Expert Views On Business Plans

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In this weeks blog post I’m going to be doing some research and I’ll examine/summarize the views of two recognized experts, in the field of writing and/or reviewing business plans.

The first industry professional I’m going to be reviewing is Andrea Cockerton who’s an “independent pitch expert and advisor in the United Kingdom. She has worked with over 350 entrepreneurs during her career in the business world. Her expertise revolves around “venture funding and business critical ideas.” She’s been holding entrepreneurial workshops, while networking with companies from the U.K. helping developing large companies in “order to successfully impact the business world”. Andrea’s been a part of Microsoft, through her experience and skills she became an MIT Enterprise Forum board member. Not only she paid her dues in the business world, she also “co-founded a successful business herself in 2009 called Brick Handbag”.

            In one of her interviews she mentioned some “key information for a successful business plan”; She thinks its important to ask your investors/bankers for money before there isn’t any left. Andrea stated: “Going to investors at too late a stage is a risky strategy. Better is to look at the long-term objectives and aspirations of the business and plan the fundraising sensibly into this long-term strategy,” (Thenextwomen.com, 2008)

            I couldn’t agree any more with Andrea. There couldn’t be a worst possible outcome for a business than to have no money. Therefore it is way smarter to just ask your investors for more money before it’s all gone. This is considered key because without money no business can run.

            The other expert I’m going to be reviewing is Angelo Menequzzi who’s a business professional with over 10 years of past in the business world. He’s taken part of several start up businesses, as well as some work in “public relations, product development, and sales experience”.

            He has developed many business plans while also consulting with other businesses. Angelo thinks it’s important to have a safe business plan because: “benefits include: a heads-up to changes in the environments, better forecasting, opportunities to analyze situations before they become problematic,” (Bplans.com, 2011).

            Angelo is a very smart man; imagine being able to foresee opportunities to analyze problems before they become serious threats. With precautions like this, there are only minor details that could fly by Mr. Menequzzi’s head.

            From reading about these two industry professionals I was able to get insight into what are some key elements that business owners should be aware of. I’m looking forward to hearing from other professionals as well, learning from their mistakes, so we don’t have to make them like they did one time. 

Social Media within sports online

http://greatfinds.icrossing.com/how-to-leverage-paid-tactics-in-social-media/

Social media within sports online, and social networking has been the one thing that has not stopped evolving, constantly improving in the past couple of years.  I can remember clearly when people were really into the whole MySpace trend, but that eventually died out. It ended up being replaced by just musicians showcasing their talents via their MySpace. Allowing people to listen, share, comment and even create their own playlist.

The two things that I think are mainly dominating todays social media are: Facebook and Twitter. There are still artists out there posting their content on MySpace but I can almost guarantee, that they also have a Facebook and Twitter account. The only way to effectively network and keep sharing your content is, by staying on top of your posts and being consistent. Not only professional, but relevant. In the extreme sport world some companies are doing a better job than others. The better ones know to keep their fans updated, with introducing new team members, posting new videos and pictures. The less dedicated ones will eventually lose their following, and won’t be able to reach their target market, like they wanted to.  One of the companies that does a great job managing their social media is Monster Energy. Just by looking at their cover photo I can tell what sports they’re involved in, and how professional they are. Not only they have a good Facebook page, but also a widely followed twitter, as well as tons of pictures/fans on Instagram.  If you scroll down their page you will also see some of their most recent activities, and achievements. I like to point out one of the last articles they posted, about a Liquid Force“Novembeard” give away. In the contest they encourage people to “grow a magnificent mustache”, post their pictures and they might be able to win free products. This is a fun, yet smart way of incorporating the November facial hair growing habits, with an affiliated company they’re friends with.

That is what social networking is all about, being able to reach out to your following, and engage them with whatever message you’re trying to spread about your product/company. In the long run, hopefully building an ever-bigger group of contacts, while making your company more successful.
As you're done reading this post, I would like to encourage you to leave a comment. If you're interested in digital marketing and the way it's influenced extreme sports media, please read one of my other posts. 

Digital Marketing, and the way it's influenced Extreme sports media

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Digital Marketing, and the way it's influenced Extreme sports media

In this weeks blog post, I’m going to be discussing how the digital landscape changed the way we view extreme sports media today.  With more detail on wakeboarding films, and how they evolved over the years. From the good old 16, and 35mm days, to todays RED and phantom like, high fps super high res/high quality images.  With this in mind, not only the shooting of these movies, but also the marketing of them, have been influenced tons by the digital revolution.

Back in 2005, filmmakers like SeanKilgus were using 16 mm film stock to make the movie “Butter Effect” 

Aaron Reed and Scott Byerly-The Butter Effect 2005 from Sean Kilgus on Vimeo.

 That’s a lot different than what some of todays digital cameras are able to do. Just like this long boarding Phantom video shows. 

Another perfect example of some RED work is this Red Bull Cranberry field project. 

 Needless to say these cameras are very costly and most companies only even rent them for special occasions. Some producers still might claim that films better than digital and that’s not what I’m trying to debate. If the client wants film I wouldn’t have a problem with using any stock. Just like the way the Internet changed the way products are being sold and advertised. Back in 2005 we were lucky if we found the DVD we were looking for. When in todays age all we need to do, is login to our iTunes account, and purchase the digital version online.  

            A lot has been changing but most companies take advantage of this digital wave and they use it to their best advantage. It’s the consumers that have also been getting used to this change and we’re just ready for the next big thing to show us how last year this latest format is. The innovation is unstoppable and inevitable.

Industry Liabilities

The three court cases I decided to analyze are : Dastar Corp. v. Twentieth Century Fox Film Corp, Golan et al. v. Holder, Attorney General, et al. ,Metro Goldwyn Mayer Studios Inc. v. Grokster

In the first case they talk about General Dwight D. Eisenhower's World War II. book, Crusade in Europe, published my Doubleday and registered copyrights to Fox. According to the respondents Dastar did not stay true to the original story, they said he had only bought some video tapes and took his knowledge from those. Therefore I have to agree with the article on how that could have been misleading. Matching information is key especially if we're talking about copyrights and a historical event. The public has the right to know what happened in 1948 and how the German's rushed through Europe. When Fox reacquired the television rights to General Eisenhower's book they should have made sure that all of the included information they were about to broadcast are a 100% true.

I later on saw how the Lanham Act and its intend for deceptive misleading use of marks came into play in this case. I couldn't have agreed more with what I read and I still think that the origins of the information published must be clear. They shouldn't have taken a war story and changed parts of the story over time. Fox was just trying to double their profit on a copyright that they only paid for once.

In the second case I saw how the international copyright relations might come into play with my business idea. If I'm going to purchase the rights for certain media to be viewed and paid for by the subscribed users I must make sure that the same copyright laws are in effect in the countries where they are being played from. Doing the research on the date when the movies and copyrights were created is absolutely necessary. I really wouldn't want to find myself with an expiring copyright on any of my future videos that I'll be streaming from my site (VGP-Video Genome Project).

In the last case I found it pretty helpful to read about peer-to-peer networks since my future business model is based upon such communication. The studios I'll be contacting must be able to have proof of their copyrights with the attached dates and proper paperwork. If later on I get fined or even worse sewed for not having all the legal rights to my website and its contents than the studios could eventually shut down my whole business. Infringement is definitely one of my biggest concerns, getting and keeping up with each copyright is going to be mandatory. 

What is a project schedule in project management, Project planning/management

http://www.coleyconsulting.co.uk/projplan.htm

In this weeks blog post I’m going to be talking about, what is a project schedule in project management, the product planning framework model and how it associates with my industry. I like what we have learned in class so far and I’m looking forward to applying it in more real world situations.

Just like a product manager would, me as a videographer can look at my past projects, and see that I have been involved with different plans: new product development plans, strategic plans and annual marketing plans. The product planning process overview is almost identical to how I would plan a shoot. Clarifying my scope is important because without understanding the scale of my plan, who the audience is, when the plan is going to be implemented and how the plan is going to fit into a budget or financial requirement I couldn’t ever successfully hand over my product. Doing an environmental scan before reaching out to possible future clients is also beneficial. Just like before a presentation, research is key in any project.  Therefore finding the facts, collecting data, doing as much research as we possibly can, will definitely help our business to compete with other companies/products.  But even if we keep everything in mind about planning every little detail of our projects we can never forget where we’re heading. I’m talking about goals and objectives. Since goals are different for everybody, I can’t exactly pin point what me, as a producer should be concentrating on in the near future. I know that I will not ever stop learning; therefore every new project I start will be better than the one before.

Just like at the end of today’s class we were reminded of our S.M.A.R.T. goals and how we should be specific, measurable, achievable, results-oriented and time based. But being smart is only one of my strategies. I’m looking forward to seeing how my next projects turn out with everything that I learned in class. It’s going to be a good feeling to look back at this blog at the end of my program and see the progression I’ve made over the year.  

Product and Artist Manager post

In this weeks blog post I’m going to be talking about how artist and product management goes into play within my industry, which involves a lot of extreme sport cinematography and editing. When talking about my separate edits I like to look at them as individual products therefore everything I learn in this months class I will be able to use towards my career. The top of the line professional athletes receive large amounts of money and other products through their agreements with their sponsors. The riders are followed by the media, just like celebrities and other actors are in Hollywood. With that in mind the main talents in my videos can be looked at as artist. Understanding how to evaluate the artist helped me to accurately look for things in talent. The talents image is also a huge part in my industry, since the riders with the better image are more followed, therefore valued different. Industry contacts are key in my industry, without a previously built relationship with the possible future companies I could never even pitch my ideas to the right people at the right company. Knowing what kind of contracts they might be having with their companies I will be able to pitch my future projects more successfully. Without the major companies supporting the media and all other aspects of the industry, progression would not have been close to as high as it has been. Naturally just like any other business this one also has it`s advantages and disadvantages. An advantage might be an artist acting on behalf of his or herself but at the end of the day it is really up to the actual talent to decide how they act. Whether what we’re talking about is a new negotiation or just being professional. Disadvantages are to the talent when partners end up ending the previous partnership.   

Interview Blog Assignment

For this interview assignment I decided to interview Sydney Garlich who is not only active in the entertainment show business but negotiates deals daily whether it is for an upcoming show or her new contract with an entertainment company such as DubFactory Entertainment or Anti Gravity Incorporated.

Her two most recent deals that I will be focusing on are her most recent contract with Anti Gravity Atlanta and Dub Factory Entertainment. Some of her objective criteria that she used in those negotiations are: past performances, continuous progression within the industry and being a well-known aerialist.

Within separating the people from the problem, she told me she had to remember her emotions about the companies and their past acquaintances. Sydney said she liked working for those agencies in the past and that made her more comfortable to go into the negotiations.  Her ability to communicate in a professional manner was also important; she had to remember what key terms to use about the industry while pushing towards what she wanted out of the agreement. Her BATNA included being an independent contractor. That allows her to get hired just through her, without the need of an agency. Knowing that she didn’t have to worry about what would have happened if the agency tried using any dirty tricks or tricky tactics. Her status as a well, international and nationally known aerial performer helped her keep the leverage she needed to get what she wanted.

Mutual benefit was also very important for both parties. The agencies and Sydney both knew that together they will be able to advertise the name while keeping her employed. Dirty tricks and tricky tactics weren’t present in her past 2 negotiations and when they were before she dealt with them accordingly. Since both Dub Factory Entertainment and Anti Gravity Incorporated Atlanta hired Sydney before, they had a good relationship.

From talking to her I was able to reflect on what I learned over the past few weeks while hearing her story about how she made it as an aerial performer and entrepreneur. 

Boat VS. Cable

A few weeks earlier I talked about shooting wakeboarding and how it`s different to shoot someone riding behind a boat vs. a cable park. In this blog post I will be going into detail about how it can all affect your wallet. People would think that going out on a boat all you need is a few gallons of gas and you`re set. Well that`s not the whole story, we can`t forget about the boat prices and how a brand new wakeboarding boat can run up to $85,000. Also it`s way better for the environment as well if you just go to a cable park and enjoy the electricity driven pull as it tows you around the lake. When you know someone with a boat and they want to ride you might be able to get a few sets in a day but not nearly as close to much riding as you could on a cable park. There are 2 major waterski and wakeboard manufacturing companies: Sesitec, and Ski-Rixen. While I think Ski-Rixen`s been around for a longer period of time Sesitec is definitely been making some great achievements and always been one of the more innovative companies in the field. Just in the last 3 years alone there has been over 6 new cables built from coast to coast. That tells me that more people are starting to realize the potential in wakeboarding behind a cable. It’s also a way better investment than just buying a brand new boat and always having to fix it. If someone builds a cable park there is a huge potential of making some serious money. It’s a great business but, there are some other expenses as well that we can`t forget about such as putting up a concession stand, possibly a pro shop/rental etc. A perfect local example of an investment like such is the Orlando Watersports Complex right next to 528 and the airport. It`s a great place with a boat, 2 cable parks and even a system 2.0. all in one lake. It gets choppy quite often.