What Entrepreneurs can learn from independent musicians!
Bottom Line: Entrepreneurs face many of the same predicaments as musicians do, especially around raising money or signing that big record deal with a music label. Substantially more artists are choosing to go independent and that might not be such a bad idea for entrepreneurs either.
VC’s are like music labels – they both provide investment and place bets on founders and artists and expect substantial returns for their investments.
Growth options for entrepreneurs and artists:
Option 1 for Entrepreneurs = accept outside investment
Option 1 for Artist = sign with a record label
Takeaway for Option 1 = these options come with a high expectations such as rapid growth, a lot of buzz, and doesn’t always have a lot of staying power.
Option 2 for Entrepreneurs = bootstrap your idea and use the profits to build the business further
Option 2 for Artist = launch your music independently and keep all your profits
Takeaway for Option 2 = growth would be slower but more sustainable, you’ll have to really connect with your customers and fans, and this leaves you in complete control of your business and your art.
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