For those music creators who may not have a lot of music business experience, I thought I’d share 4 business mindset shifts I’ve made while working with some of the best and brightest in the music/entertainment industry:
Don’t worry about things you can’t control. In negotiations/dealings, you don’t know what the other side is actually thinking, what their actual dealbreakers are, what their budget actually is, what rights they actually have to give, how badly they actually want/need this deal, etc. So, when you make an offer or take a position on something, you won’t know for certain how the other side is going to respond. I wasted a lot of time and energy earlier in my career anticipating and planning for hypothetical responses that I never actually received. I learned it’s much better and more efficient to think about and deal with the other side’s response after you actually receive it and know what it is, rather than spending time in the interim anticipating hypothetical responses you’ve conjured up in your mind.
In addition to performing the services you’ve been hired to perform, an important function of your role is to make the lives of those who hired you easier. Earlier in my career, I would rely on those above me for advice and solutions to problems I’d encounter, which is to be expected to a certain degree. However, I was quickly advised by a mentor that my employer hired me to make their lives easier and to solve their problems, not to be burdened with my problems. Once I began approaching my work with this new understanding, my value to my employers quickly increased. So, if you think you can fix a problem before it gets on your employer’s radar (and provided you’re authorized or encouraged to do so), try to fix it without looping your employer into the matter. If you must present a problem to your employer, do your own critical thinking first and propose thoughtful solutions to the problem when you present it, rather than rely exclusively on your employer to come up with the solutions. Eventually, you’ll start proposing solutions your employer likes, and they’ll start wanting you involved in more and more projects. You’ll get much further in life and in business by taking the initiative and going above and beyond, as opposed to just doing what’s expected of you.
Further to point 2, there won’t be a clear answer or established precedent for every question you’ll have or problem you’ll face. Believe it or not, a lot of people “at the top” are still making educated guesses on a regular basis and sometimes even just winging it - from quoting fees to considering a new business relationship and everything in between. Of course, you should continue to educate yourself and seek advice from trusted advisors, but there will likely come a time when you’ll just have to make an educated guess on something and live with the result. Don’t be crippled by trying to find the perfect answer to every problem or the perfect way forward in every situation. Sometimes, you just gotta make a move based on the information at hand and be ready to adjust.
Don’t always be on defense. Sometimes, we fall into the trap of thinking the other side is holding all of the cards and/or that we’re forced to play their game - if they say jump, all we can control is how high but we must jump nonetheless. However, there is more than one way to resolve a matter or to reach a conclusion. Before agreeing to something you’re not crazy about or complying with a pesky demand or engaging in an unpleasant exchange, pause, take a step back, and take a minute to consider your options. Maybe you’ll find there’s a win-win you haven’t thought of yet. Maybe you’ll find you have more leverage than you initially thought and that you’d prefer to push the other side in the direction of your desired outcome. Maybe you’ll find you want to make or call a bluff. Maybe you’ll find it’s best to not respond to something or to stop engaging entirely with the other side. Maybe you’ll find that this “urgent” matter can wait until you’re ready to get around to it. Or maybe you’ll conclude that you do need to play along in this instance. Just don’t default to being reactive. The other side is playing their cards, you can play yours too.