Who is a Music Entrepreneur?
An entrepreneur is an individual who identifies a need, creates/organizes a business to satisfy the need while bearing the risks associated with the business with the goal of making a profit. The music entrepreneur is an individual that engages in the business of meeting the needs of music lovers, musicians, and the industry by carving a niche in the industry that will attract more persons to the business while bearing the risks and earning a profit.
The connection between music, and entrepreneurship is huge, and discussions about the trend are considered a hot topic. As entrepreneurship is about meeting needs, bearing risks, with making of profit as the objective. Music is a service industry and like every industry seeks to make a profit from risks involved. There is a need for a combination of artistic, and business skills to succeed in the Music business.
Opportunities in the Music Industry?
There are needs in the music industry that constantly seeks to be met, and seeking to meet them makes you a music entrepreneur, from practicing as a producer to director, promotion, and marketing down to training musician. Musical Entrepreneurial spirit is evident, the likes of Dr. Dre, Kanye West, Shawn Carter aka Jay Z, etc have proven that the music industry is a veritable ground for entrepreneurship to thrive.
Different niches exist in the music industry, and an entrepreneur should identify which will be comfortable, and provide great earning potentials based on their musical capabilities. Some openings for entrepreneurs to thrive in the industry includes:
Music teacher: You can start out as a music instructor, people continually seek to learn, improve their music talents, and carve a niche for themselves in the industry. You can invest in this aspect. You can build musical schools, act as an individual tutor or a voice coach while being paid for your services.
- Streaming devices: This involves creating a means of uploading and selling your music to websites where visitors subscribe to it. It represents one of the most utilized means of music consumption. You can take to recording, and uploading songs on other streaming devices such as Spotify, TIDAL, Apple music, etc., and making a sustainable income from it.
- Touring artist: This involves visiting different places, showcasing your talents, and making money from such tours through sales of tickets, and brands at such locations.
- Music studio management: You can build a standardized studio to attract artists to record with your equipment at an agreed fee.
- Music blogging: This involves writing about music on your site, making reviews, and earning from visits to your blog. You can add audio versions in the form of podcasts where you add your thoughts about a piece of music, and share songs on the site.
Other musically inclined entrepreneurial opportunities include Music producers, booking agents, promoters, concerts venue ownership, owning a record level, songwriting, Disc jockeying, event planning, composing, etc.
As an entrepreneur in the music industry, the qualities that make a successful entrepreneur also applies to you. These include Calculated risks taking, Creative skills, Communication skills, Confidence, and self-motivation, etc.