Music Business Defines Vocabulary for Warren Buffett

http://bit.ly/JLAIRW Have you noticed that the music business has a set of vocabulary words not typically spoken in the rest of the business world? Of course, every industry has its jargon, but the music business tend to give occupations a title that significantly differs from what outsiders name it. This isn’t a reference to the terminology communicated among students of music theory, or tech words audio engineers can relate to. I’m regarding music-oriented corporations and freelancers that aren’t known by generic names. So if a record label needs a financial backing from, say, Warren Buffett, how would the owners of that record label define their products and operations in (business) laymen terms? What is the time efficient way to translate the language of the music industry before Mr. Buffett tilt his head backwards to a snore? As the famous Apostle Paul once wrote, “If then I do not know the meaning of the language, I will be to the one who speaks a barbarian.”1 Below is a cross-referencing table comparing the vocabulary of the music business to that of generally used business words. Some of these comparisons may seem obvious. For those of us already operating in the music industry, the benefit to reading this table is you’ll gain a clearer understanding of the music roles. .tftable {font-size:12px;color:#333333;width:100%;border-width: 1px;border-color: #000000;border-collapse: collapse;} .tftable th {font-size:12px;background-color:#EFEFEF;border-width: 1px;padding: 8px;border-style: solid;border-color: #000000;text-align:left;} .tftable tr {background-color:#ffffff;} .tftable td {font-size:12px;border-width: 1px;padding: 8px;border-style: solid;border-color: #000000;} .tftable tr:hover {background-color:#EFEFEF;} Music Business General Business A&R (Artist and Repertoire) Recruiter On-the-job Trainer Agent Booking Agent Artist Development Business and Operation Development Management Consulting Technical Consulting Professional Development Artist/Personal Manager Business Manager Operation Manager Sales Representative Business Manager Accountant Finance Officer Deal Contract Written Agreement Independent Record Label Small Business Major Record Label Big Corporation Performance Rights Organization Collection Agency Record Label Marketing Organization Brand Consulting Service Sales Force Record Label Manager Chief Executive Officer Record Producer Project Manager This list is not meant to be extensive, but to provide enough information about the prominent keywords investors and entrepreneurs outside the music business may possibly find confusing. Even music-oriented individuals will find this favorably palpable. Are there any pairs of vocabulary words you believe should be listed here? Please leave a comment below. P.S. I couldn’t figure out if there was a generic equivalent to the word “imprint,” or “music imprint.” In case you are wondering, it is a company that signs artists to its record deal, develop the artists’ music, and pitch the music to a record label for marketing and/or distribution purposes. The record label split royalties with the imprint, and the imprint pay artists their share. If you are already familiar with “production houses,” then this shouldn’t be a surprise, because an imprint is nothing more than a production house.2 Do not confuse an imprint/production company with being a record label. Christopher Patton Hot Bird Music producer@hotbirdmusic.com The business and music development services at hotbirdmusic.com helps you beat 90% of musicians and companies that fail.

Entrepreneur Learns Deadly Lesson about Success

http://bit.ly/JklNh6 One day I was at a barbershop when another guy there was already conversing with my barber. This guy must be in love with himself because he kept peering in the mirror he was holding and constantly brushing his hair. This 6-foot, 20-30-something, muscular pretty boy in a white t-shirt and jeans actually seem to be somewhat knowledgeable. As he and my barber were speaking, I would doze in and out of sleep, because I waited over 2 hours to get a haircut. Next time, I will make an appointment. When I finally sat in the barber chair, the guy told a story about a soon-to-be-entrepreneur. We’ll call this entrepreneur “Jake.” Jake had a soon-to-be-mentor. Let’s call him “Andrew.” Jake once told Andrew that he wanted to do big things in life. Andrew said, “Oh, yeah? Let’s meet up at the beach tomorrow and we can discuss your plans.” The next day, Jake wore a business suit as he walked to the picnic area of the beach and saw Andrew in a t-shirt with shorts. This is weird, Jake thought. The two seemed incompatible. Jake told Andrew a little more about what he wanted to do in life. They also discussed Jake’s weaknesses in life that may impair his success. That’s when Andrew made some sort of signal. Suddenly, Jake was surrounded by several guys. WTF, Jake thought to himself. All the men dragged and carried Jake to the sand area and threw him in the water, business suit in all. They were deliberately drowning him, allowing him to gasp for air in increments of a split of a second. Jake fought for his life, twisting and turning, arms flailing his arms wildly. But he was no match to the goons. After some time, Andrew finally told the other men to pull Jake out of the water. As Jake sat on the sand, his body shivered, water dripping down his face. He couldn’t speak. He was too busy taking fast, deep, and noisey breaths. Andrew looked at Jake and said, “Now you have an idea of what it means to be determined. As you were drowning, the only thing you were worried about was getting oxygen, right? As you were fighting for your life, you weren’t thinking about money or girls. You weren’t thinking about material things. You just wanted air. Now, apply this lesson to your business. Many people say they want to be a success, but they aren’t hungry enough. You gotta be hungry for this thing.” My barber and I looked at the storyteller and said our oohs and aahs. It was a great story. I’m not sure if it was a true story or something that actually happened. Crazy things like this do occur in life. I have to admit, though, I don’t have the story down to its accuracy as the storyteller said it. But the gist of it is precise. How do you feel about this story? Does it inspire you to be hungry? Christopher Patton Hot Bird Music producer@hotbirdmusic.com The business and music development services at hotbirdmusic.com helps you beat 90% of musicians and companies that fail.