BUS P3 MUSIC (the roles and qualities of entrepreneurs setting up music events) Flashcards
Who are entrepreneurs?
Entrepreneurs are people who start and operate a business to meet customer needs.
Businesses offer goods and services that customers are willing to pay for which should enable the business to make a profit.
Running/staging a music event is no different to a business
What do entrepreneurs do?
Entrepreneurs see a gap in the market and start and operate a business to fill it.
The gap in the market may be filled by hosting a music festival, or a music concert in a stadium.
What is the main aim of music events?
The events generally aim to make a profit, or raise funds to support a specific cause.
All music events are the brainchild of an entrepreneur who has the creative idea to create an event that people will want to pay to attend.
What did accounts filed with companies house show about the Glastonbury Festivals profit?
The profits from modern music events are significant.
Accounts filed with companies house are reported to show that the glastonbury festival made £5.9 million in pre tax profit for the year ending march 2024.
This was a large increase from the £2.9 milluon in the previous year.
Revenue also rose by 20% to £68.4 million
What did Harold pendleton create?
Harold pendleton created the reading festival, which was originally called the national jazz festival and staged for the first time in 1961 at richmond athletic ground.
The festival moved around during the 1960s and 70s before setting in reading in 1971.
A second leg of the festival was added in Leeds
Who is michael Eavis?
Michael Eavis is a dairy farmer and the founder of glastonbury festival.
After seeing rock band Led Zeppelin headline at an open air concert in 1970, he was inspired to create his own music festival.
As a farmer, Michael Eavis owns a lot of land and decided to open his fields at worthy farm in Pilton somerset.
Who is andy copping?
Andy Copping is the founder of download festival, a rock music festival that takes place each year at different locations.
Download festival is known for its community, safe atmosphere, and after hours entertainment
What influences the success of music events?
The personal characteristics of the entrepreneur can influence the likely success of the music event.
What are some characteristics that successful entrepreneurs have in common?
- Innovation and creativity
- Determination
- Confidence
- Negotiation
- Communication
- Risk taking
What is the characteristic ‘innovation and creativity’?
Innovation can help the entrepreneur to create a new or difference good/service, such as a music event, with a special feature in line with trends at that point in time
What is the characteristic ‘risk taking’?
Entrepreneurs often take risks when setting up a new business, but in return there is the potential to earn large rewards.
There is always the risk that the business will not be successful, which could result in losing money
What is the characteristic ‘communication’?
Entrepreneurs must communicate with many people, such as the media, to support their idea, gaining feedback from future customers and suppliers.
It is important that they communicate clearly and in a way that enthuses others so they understand and believe in the potential of the idea
What is the characteristic ‘negotiation’?
Often entrepreneurs negotiate to progress their concept.
Sometimes others may not accept their idea in full but may accept a scaled back version, its all about trade offs
What is the characteristic ‘confidence’?
Effective entrepreneurs are confident.
Entrepreneurs have the confidence to take risks and approach others to turn their business idea into action.
The entrepreneur must believe in the potential success of their business idea and communicate this to others so that they share the confidence about the likely success.
What is the characteristic ‘determination’?
Not everything will go to plan when setting up a new small business. There are often setbacks and rejections along the way.
Successful entrepreneurs have the determination to carry on to set up the business and try new options
What is a leader in a music event?
The creator of the event is often the leader.
The role of the leader is difference to that of a manager.
A leader will identify the key matters for the business/event, prepare its objectives and tehn decide what needs to be performed, bu when and by who.
Leaders need to inspire staff
What is a manager in a music event?
A manager is someone who enacts an idea or a policy and performs the task to the required standard (often through others)
What are the 4 different types of leaders?
Leaders can be categorised into 4 types:
- Autocratic - leaders take decisions on their own with no discussion
- Democratic - leaders discuss with workers before making decisions
- Paternalistic - leaders will listen, explain issues and consult with the workforce, but will not allow them to take the final decision
- Laissez faire - leaders will leave their colleagues to get on with their work so there is no supervision or control
Who developed this leadership style continuum?
The leadership style continuum was developed by Tannenbaum and Schmidt and is a way of comparing and categorising a leader along a continuum of varying degress of autocratic/democratic traits.
This model can be used to analyse the traits of leaders in the music event industry to help understand why they have been successful
