Entrepreneurship and Music business

According to the business dictionary Entrepreneurship is defined as being and having the “ capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward. In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation's ability to succeed in an ever changing and more competitive global marketplace.”In the music business there are many problems that need to be fixed and the right entrepreneur can do this. The music business is all about promoting an artiste and their music and entrepreneur can create innovative means of such promotion. When looking at the music industry in retrospect of the art of even the drama industry we see that there are more entrepreneurs who invest in the music business. The music business is extremely viable as consumers keep looking for fresh faces and new sounds thus there is a need to deliver to the consumers.The entrepreneur steps in and market and comes up with strategic plans to generate an income from the demand of the public. They take dire risks that will or will not aid in their aim however they intent are to solve issues at whatever cost. Most entrepreneurs within the music business are good marketers and know how to showcase artiste and many know how to stage successful events in which the artiste can reach a further fan base. They use media as their ultimate weapon as it is the medium of communication.They utilize the radio to promote the songs and the television presents the artiste style and gives their music a ‘face.’ The entrepreneur invests in this an can sometimes be seen as a manager because as the artiste and their music becomes popular the more job opportunities they see and capital (money) will be accumulated as well.