Well, well. The pundits and the pollsters had it completely wrong and here’s David Cameron with a workable majority. What’s more, the new business secretary is hanging a picture of Margaret Thatcher in his office. Stand by for five years of a low tax/high enterprise economy.
But let’s not get carried away. What Harold Macmillan called ‘events, dear boy, events’ will inevitably come along. And as George Osborne has said on many occasions, the UK cannot be immune to what’s going on in Europe and the rest of the world. So when you factor in the slowdown in the Eurozone, the worrying figures from China, the uncertainty of the European Referendum and the noises from North of the Border there’ll be plenty to keep the Prime Minster and the journalists busy. Most importantly though, it looks like we’ll be able to get on with our businesses without our hands being tied by any more red tape. As Francisco says at the opening of Hamlet, ‘For this relief much thanks.’
Enough of politics: I’m sure you can wait until 2020 to watch the next Leaders’ Debate. Let’s turn our attention to something rather more restful: music.
I was at an Institute of Directors meeting at York University the other week. It was the usual stuff – and then someone made a comment which really made me sit up and take notice: ‘music undergraduates make some of the best entrepreneurs.’
The speaker’s rationale was that music undergrads do a wide variety of jobs to fund their degrees – and hence they’re exposed to a lot of businesses. But I thought it must go further than that – especially as I remembered writing this post about the lessons we could learn from the rapper, record producer and hugely successful entrepreneur Jay-Z.
Was Jay-Z a one-off? Or does musical ability go hand in hand with entrepreneurial ability? It certainly seemed to as the next day the papers were full of stories about Gene Simmons – ‘the financial powerhouse behind Kiss’ – and his net worth of $300m.
A study from Michigan State University suggested that successful entrepreneurs were far more likely to have had music lessons as children – but that might simply be because their parents could afford music lessons. I did some more research and gradually four key characteristics emerged that are common to both musicians and entrepreneurs:
- You cannot become a successful musician unless you’re prepared to listen – to your own work, to constructive criticism and, above all, to feedback from fans
- You’ve got to experiment – and you’ll almost certainly need to overcome repeated failure
- You’ll need to collaborate with other people
- And finally – as Gene Simmons graphically illustrates – you need to differentiate yourself from your competitors
No entrepreneur can succeed without ticking those four boxes – but let me pick up on the last two points in more detail.
Firstly, musicians – and entrepreneurs – need to collaborate. Well, if anyone reading this blog has ever played in a band (or even the school orchestra…) you’ll know that once the collaboration goes, so does the band. The ability to collaborate successfully is going to become an increasingly important skill for the entrepreneur. Over the next five years we’re going to see more and more people starting their own business – we’re all going to be working with freelancers more, and in many cases those freelancers are going to be people we’ve never met. Skype may become the business equivalent of practising in the garage, as successful collaboration increasingly becomes key to building a business.
Secondly, brand – or identity, or USP. Call it what you will. Every successful musician has a recognisable brand – and they know their target market. Whether it’s Jay-Z, Kiss or One Direction (sorry) they all know their market and the brand is tailored to it. Let me give you a simple example. Why does a band need a logo if it’s not a brand? And some of those logos (AC/DC, the Stones, the Who – off the top of my head) are among the most instantly recognisable logos anywhere.
So maybe the traditional MBA course needs a module on music appreciation as well as supply and demand curves? Maybe there needs to be less emphasis on left brain logic, and more on right brain creativity? Let me know your thoughts. I’ll be in the garage, looking for my old guitar…