According to the PhD
economist and former President and CEO of the Ewing Marion Kauffman Foundation,
Carl Schramm, an entrepreneur has characteristics that resonate on a deeply
personal level for a budding producer.
He is absolutely correct in thinking that entrepreneurs “think in terms of disruption, and are often thought to be disruptive by the change-averse(2012).” More importantly, Schramm
thinks “they are often competent in a completely different field than the field
they are working in. They are very
widely read, and know lots of facts and information that makes thinking
richer. They have worked in multiple
places in the world. They have worked in
a start up. They have worked in a job
they did not like. They have worked in
multiple industries (2012).” The unbelievable truth in his description of what
he thinks an entrepreneur manifests in their life experience is that I possess
eight of these qualities. It is a
reminder that I have consciously decided to evoke change in my professional
life, which will lead to greater personal satisfaction.
However, the key ingredient to launching
one’s career as an entrepreneur is having a decent business plan. Despite the reassuring opinion Schramm gives
concerning a business plan as a “good basis on organizing ideas and putting
them into motion,” he warns that living by such a plan may in fact “harm your
business and your ego (2012).” The industry blog, “Expert Views on Business Plans,” by Full Sail University’s course professor and business plan expert,
Steven Burhoe, provides additional information on the subject. Burhoe has
completed over seventy-five business plans for companies throughout the globe
and he appears to agree with the idea that business plans can become outdated
but they are important to give merit to the core concept for any entertainment
industry business start up. More over, in
the entertainment industry one should always be prepared for plans to change,
because most assuredly they can and often do because the nature of opening such
a business (i.e.: film production/distribution company) is a high-risk
endeavor.
Therefore, the most crucial partner in the
development of a successful business plan is learning how to pitch the idea to
a room of investors who have the capability to decide the financial fate of
one’s entrepreneurial endeavor. According to the author of the section on
Bplans.com titled, “Mastering your Pitch and Find Funding Success,” having a
masterful understanding of one’s business plan is key. Investors want to do business with a company
that will ultimately yield a return of investment over time but they also want
to establish a recurring business relationship with credible entrepreneurs who
are prepared. Most importantly, keep the
pitch and the plan simple and short. Based on Daniel Faris, the author of the
research regarding a recent study published in Entrepreneurship Theory and Practice, “Results of the examination
revealed that entrepreneurs who showed clear signs of preparedness and who had
a strong grasp on their material were able to establish credibility with
investors and received higher funding amounts, regardless of the project.” It would be wise for any entrepreneur to
cultivate the familiarity of their business plan and their cunning skill to
pitch such an idea to a group of investors and turn their dream into a
professional reality.
Best of luck,
Michelle Fernandez
Read more:
Carl Schramm
Steven Burhoe
Daniel Faris
Cassie Williams Jones
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