Building A Plan To Success

In my previous post, I did a review on two business plan experts and shared some of the highlights from each expert on how to create a successful business plan. As I come to the end of my current class, business plan development, I am amazed at how much I didn’t know and how much I’ve learned in the past four weeks. In preparing to launch a new business, I have been able to incorporate some key factors to better develop my business plan.

The first key factor incorporated into my business plan was a conscious, clear, and detailed company description. After reading the ‘Successful Business Plan’ section on the company description, I realized the importance of having a detail understanding of your business, and know how to convey the description to potential investors and customers. To quote Rhonda Abrams, ‘the reason most businesses fail is that they don’t understand the business they are in’. One of the key components Rhonda points out, is even if your business is a start-up company, and you don’t know all the details, state what you intend to do and where you intend to go. The best way for you and others to know where your business is going is to have a mission statement.

The second key factor incorporated into my business plan was a detailed operations breakdown. Business plan expert, Tim Berry, teaches the importance of knowing how to insert projections in the business plan, even if the projections could be wrong. The most recent update to my business plan was to detail the operations for my business. Although my business is not yet up and running, I used projections based on research to get a gage on how much the cost to operate would be. An old biblical proverb, states ‘what man builds a house, without counting the cost’. I’ve learned not counting the cost of what it takes to operate your business could be unwise and prove detrimental to the success of your business. Understanding what it takes to operate and how much it will cost to do so will save time and future headache.

As I come to the end of my program and look to the immediate future, I am confident I will be able to go out and see my dream of entrepreneurship come to pass, as I carry with me the blueprint for success.

Resources:

Abrams, R. Successful Business Plan: Secrets & Strategies, 5^th edition. 2010. Chapter 5.

http://www.inc.com/author/rhonda-abrams

http://blog.timberry.com/

Thanks for reading,

LaKesha, xo

Business Plan Experts Review

          For any person wanting to start his or her own business, the first place any entrepreneur will tell you to start is with a business plan. Yes, there is much controversy on whether a business plan is truly needed to start a business, but the consensus surrounding this matter is a successful business is built on a plan. The following is a review of two entrepreneurial experts revered in the industry for their knowledge on writing a successful business plan.

            Rhonda Abrams is a renowned best-selling author, syndicated columnist, popular public speaker, who has over 15years experience in advising, mentoring, and consulting small business owners and entrepreneurs. Rhonda Abrams has written three books, with her first book ‘The Successful Business Plan: Secrets & Strategies’ recognized and acclaimed by Forbes magazine as one of two best books for small businesses. As well, Abrams is a well-known columnist reaching over 20 million readers in 130 newspapers through her weekly newspaper “Small Business Strategies” (RhondaOnline, 2009).

The key concepts Rhonda focuses on for finding an “angel investor” are:

• Developing a winning pitch
• Create a key presentation
• Develop the best valuation of your company
• Understanding negotiation techniques
• How to locate the “right” angel investor

            Rhonda helps small business and entrepreneurs develop and execute the right business plan to fit their company needs, and find investors by following the above concepts (ThePlanningShop.com, 2013).

            Tim Berry is founder and chairman of Palo Alto Software, and co-founder of Borland International, an entrepreneur, and a published author. Tim Berry has solidified himself, as an expert in the business planning industry, having developed relationships with companies such as Williamette Angel Conference and Apple Computer (Timberry.com, 2013). Berry has been a frequent judge for several business plan competitions, worked as a teacher at University of Oregon for over 10years, and presented seminars on business planning in 13 countries (entrepreneur.com, 2014).

            Tim Berry’s main focus of the business plan is forecasting and projections. Although, Berry believes its important to realize projections will be wrong, as in business planning its not about guessing right, but having dots connected to make reasonable assumptions (blog.timberry.com, 2013).

            In starting a business, it all can be a guessing game, as no one knows for sure whether their business will or will not be succeed. However, taking the time to put together a comprehensive business plan can help take some of the guessing out of the equation, and be the blueprint to building a successful business.

Resources

http://blog.timberry.com

http://timberry.com

http://www.entrepreneur.com/author/tim-berry

http://www.planningshop.com/products/angel.asp

http://rhondaonline.com/content/aboutRhonda/aboutRhonda.asp

http://www.inc.com/author/rhonda-abrams

Thanks for reading,

LaKesha, xo

Protect Your Legacy

In today’s blog I wanted to discuss the topic of entertainment law. In starting a business it is important to have a basic understanding of the laws associated within your industry to avoid liability issues in the future. During my research, to grasp a better understanding of the laws surrounding the cultural arts industry, I learned how important it is to have a clear understanding of how to protect your business and yourself from future suits. In my research I also came across a few podcasts from industry experts, within the entertainment field, who shared insight and tips on how to avoid issues such as copyright infringement, trademark and liability issues. Although, most business owners may deem it useless to research these topics and may prefer to hire an attorney to handle such matters on their behalf, and they would be correct. It is also important to have a basic understanding of what and how the laws of your industry will impact your business. It could be the saving factor of your future legacy.

When it comes to protecting your brand it is key to have a clear idea of what your brand is, and the brand message you are portraying if you plan to trademark any component of your business. In the podcast ‘When a foot is only 11 inches, and a Batmobile is a character’ by Gordon P. Firemark, he discusses the importance of not having a deceptive description for your business product or service, when looking to trademark. An example he uses is the process Subway has been going through in trying to trademark the ‘footlong sub’ tagline. Subway has not been able to trademark due to other competitors citing the use of description for Subway subs is deceptive according to trademark law, and can be misleading. In order for the company to receive trademark, Subway will need to provide a clearer, distinctive, description of their product in which the company wants to trademark. According to trademark law, in order to serve as a trademark, a mark must be distinctive (Harvard, 2013). The issue with Subway was other competitors argued any sub is a footlong, and any company selling a sub is selling a footlong sub, therefore the tagline ‘footlong sub’ would be confusing as a trademark. The key when it comes to qualifying for trademark is to make sure you have a clear, and distinctive, mark.

The next big issue in entertainment law is copyright infringement. Unfortunately, many companies create material, or works, that become infringed upon by others. By having an understanding of how to copyright your work, you can protect yourself and your work from being misused. However, on the other side it is just as important to know the correct process in order to use copyrighted material. As a performing arts company, our goal is to produce recitals, shows, and events throughout the year. The majority of the work we produce may be previously produced, or copyrighted material, but we will also work to create original work. So, how do you know that when creating new work it is truly original, and not just a re-created version of something else? The Nutcracker has been reproduced by numerous dance schools and most recently has been re-created into “new work” such as the Hot Chocolate Nutcracker produced by Debbie Allen. Is it an infringement of copyright for Ms. Allen to have a play that resembles the original Nutcracker? In another podcasts by Firemark titled ‘No Copyright, Sherlock’, Firemark discusses several cases of copyright infringement of work used that is similar to previous copyrighted work. However, in most of those cases the court ruled no copyright infringement, as the works in question are not similar in scope and content of the original work, due to tiny changes in the material. So, I gather long as Ms. Allen’s play has differing factors that do not confuse the public with the original Nutcracker; there is no copyright issue.

The final topic of entertainment law reviewed in my research is intellectual property. Intellectual property refers to creations of the mind; inventions, literary and artistic work, and symbols, names, images, and designs used in commerce (WIPO, 2013). Intellectual property consists of patents, trademarks, and copyright work that require protecting. In the course of building a business, it is important to identify ‘what’ is your business’ intellectual property that will require protecting. In the podcasts ‘IP Law Concentration’ by Suffolk University Law School, professor Andrew Beckerman-Rodau discusses in detail and length intellectual property, and how to identify intellectual property within your business. The podcast gives good insight as to how each law related to intellectual property will affect your business.

The greatest takeaway during the research on entertainment law and intellectual property is the importance of having a basic, and comprehensive, understanding of the laws that affect your industry. Operating a business is not easy, and building a successful business takes work. Why not know how to protect your work, so that your efforts and legacy don’t die with you, or before you do. These are just my thoughts and hopefully it helps someone else.

Thanks for reading,

LaKesha, xo

Reference

Trademark Law. 2013. http://cyber.law.harvard.edu/metaschool/fisher/domain/tm.htm

Intellectual Property. 2013. http://www.alllaw.com/topics/intellectual_property

Entertainment Law Update. Podcast by Gordon Firemark; Episode 38

No Copyright, Sherlock. Podcast by Gordon Firemark; Episode 43

IP Law Concentration. Podcast by Suffolk University Law School

Negotiating No Joke

Throughout my time in my masters program I have learned many new things about launching my business that are quite valuable and much needed along this journey. Currently I am studying the power of negotiation and how important it is to be able to negotiate in any given situation. Well, I admit I not once considered in the process of launching my business that I would find myself having to negotiate, as this is something lawyers do, right? Wrong! In business you are constantly going to find yourself in the midst of negotiations. Perhaps not the daily negotiating battles you see on T.V. such as 'Fairly Legal', or other shows, but nevertheless you will at some point in your career have to negotiate. Whether it be for a piece a property, the cost of a good/product, merging your business with another, or contracts deals for talent. And one thing I know for sure negotiating is no joke, and to not walk out the room wondering 'what just happened' you must be well prepared before entering into such a situation.

In my research I came across some videos, and podcasts, by some reputable individuals with negotiation experience to see how they view negotiating and tips they offer to help better prepare myself for when the time comes. William Ury, co-author of 'Getting to Yes', did a talk on separating the people from the problem to reach mutual understanding in 'The Walk From No to Yes'. William uses the story of Abraham to illustrate how Iraq and Iran could potentially begin to close the gap between them if they stop for a moment, remove themselves and walk in the shoes of their past to see how they got to where they are today. One key factor in negotiating, I am learning, is being able to separate the people from the problem. Too often emotions run high and one tends to lose sight of the fact that you are still dealing with a person, and in order to come to a shared understanding this must be at the forefront of one's mind.

I also, came across a couple of podcasts on iTunes by Michael Mcllwrath, titled 'International Dispute Negotiation', who sat with several individuals from various backgrounds, to discuss their experience in negotiating in order to help others. One of his podcasts talks on the subject of mediating with hard negotiators. In this podcasts Michael discusses with Australian mediator, John Wade, his experience dealing with hard negotiators and the impact it has on his job. I found interesting a scenario John shares where he entered into negotiations with a lawyer he knew was tough and hard ball, and was apprehensive going into the meeting. In the beginning the lawyer informed him to write down his terms, he only had one hour to do so or the lawyer would make the terms himself and close negotiations. This type of scenario I find is not few, far, or in between. When dealing with people of this nature, who seek to intimidate, manipulate, or place fear, you have to show up prepared, and as William Ury states in his book 'Getting to Yes' know your BATNA (Best Alternative To a Negotiated Agreement). Ury believes having a BATNA is considered one of the most powerful tools you can have when dealing with a more powerful negotiator.

The last podcast I came across by Michael Mcllwrath, was with NBC Universal attorneys titled, 'Mediating Disputes in the Film and Television Industries. This podcast was quite interesting for me being my business is part of the entertainment industry. One of the main approaches to negotiation the lawyers of NBC Universal use are mediators. The lawyers share how the use of mediator has actually aided in helping the parties reach mutual benefits in cases, that took years of getting no results. In the film, and television, industry the lawyers share how it is typically considered "weak" to use a mediator to resolve your case, but these lawyers have chosen to go against the grain because of the success mediators have provided. Sometimes you have to do what is considered least popular in order for both parties to walk away satisfied. When it comes to right or wrong, win or lose, I can say many of can agree it better to use the least likely option to resolve a dispute, or come to terms, than spend years in courts spending more money than necessary.

Although, I am still learning about how to use these negotiation techniques, and more, when it comes to my business, I no longer shun the notion that negotiating is for the experienced lawyer only. Yes, there will be cases where an experienced lawyer will be necessary and in those moments I will be happy to pass the reigns. However, for the more manageable cases where I find myself needing to negotiate a better price, or settlement, or compensation, it will be good to know I have the knowledge and understanding when it comes to negotiating, and not give in at the first slight of intimidation. It will be great to be able to deal with confidence and walk out of the room satisfied knowing the joke isn't on me.

Hope you enjoyed this post. And as I continue this journey I will be sure to share with you my experiences in negotiation. In the meantime here is a video for you to enjoy and hopefully you'll be able to takeaway for your next deal!

Thanks for reading,

LaKesha xo


References:

Fisher, Roger. & Ury, William. (2011). 'Getting to Yes'. Penguin Books.

Mediating with Hard Negotiators. (2008).

NBC Universal Podcast. (2009).

Performing Arts Is Entertainment

Technology has impacted a number of business' and industries in terms of how a company may operate or do business. Technology causes a business to be more creative in creating new, strategic, and innovative ways to engage their target audience. In the performing arts community technology and social media have had a tremendous impact on the industry and how the arts is translated to the public. Recently I came across a company that is using technology in new heights to engage the audience and share the various forms of art with the public. Quixotic is a performing arts company founded by Anthony Magliano that brings all types of artists together from varying fields to create new artistic art forms by pushing the limits of the traditional approach to art. The company uses dance, film, fashion, aerial acrobatics, and visual f-x to design and create unique performances through sound, movement, and music. Everything Magliano creates is to push the limits of art and entertainment in the minds of his performers and the audience in which the performances are shared.

In todays culture we are a visually, technology, and social media driven community that thrives on being engaged with the next best thing. In order for the performing arts to remain and grow, it will be key to understand todays culture and how to entertain, while also being able to draw in new audiences. Quixotic is one company that has learned to do just that with the fusion and blending of art and technology. The performances are not only visually engaging, but they also push the artists to new boundaries in their skill to truly be innovative and creative, not just for today but for tomorrow also. As a performer I am always amazed when I come across companies such as Quixotic and see how the industry is being shaped by innovative minds of the 21st century. Performing arts is no longer just art, it is entertainment.

Here's a video of Quixotic Fusion performance: 

http://on.ted.com/Quixotic 

Thanks for reading,

LaKesha xo

Reference:

Quixotic. (2013). Retrieved from http://www.quixoticfusion.com/about on June 8, 2013.

Quixotic Fusion. (2012). Retrieved from http://www.ted.com/talks/quixotic_fusion_dancing_with_light.html on June 8, 2013.