• Contact
  • English
    • English English
    • Eesti Eesti
Monday, February 22, 2021
  • News
    • Business
    • Advice
    • Sports
    • Discover
    • HEBS
  • People
    • MEET ME MONDAY
    • Meet The Teachers
    • Exchange
      • Incoming
      • Outgoing
  • Events
    • Upcoming
    • Past
  • Investment Club
  • Offers
    • Jobs/Internship offers
    • Talents
  • Podcast
  • Gallery
  • Archive
    • 2020
    • 2019
    • 2018
No Result
View All Result
Newsletter of EBS
  • News
    • Business
    • Advice
    • Sports
    • Discover
    • HEBS
  • People
    • MEET ME MONDAY
    • Meet The Teachers
    • Exchange
      • Incoming
      • Outgoing
  • Events
    • Upcoming
    • Past
  • Investment Club
  • Offers
    • Jobs/Internship offers
    • Talents
  • Podcast
  • Gallery
  • Archive
    • 2020
    • 2019
    • 2018
No Result
View All Result
Newsletter of EBS
Home Watch Events

What not to do in music business-top 10 mistakes!

Gregory Pryor shares his advice

by Liisa-Maria Lillepea
Friday December 15th, 2017
in Events, Watch
0
What not to do in music business-top 10 mistakes!

On Slush Music Day 2, Gregor Pryor from Reed Smith shared the 10 greatest mistakes that a company can do in the music business. Here are the top failures that some startups have encountered, but more importantly, from which the other companies have then learned from!

Mistake 1: Corporate Vehicle

“A friendship founded on business is better than a business founded on friendship”, Pryor quotes John D. Rockefeller. The foundations are important and establishing something in the right place and at the right time is critical.

Mistake 2: Not Understanding Equity

Understanding equity in terms of trading or sharing your company is significant. Giving preferences to one shareholder over another might cause issues.

Mistake 3: Brand

If you get the brand wrong, it can turn into a really big mistake. Choosing an original name is a good start in creating a strong brand.

Mistake 4: Funding

Every time you’re raising money, you’re giving out a share of your business. Always have an eye on whether the funding is going to be deployed.

Mistake 5: Music Isn’t Just Another Industry

Remember, music is a unique industry and not comparable to any other one. Entrepreneurs who have been successful in other areas might sometimes forget that.

Mistake 6: Contracting and Compliance

Don’t sign a bad contract. Like really, do not sign a bad contract!

Mistake 7: Business Model Failures

Being curious about the business model is critical. To avoid a failure, focus on choosing the right business model and acknowledge the models that don’t work.

Mistake 8: The Team

Having the wrong person in the team can kill the company. Get the right people, and make sure the company culture is defined by the people.

Mistake 9: Moving Too Slowly

“If you’re not embarrassed of the first version of your product then you’ve launched it too late”, Pryor quotes Reid Hoffman, the co-founder of LinkedIn. Don’t delay the launches waiting for everything to be 100% perfect.

Mistake 10: The Hype

In the music industry, people are always excited and hyped about the next big thing on the scene. Success doesn’t come overnight and expecting it might kill the dreams of many startups. Save the hype for the right moment.

 

Translate: Triin Tikk

Editor: Kärt Mättikas

Picture: Slush Music

Liisa-Maria Lillepea

Liisa-Maria Lillepea

Next Post
Podcast BUUM

Podcast BUUM:sotsiaalne ettevõtlus, muusikaäri ja maailmamuutev missioon!

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Intership Offert for a Financial Auditor

3 years ago
Meet the Events Field

Meet the Events Field

3 months ago

Popular News

    Connect with us

    • Contact
    • English

    © 2019 Ebster. All Rights Reserved. ebster.ee

    No Result
    View All Result
    • News
      • Business
      • Advice
      • Sports
      • Discover
      • HEBS
    • People
      • MEET ME MONDAY
      • Meet The Teachers
      • Exchange
        • Incoming
        • Outgoing
    • Events
      • Upcoming
      • Past
    • Investment Club
    • Offers
      • Jobs/Internship offers
      • Talents
    • Podcast
    • Gallery
    • Archive
      • 2020
      • 2019
      • 2018

    © 2019 Ebster. All Rights Reserved. ebster.ee