“Experts Views on the Value of Business Plans”

Dave Lavinsky – a prominent leader in the business plan arena.

Founder of Growthink, a company that helps entrepreneurs build a business plan, research their particular markets, investing, etc. He has also developed Growthink University, which helps business owners, entrepreneurs and business students learn how to raise capital. His current blog post is titled “Crowdfunding 101” and he gives his readers advice on this new form of fundraising that involves getting a regular group of individuals to invest in a project via the internet verses the normal model of getting money through bankers, etc.

There are two blogs in particular that I want to comment on from his site. The first is about business planning and is titled “Business Plan Milestones: How They are Essential To Your Success.” He talks about how a plan is meaningless unless you create the right milestones and stick to them. He explains with an antidote about how many steps it takes to pump your gas.

                        1. I pulled into the gas station.


2. I pulled next to a pump.


3. I put the car in park.


4. I turned off my engine.


5. I got out of the car.


6.  I popped open the gas flap.


7. I swiped my credit card into the machine.


8. I typed in my zip code.


9. I pressed the button for the type of gas I wanted.


10. I unscrewed the gas cap.


11. I took the gas nozzle out of the machine and stuck it   into my gas tank.


12. I squeezed the lever.


13. I waited while the tank filled up.


14.  I put the gas nozzle back into the machine.


15. I pressed "no" I don't want a receipt.

16. I screwed my gas cap back on.


17. I shut the gas flap.


18. I got back in my car.


19. I turned on the engine.


20. I put the car in drive.


21. I drove off.



I thought this was a great illustration as to how many things we actually do in order to accomplish a task we believe is very simple. As far as your business goes and in order to attract investors, you must understand what your milestones are and what it takes to accomplish them. You may mark your milestone as different big accomplishments but it takes the little accomplishments to get there. Never forsake them in order to reach your goal faster, for that haste may actually cause your undoing.

The other blog I would like to mention is called “The 6 Untold Reasons Why Businesses Fail.”  This caught my eye as normally sites hawk the number of reason a business plan succeeds or how to become rich through your business with these simple steps and lastly the top reasons for a business failure. I was intrigued… I wanted to know what the untold reasons were. To list them as he words them, they are:

1) Focusing on Short-Term Profits Rather than Building Long-Term Value

2) Ego Business vs. Business Opportunity

3) Life distractions

4) Bad feedback & white lies

5) Maybe the owner is just a jerk

6) The entrepreneur never took the full leap

For the complete answers behind these six reasons, visit http://www.growthink.com/content/6-untold-reasons-why-businesses-fail

Christie Karis

The second business plan expert I looked at was Christie Karis who is a woman that helps develop business plans for small business owners. Her site is very helpful as it includes samples for startup funding, business expansion, and raising capital. She has worked with more than 100 small businesses and it appears that everyone is very appreciative of the work she does. She does not give much advice on her site but I did want to mention it as she seemed a credible person to put together a business plan for a person who does not know how to put one together his or herself.

Resource:

http://www.growthink.com/team/dave-lavinsky

http://www.growthink.com/category/blogs/dave-lavinsky

http://www.growthink.com/businessplan/help-center

http://www.christiekaris.com/

SUPER Twitter!

Paramount thinks TWITTER is Super!

Super 8 Trailer

Super 8’s brilliant twitter marketing scheme garnered a $37 million opening weekend.  Paramount Pictures took to twitter to promote a sneak preview of the new film “Super 8” directed by J.J. Abrams and produced by Steven Spielberg. How it worked is Twitter users needed to tweet with the designated #Super8Secret hashtag in order to get locations of the secret day early premier screenings. In order for Paramount to accomplish this they teamed up with Twitter and “paid to make #Super8Secret a "Promoted Trend," putting the hashtag under the top 10 trends listed on users' Twitter homepages” (Yin). They ran the campaign 11 hours before the screenings and used 325 domestic locations, including all 239 Imax theaters. Paramount found success utilizing social media to gain a buzz for the movie as it is reported that more than 100,000 people saw the secret screenings on Thursday June 9^th.  

On Facebook, "Super 8's" most active page tacked on an impressive 66,101 new Likes for a total of 123,280 by the end of Sunday. On Twitter, the film racked up 35,912 tweets. That level of online activity bodes well for the film's chances at the box office in the weeks to come (Contrino).

Paramount also debuted the Super 8 trailer on Twitter, which is another way the company is showing their successful use of social media and marketing to the under 25 year old crowd using their own turf.

For my film review:

‘Super 8’ was amazing and beautiful. What made it so good was that the monster doesn’t even have to be involved in the picture; he actually takes a back seat to the intimate moments between the characters. I haven’t believed this big of a child cast since ‘The Goonies.’ The only problem I had with it was the J.J. Abrams signature lens flare that would sometimes take over the whole screen. It didn’t fit with the tone of the film and would take me out of the moment every time they happened. It worked perfectly with ‘Star Trek’ but I think J.J. needs to pick his moments before it becomes an especially tired effect.

'The Goonies' 

 'Super 8' 

http://www.traileraddict.com/trailer/super-8/trailer

Contrino, P. (2011, June 13). Super 8 Dominates Film Chatter Online. CBS News. Retrieved on June 15, 2011 from http://www.cbsnews.com/8301-504943_162-20070802-10391715.html

Yin, S. (2011, June 11). Twitter’s ‘Super 8’ Promo Grosses $1 Million on Thursday. PC Mag. Retrieved on June 15, 2011 from http://www.pcmag.com/article2/0,2817,2386773,00.asp

Stewart, A. (2011, June 8). Par preps sneak peeks for ‘Super 8’. Daily Variety. Retrieved on June 15, 2011 from http://www.variety.com/article/VR1118038226?refcatid=3762&printerfriendly=true

SURVEY TIME!

Streaming Services vs. Rental Stores and Questioning Our Future As A Society

With Blockbuster going bankrupt and the number of subscribers to Netflix constantly rising, it is no question that the population wants their entertainment at their fingertips, on demand, without the hassle of leaving the house and fighting the elements to get it. It is no wonder that many start up companies are jumping on the bandwagon and launching their streaming sites albeit without all the A-list titles that Netflix has. It is an interesting turn of events for the world. The younger generation has a pin drop of a memory of VHS and soon they may have nostalgic feelings towards DVDs. “The future of VOD is a series of channels of content,” Cakarel says. “DVDs will continue their rapid decline as the choice of format for home entertainment. I think we all need to wake up and smell the coffee. My young sister in Istanbul will never buy a DVD in her life. That’s a fact. Period.” (Appelo, 2011).

Hollywood Reporter states, "That there are so many options is a testament to the popularity of streaming, which has become a preferred way to consume movies, according to a March study from PricewaterhouseCoopers. PwC reported that the Netflix model of mailing DVDs is No. 1 with consumers, with 43 percent of Americans doing it, while the subscription streaming service where Netflix also is dominant is No. 2 at 32 percent. Third is a la carte streaming, fourth is renting a DVD from a kiosk, and fifth is renting from a video store."

On a personal note, are we as a society disconnecting ourselves from each other? We all crave a more personal experience but will that in turn shield us from wishing to communicate with others? If we never have to leave the house because entertainment, work, marketing, etc can all come to us, will we? Are all these personalized experiences spoiling us by allowing us to exaggerate our own lives to others that we have forgotten how to listen?  By this question I mean the younger generation that is so quick to have everything at a push of a button has not the time to learn the meaning of patience and because they are always talking (on the phone, texting, facebooking, twitter, netflix streaming online parties, etc) are they not learning the valuable lesson of listening. Has this digital age triggered the beginning of society's breakdown?

Appelo, T. & Bond, P. (2011, March 17). How the Assault on Netflix Will Shake Out. The Hollywood Reporter. Retrieved on June 2, 2011 from http://www.hollywoodreporter.com/news/how-assault-netflix-will-shake-168562

• Interesting side note: did not realize companies for actually hiring for a purely "digital marketing" designated job. I believed that digital marketing was just in the general marketing mix. Should stop taking things for granted since all these new job creations are jobs my generation can fill. 
• Fox taps Ira Rubenstein to oversee DM

What Makes An Indie?

When one hears the term ‘independent film’ it usually conjures up images of skeleton (minimal) crews, low budgets and novice actors on their way to the big time. After Miramax turned small independent films into household names the term started to lose its meaning. What I mean to say is independent films now come to mean A-list actors, A-list directors, A-list crew, modest budget and most importantly – an art house feel. Art house meaning garnered toward a smarter breed of audience. These movies are now Oscar contenders and usually the winners making them a draw for talent. So with all the positives an independent film has, when does it stop being independent?  Are the true indie filmmakers scared that their content is not going to be seen or heard now that big budget films are calling themselves ‘indie’ because they offer a quirky storyline with bohemian beliefs? A current article in the Daily Variety informs on the issue that studios now consider their independent films the big money makers. One quote says that while some of 2010’s indie films “did no where near the $120 million gross of Fahrenheit 9/11… they were to tip grossing 2010 films for their distributors.” (Goldstein). Since when do studio and independent mean the same thing? The upside is that with these evolvements we are seeing that there is a thirst for smart films and not just the fun blockbusters that sometimes take over the multiplexes.  But one has to wonder, how can I push through to the big time if the studios continue to masquerade as small independents and not need the content provided by the genuine independents?  

Goldstein, G (2011, May 23-29). Daily Variety. Indies Splash Into Summer, Niche distribs adopt bolder counterprogramming moves

Everyone vs. Copyright Theft

The Motion Pictures Association has a new president in Mr. Christopher Dodd. He is actively joining forces with the Senate in passing a bill to curb online piracy.  Piracy is where people access copyrighted downloadable content without paying the proper people for that content. It is big business in the States and even bigger overseas. Some people have cited that the amount of piracy overseas is the real problem as they are two thirds of the problem and the people in power should focus their efforts on chocking off their access in order to rein in the problem. The bill in question is called the Preventing Real Online Threats of Economic Creativity and Theft of Intellectual Property Act or PROTECT IP Act. If passed, “it would authorize the Justice Department to seek a court order directing third-parties – search engines, payment processors, advertising networks and Internet providers – to cease providing transactions and support to overseas sites engaged in online infringement.” (Johnson).  This would be a great blow to the system, however that it violate search engines is still a questionable topic. Search engines work off of code to recognize key words and deliver what a person is actively searching. If they were to find these sites and delete them from becoming available in their searches, many believe it would start to slow the access to downloading. Dodd was quoted in Cannes saying, “The big issue for us is thievery. I hate the word ‘piracy’ because it conjures up these lovable characters. Theft of intellectual property is the dominant issue.”(McNary).” The MPAA may be an organization that people don’t agree with most of the time but at least this time they are fighting for the protection of content and not judging the ability of it to be shown.  This new president may bring a bit of fresh air to the organization.

Johnson, T. (2011, May 13). Daily Variety. The War On Websites, New bills aim to curb online piracy.

McNary, D. (2001, May 17). Daily Variety. Dodd Digs In At Fest, New MPAA chief talk copyright theft.

Entertainment Law

For this month’s blog I wish to share about the importance of intellectual property as it pertains to the entertainment industry.  I had wished to interview a prominent lawyer in the field but sadly he was too busy preparing for Cannes and finalizing issues with his current clients before his four-week trip to the French Riviera. By the time I obtained this information, it was too late for me personally, (with one week till the due date) that I would wish to ask someone to take time out for me.

So instead of an engaging interview, I am reviewing a couple of podcasts. The first is from Gordon P. Firemark, Esq. his 12^th episode of his Entertainment Law Update Podcasts from iTunesU.  His personal website can be found at http://firemark.com/. 

One piece of news he talked about was that the copyright office issued a letter that supports the idea of a performance royalty for terrestrial radio stations to pay. An act is pending in congress which would require that there would be a performance right in broadcast radio.  Terrestrial radio argues that if it is burdened with another fee that it will be put out of business, as they do not earn money by subscribers such as satellite radio.  The fee could not be passed on to the listeners, as that would cause uproar with every listener fighting for their free terrestrial radio.  A guest Firemark has on the show states that the fee is so nominal that it makes terrestrial radio companies argument invalid and that musicians are running out of ways to make money on their craft and this could be a new legal stream opening up.

He also talked about an interesting dispute between Michael Douglas and his ex wife Diandra who has filed a suit claiming an interest in his earning from Wall Street 2. As part of the divorce decree she would receive any money on any spinoffs based on movies from when they were together, however spinoff is not a legal term and the courts will have a hard time deciding this one. Could spinoff mean a derivation, a sequel, etc?  How interesting is it that ONE word can make or break the meaning behind a contract? Spinoff usually means when one character from an original TV series breaks off on his or her own and makes a completely new series. This seems to be improper wording on Diandra’s lawyer’s part, as Michael Douglas is a film actor and not a TV actor.  Yet Diandra could make the case that the character of Gordon Gecko is the only character that remains the same in this new film, which could make it a spinoff of sorts as opposed to a sequel that usually retains its original cast. This case will be interesting to see who comes out on top.

I’ll move on to a separate podcast by Georgetown University’s law center. It’s from their first Sports and Entertainment Law Symposium and Launch of GEMALaw. One lawyer talks about her experiences of how she got to where she is. Her most important piece of advice is that law students should pay attention to the business side of the industry they are in and not solely focus on the law. She divulges further by explaining that what makes a lawyer particularly effective in the entertainment industry is that they know the business that their clients are in and are abreast of all news and issues affecting those industries. I believe that even if you are not a student of law you should take this advice to heart. To succeed in any industry you should know the ins and outs of the business you are involved in as well as the business the people you work with are involved. In that way you can relate to those people better, build that trust since they will feel that you understand them, and grow a stronger business. 

Thanks for reading!