27 Sep Q & A with TMC’s President: Keys to a Successful Music Startup
Q: A recent CNET article on a new music startup called Fuzz begins, “The entrepreneur taking a crack at a digital music startup must either be super determined, completely crazy, or a both. The chances of legal run-ins with the labels are high. And even when you play by the rules, the rights payments are so steep that making a profitable business is all but impossible.”
l. Know who you are. We didn’t try to compete head on with companies who were better staffed and better funded. Instead, we focused on finding a niche in the market, and we went about filling the need.
2. Make mistakes. There is no doubt we are still here because of our ability to change course at any point in the process if we see something is not working. A theme in our office is “Break It,” which serves as a reminder that we can change anything at anytime to create something better. We don’t have to stick with any idea or process, no matter whose idea it was or how well it once worked.
3. Know your business. Know your business. Know your business. Too many people start entertainment ventures with three cups of excitement and passion, two cups of vision, one cup of possibility, and only a teaspoon of knowledge about what has worked historically in the business and why.