W13 – Recognizing and Shaping Opportunities

This week had so much practical advice and overall ideas that I want to remember. The first is that there is no one path to success. If we have an end goal of providing a comfortable life for our families, and you know you want to work with music, there are still a lot of paths you can take to reach that goal. Even if we start somewhere that seems completely unrelated, those things can lead to other opportunities more aligned to what you are looking for. It opened my mind to different possibilities I had not considered before.

I also appreciated one of the criteria the reading gave for determining if your idea is a viable business option. We need to look at the “realness” of the opportunity and ask it this is just a personal passion or could it be a commercial success? We also need to think of the idea’s durability, marshalling resources, managing a venue, and harvesting that venue. Are our ideas based on economic realities?

These are the steps the reading gave for forming a business model:

  1. Define a unique strategy that differentiates the new venue from the alternatives.
  2. Identify the resources and capabilities required to execute a strategy.
  3. Identifying the compelling benefits and value proposition for key stakeholders.

Action hero Larry North talked about having a thick skin and being prepared for body blows, like lawsuits and embezzlement. When thinking of a business, I imagine the fun and happy parts with huge workloads, but I had not thought much about the legal and employee problems that could arise. Those kind of situations cannot be avoided through hard work and a positive attitude. Of course there are things you can do to protect yourself, like having insurance and trusting in the justice system to do their job.

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