Entrepreneurship in the Music Industry

WEEK FIVE
matt.grimes@bcu.ac.uk
TODAY
Recap on what weve covered so far:
Defining an SME
Entrepreneurship as a concept, and some theories surrounding it
Creativity, Innovation, and Value, and how these concepts interrelate
Creativity has two components, innovation and value (Bilton and Leary, 2010)
Researching and Analysing SMEs
PEST and SWOT analyses
Demographics, Segmentation, and Target Markets

PREPARING FOR YOUR PITCH

DEFINING AN SME
Think back to week 1 discussions on SMEs. What are they? What are
some of the arguments / issues in defining them?
DEFINING AN SME
Size / balance sheet?
Company category Employees Turnover or Balance sheet total

Medium-sized < 250 50 m 43 m

Small < 50 10 m 10 m

Micro < 10 2m 2m

What were some of the issues with this definition?

ENTREPRENEURSHIP
Think back to week one what do we remember about the discussion
on entrepreneurship?
Theorists? Concepts? Defining features?
ENTREPRENEURSHIP
Schumpeter Creative Destruction
Christensen Disruptive Innovation
Emphasis on innovation, enterprise, and risk

Joseph Schumpeter
CREATIVITY, INNOVATION, VALUE
From week Two, what do we remember about creativity, innovation,
and value?
Any theories / concepts / key points?
CREATIVITY, INNOVATION, VALUE
Creativity as two components, innovation and value (Bilton and Leary,
2010)
Innovation is driven by building upon pre-existing knowledge and
practice
Value could be monetary value, or a broader cultural value
Value is created and / or added through innovation and marketing of
that innovation
RESEARCHING AND ANALYSING
SMEs
Think about discussions from week three:
What approaches and techniques might we use in researching and
analysing SMEs?
RESEARCHING AND ANALYSING
SMEs
PEST analysis
Political, Economic, Social, Technological
SWOT analysis
Strengths, Weaknesses, Opportunities, Threats
MARKET RESEARCH,
SEGMENTATION, ANALYSIS
Moving beyond this, thinking back what did we learn about market
research and segmentation?
Why do we do it?
How might we approach it?
Techniques and resources?
PITCHES
PITCHES
Each group will give a professional pitch to a
panel, introducing their team and their
creative idea/product service (see
assignment brief for potential content) in
order to convince the panel of its viability.
This is assessed and it will help you in
finessing your final proposal/idea and
business plan
Your pitch should be 15 minutes long, and
you will receive formative verbal feedback
immediately afterwards
WHY ARE WE DOING IT?
The pitches represent a key opportunity
for you to get feedback on your idea, but
also (and importantly in the context of
assessment two) on the way that you
present your idea.
Assessment Two assesses not just the idea
in-and-of itself, but how effectively you
sell the idea
WHAT ARE WE BEING ASKED TO DO?
Present for 15min
Each group member will speak
In this 15min, you will lay out the idea, how it will work, and why we
should care
How you communicate these points is up to you, but consider both
the content of the presentation, and how you deliver that content,
carefully
Most importantly, ask If there are parts of the presentation that are
successful, how can I incorporate that into Assessment Two?
PITCHES MIGHT INCLUDE
WHAT is the idea?
WHO is it aimed at?
HOW will it work in practice?
WHY should people care?
PITCHES MIGHT INCLUDE
Overview of the idea
Structure of business
How will you organise the idea into a business?
What are your roles within this organisation?
market analysis/research
customers
financial model
future developments
goals, values
PITCHES THINGS TO THINK
ABOUT
Tone and energy
Visual prompts
Succinct summaries
IN YOUR GROUPS
Start designing and developing your pitch
Script
Who is going to say what?
Consistent branding/theme/typeface
Concise and succinct
Simplicity vs dynamism (verbal and visual)
Supporting media
Rehearse-timing is EVERYTHING