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A Shaky Economy Might Be Good For One Group of People |
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 During
the past few months, I've been unusually busy with new and old
clients on a wide range of matters. Why the sudden spike
in activity given the gloomy economic environment? Do
you see a theme from this partial list of matters I've been asked
to handle?> Legal work related to the release of new CDs, such as producer contracts (with new digital rights provisions), mechanical licenses, work-for-hire agreements and copyrights. > Setting up business entities for new ventures (e.g., record company, management company, investment group) and handling trademark issues. > Business and career advice for new artists and companies. Developing business plans and promotional strategies that tie in to the present climate of major label signings. > Clearing up nagging legal issues from the past (e.g., collecting back royalties, terminating idle contracts, confirming verbal arrangements in writing) before they become insurmountable problems. |
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| The theme is that many of these clients fall into a group of people I describe as visionaries. This group sees where they want to be in a few years and will let nothing stop them from taking action now to make their dreams a reality. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Visionaries may be content with where they are now -- or they may not be. Either way, they aspire to do better. They don't just talk about it, they take methodical steps to make it happen. And if they are not sure what steps to take, they are savvy enough to seek my assistance and the assistance of other professionals (e.g., accountants, financial advisors, etc.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Are you part of this group? Are you a visionary? If you're not sure, consider this.... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Some visionaries are self-motivating. They have an inner drive that is so intense, they are able to get themselves going without needing anyone to give them a pep talk. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other visionaries, however, get motivated by a single event or moment where everything suddenly snaps into clarity -- and that energy propels them into action. Perhaps you fall into this sub-group and your "moment" is not too far off in the future. Here's why. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Many people think that a shaky economy is the worst time to start a new business or to launch a new career. But for some visionaries, the circumstances brought on by an uncertain financial environment actually present that single moment that motivates them to take action on their vision. Let me explain how. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| By now, you certainly are aware of the subprime mortgage crisis and its wake of nationwide home foreclosures. You've dug deeper into your pocket as the price of gas, dairy and other products has increased dramatically. So, you're bound to have heard media reports and financial experts declare that the U.S. economy is in a recession or about to enter into one. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What's the result of all this? People respond by becoming cautious. Consumers cut back on their purchases and businesses cut back on their operating costs. Eventually this trickles down to all of you who are employees or who depend on someone who is an employee. You may experience either of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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You get laid off... If you get laid off, don't be surprised if it takes a very long time to get another job. After all, other people are also getting pink-slipped and are competing for the same small pool of job openings that you are. This works to the advantage of employers who may offer a similar position to what you had but for a much lower salary, longer hours, greater responsibilities or fewer benefits. |
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Your job security and satisfaction
plummets... Even if you don't get laid off, you might find that you: > aren't going to get an expected raise or other perks; > aren't going to get promoted to a higher position; > are becoming uneasy over your job security; > are becoming increasingly dissatisfied with the workplace politics, lack of appreciation and feedback from your superiors, and the lack of control over your destiny. |
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| The politicians and pundits can debate whether or not we're already in a recession or heading into one. The point is that things are definitely not as good as they have been. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| But part of this has to do with your outlook -- your vision. If you lean towards pessimism, you will see the glass as half empty. Accordingly, you anticipate that the economy is going from bad to worse and you become cautious and cut back on spending, which in itself only helps to reinforce the economic malaise. Meanwhile, you may feel like you are stuck in neutral at your job. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| For other folks, the economic uncertainty is the straw that breaks the camel's back. They no longer want to put up with the routine of their jobs and want a meaningful life spent pursuing their passions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| So they lean towards optimism and the glass is half full. The weak economy is the reality check they needed to "force" them to take a risk that they might not consider if they were too comfortable and secure. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The thinking is... "I work hard for my boss, but it's just a job. So why not work hard for myself at something I'm passionate about? In either scenario, I may lose my job or may fail in my business -- both have similar risks. But becoming my own boss is the option that has the greatest potential for financial rewards and personal fulfillment." |
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| For those who have a passion for art and entertainment, I can definitely see how the anemic economy is the last straw. Because even back when the general economy was better, the economy within the music industry was already in bad shape. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Major labels have been reeling from the decline of CD sales over the past several years. It takes a long time for these ancient ocean liners to turn around and go in a new direction. But if you're a visionary-entrepreneur, you're better able to make that turn as nimbly as a speed boat. If you see the glass as half full, you will realize that the hard times experienced by the major companies becomes the business opportunities for those like yourself who are willing to seize the moment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I've been involved in music long enough to remember a similar scenario back in the late 1970s. The public was getting tired of disco and "corporate" rock. Sales of vinyl records were declining and the major labels blamed it on the new technology embraced by the young -- video games. Gas and food prices were going up, and we had double digit inflation and unemployment. And the country was bogged down in a hostage crisis by fanatics in Iran. Sound familiar? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| But while the majors spent their time blaming others and releasing boring music, a fresh crop of entrepreneurs and artists spent what little money they had starting new labels and creating new, exciting music. This launched the punk rock/new wave/rap music era along with a whole new infrastructure of independent record companies, publishers, managers, booking agencies, etc. Eventually, music became profitable again (for those who took the risk) and the industry as a whole was revived. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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> Are you about to launch a new business
or CD? > Do you need advice about the many new
ways that business is being done in the entertainment industry? Do
you understand the new digital royalty provisions? > Do you need someone to handle the legal aspects, such as business formation, contracts, copyrights, trademarks, etc? |
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| If you're a visionary and need help putting your ideas and aspirations into action, e-mail me about setting up a consultation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Not sure yet if you're a visionary and are ready to take the entrepreneurial plunge? Have questions about the fee or services? E-mail me to arrange for a free confidential telephone appointment to get more information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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If
history repeats itself, then these are ideal times for a new
generation of entrepreneurial and creative visionaries.