally blew my mind. It definitely inspired me to really push JPE into its future financial growth potential. The numbers that this publicly traded company is able to amass is nothing shy of astounding.
In week two we studied the value of money. This was a focus on money and its current value compared to the value that the same amount of money would have years from now. Several years ago, you could walk into a gas station and place a twenty dollar bill on the counter and tell the cashier, “fill up on pump number 2”, and go back for you change after your fill up. Today, that same twenty-dollar bill will barely get you a quarter of a tank. The same holds true with the capital that we will use for our businesses. What the dollar would buy a corporation 20 years ago, it will not buy today. And what it will buy today, it will not buy 5 years from now. Overall, this course has been very informative and enlightening. I will certainly be reflecting back on the lessons learned as I move forward in my own busines
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4.3 Mastery Journal: Business Storytelling & Brand Development
I have been anxiously awaiting the Business Story Telling And Brand Development course since I started the MS program back in January of this year. My company, Jayez Pad Entertainment, (JPE) has been in existence and operating since 2007. However, I have not been able to fully propel the company to the levels that I know it could reach due to marketing and promotion restrictions. I know branding plays a very huge and important role in the marketing of a company. I knew once I got into this class, I would learn many of the key concepts and strategies for branding my company and burning it, along with the quality of services that we offer, into the minds of our target customer. I must admit, prior to taking this class, I had never heard of business story telling. I am familiar with the concept, but never knew that’s actually what it was considered. I have done several videos and commercials for radio for clients that incorporated business story telling, and had no clue as to that being what I was doing. This course not only helped me with some new concepts for business story telling, but it also educated me and enabled me to be able to communicate more professionally with my clients in advising them as to what they can do to better promote their business and build their own personal brand. Overall, I thoroughly enjoyed the Business Story Telling And Brand Development class. There are several entities to my company. The ability to be able to brand the company as a whole, and yet tell the story of each individual entity in a manner that will further attract my clients and consumers of the services that JPE provides, is crucial. I will utilize all of the knowledge that I have ascertained over the course of the past 30 days to further propel JPE to the upper echelon of music/audio production companies.
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I must say, I did learn quite a bit during this month. I have been involved in the entertainment for well over 30 years. I have worked in both music and the media field. I have seen a lot and experienced a lot. I have been blessed to work with some of the industries top artist and executives in the Gospel music genre. Over the course of the last few weeks, I have obtained knowledge that I would have loved to have had over the past few years of being in the industry. What I take away the most from this class is the ability to work better with the people that are in my immediate circle or profession. The focus on team management skills was exceptionally helpful. Understand the temperament and mannerisms of the individuals that you work with can mean the difference between success and failure in this industry. So much relies on the ability to work with others, and when those relationships are strained, they can make working together very difficult.
The budget analysis was also very helpful. For the things that I plan to do and be involved in, finance plays a major role. Knowing how to allocate funds to designated areas for major projects is crucial. The work breakdown flow was very insightful. There will be projects that will require specific attention and precise detail. Knowing how to break down the assignments, and give them to the right individuals with the proper skill set to get them completed was a key factor that this class focused on. Over all, this was a very insightful and informative class. It will defiantly be a great aid in my journey forward towards mastery in my field of music and entertainment. GOD speed, and good luck to everyone going forward.
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Leadership Mastery Journal Post
After the readings of both John C. Maxwell’s “Developing The Leader Within You”, and Robert Greene’s “48 Laws of Power”, my personal goal for leadership is to be able to achieve what Maxwell considers to be the highest level of leadership, “Personhood”. According to Maxwell, “this level of leadership is reserved for people who have spent years growing people and organizations”. (Greene pg.13) Greene says that at this level, people follow and respect you because of who you are and what you represent. (Greene pg. 13)
My personal convictions will drive me to want to become this leader. I have been working in the music and entertainment industry for many years now. I believe the previous levels of Leadership that Greene points out, Position, Permission, Production and People development, are all levels of leadership that I have had much experience with already. It is my goal to continue to build upon these areas as I move towards becoming a strong and effective Personhood Leader.
I agree with Curtis “50 Cent” Jackson regarding Robert Greene’s “48 Laws Of Power”. I believe this book is one that every entertainment executive, professional, or anyone aspiring to break into the entertainment business MUST read. The purpose for me would be to familiarize myself with the practices and concepts that many in the business of music and entertainment are operating by. Again, my personal convictions will not allow me to conduct myself in many of the ways that Greene points out, but I do feel that if I do not have the knowledge that Greene speaks of, then I am doing myself a dis-service and setting myself up to be taken advantage of in many areas. From my previous experience, the industry can be a very tough and unforgiving field. With the knowledge given in both Greene and Maxwell’s readings, the potential for my success rises tremendously.
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