Transcript The Entrepreneurial Musician

The Entrepreneurial Musician
Jeffrey Nytch, DMA
Director, The Entrepreneurship Center for Music
The University of Colorado - Boulder
Artists are
suspicious
of it...
Means different things
to different people...
Buzzword...
Weird French word.
Entrepreneurial Qualities
• Starts something new
• Innovative
• Related to a market
• Meets a need
• Can be for-profit or non-profit
• Be a single person or an
organization
• Can be a new approach or
paradigm
Entrepreneurs launch a product, venture or
paradigm that applies a creative solution to
an unmet need in the marketplace.
The MARKET will VALUE the PRODUCT that
meets its NEEDS.
PRODUCT - What do I have to offer?
What are some musical products?
MARKET - Who is my product for?
MARKET #2
What does my market(s) want/need?
How might I fill those needs?
NEED - What is the unmet need?
VALUE - not just monetary
The MARKET will VALUE
the PRODUCT that meets its NEED
How do we apply that??
The Entrepreneurial Process
1. What do I/we have to offer?
2. Who is my target market, and what
needs of theirs can I/we address?
3. Create a solution to fill the need
4. Feasibility
5. Make a plan
6. Deliver with unwavering excellence
The Value Proposition
XYZ is a [entity]. Through its [features], it
provides [unique benefits] to [target
market].
“Vic’s Coffee is a Boulder-based coffee
house. Its gourmet coffee and convenient,
fast service provide a welcoming
environment for people meeting with their
friends or a stimulating fix for on-the-go
professionals.”
The Value Proposition
XYZ is a [entity]. Through its [features], it
provides [unique benefits] to [target
market].
“Jeffrey Nytch is a composer in the ‘classical’
tradition. Through his 20+ years of professional
experience and his highly developed craft, he
provides music that is accessible to both the
performers/organizations who commission him and
their audiences.”
The Value Proposition
XYZ is a [entity]. Through its [features], it
provides [unique benefits] to [target
market].
YOU:
Questions/Discussion