The One Question (Any Entrepreneur Should Answer)
My music business has not yet brought in any real money. I could try to blame that on ominous external factors such as the supposedly abysmal state the music industry is in (which I don’t believe is true) or the rampant piracy issue (Brian Wardell has an interesting take on that particular problem). Those things may be true for some, but the fact of the matter is that my lack of financial success up to this point is entirely my own fault. Why? Because I neglected to answer the one question that any entrepreneur should answer before going into business: how will I make money?
With no clear answer to that question, my commercial efforts have been highly unfocused. I have been shooting from the hip at best and, quite predictably, most of those shots have missed their mark. Case in point: I spent some money to get my music listed in the iTunes Store, but then never bothered to mention that little fact to anyone - doh! The big surprise, then, is that I still sold a bunch of songs through iTunes and other services, despite my complete and utter lack of promotion.
While it is reassuring to know that my music sells even if I don’t pay any attention to my outlets, I realize that I cannot keep on blundering about when it comes to my business affairs. If I am to make any kind of living from my music, I need to be sharp and focused and - most importantly - answer that one question…
Time to write my business plan!
