My Solution For The Music Industry

I don't claim to be an expert on music, but I think I know why the music industry is at an all-time low. Because today's music sucks!

There are two types of music: Music that people tolerate, and music that people buy.

Music that people tolerate is music that people like to hear when driving and when at the clubs. They like the beat, and they'll dance to it - but they're not impressed enough to actually spend money on it. Obviously, this kind of music generates $0 dollars in revenue.

Music that people actually buy is... well, music that people buy. They love they lyrics, they love the beat - and they are motivated to spend money for it.

Unfortunately, most of today's music is just music that people tolerate.

I find it very interesting that Michael Jackson sold 1.2 million albums within a two-week period after his death, but there are tons of well-known artists who haven't sold that many records all year.

For instance, out of an estimated 50 million people who listen to hip-hop and R&B - only 500,000 have bought Keyshia Cole's most recent CD - which has been out for 29 weeks. That's less than 1% of her potential audience.

Other popular artists who get tons of airplay, but haven't yet sold 1 million units this year are: Keri Hilson, Rick Ross, Soulja Boy, The Dream, Anthony Hamilton, T-Pain, Mary Mary, and many others.

I'm thinking this: If you want to increase sales, stop making music that people tolerate - and start making music that people will buy.

Is Your Business In High DEF?

I'm not talking about visual effects, pixels, and resolution. I'm not talking about Blu-Ray, and I'm not talking about VGA, DVI, or HDMI. In fact, I'm not even referring to plasma or LCD TVs at all.

I'm talking about D.E.F. (Demand, Efficiency, and Frequency). Your business should always be in high demand, operating with high efficiency, and involved in a high frequency marketing program.

Here are some tips:

D = Demand: To increase the demand for your company, your services and products should be designed to solve people's problems. Come up with ways to make people feel that they need you and can not operate without you. Create a buzz, and learn how to keep people talking. Remember that up to 80% of your business will come from word-of-mouth referrals.

E = Efficiency: To increase the efficiency of your company, you must learn to be effective without wasting time or effort or money. Especially during a recession, you want to make sure that all of your company's energy is being spent in a valuable way. Find out what is working, and step it up. Find out what is not working, and stop doing it.

F = Frequency: To increase the frequency of your company, you must launch a regular and consistent marketing program. I strongly recommend that you engage in some type of marketing every single day. The more frequently people see your company, the more likely they are to buy in to your services.

Download My New E-Book "500 Black Business Secrets"

I've finally finished my new e-book whereas I reveal everything I know about business - all my secrets. Most of you know that I've been in business for about 10 years now, but few know that I started my company in college and since then have generated nearly $3 million in revenue.

My e-book entitled Black Business Secrets: 500 Tips, Strategies and Resources For African American Entrepreneurs documents every step that I've taken over the past decade.

In the book, I reveal secrets and tips for authors, public speakers, bloggers, local businesses, national businesses, and more.

Topics covered include:

Marketing Secrets, Resourceful People To Know, Customers Service Ideas, Best Conferences To Attend, Twitter Tips, Search Engine Optimization, Web Site Tips, Sales Tools, Networking Tips, Press Release Tips, Hiring Tips, Booth/Exhibit Tips, Negotiating Tips, Best Mobile Apps For Business, Best Organizations To Join, Best Books To Read, Best Blogs To Subscribe To...and my personal favorite - Free Stuff For Your Business.

The book is 123-pages long, but its an easy read - and is available for immediate download.

For more details, visit:
www.500BlackBusinessSecrets.com

Flex Your Brain Muscles For Better Business Results

Research shows that flexing your brain muscles can help you think faster and smarter, and can even delay the loss of memory as you get older. These are things that can benefit you as an entrepreneur in more ways than one.

You'll be able to out think your competition, come up with more creative ideas, increase your speed reaction time, defuse stress, and better recall tips and strategies that you read about or heard about.

Here are just a few ways to flex your brain muscles:

1) Learn how to say your ABC's backwards. This will not only help you with your memory, but it will train your brain to be more flexible. It can even raise your self-esteem.

2) Start using your other hand. If you're right-handed, learn to write and eat with your left hand - and vice versa. This will you keep both sides of your brain active, which can lead to more creative and innovative thoughts.

3) Learn to skate backwards. If you like to skate, why not learn how to skate backwards? When doing so, you'll be using parts of your brain that never get used.

4) Exercise 3-5 times a week. Regularly exercising will increase blow flow throughout your body and to your brain. Running, jogging, brisk walking, lifting weights, and playing sports can all be helpful.

5) Eat brain food. Everyone knows that fish is good for your brain, but there are more. Organic eggs, fruits and vegetables, seeds and nuts, and other foods with fatty acids are all helpful with concentration and sensorimotor skills. Also, for dessert - try organic dark chocolate.

6) Take herbal supplements. Fish oil, Vitamin B-6, Vitamin B-12, lithium, and Vitamin E are natural supplements that can keep your brain strong and possibly prevent your brain from aging.

7) Download some brain challenge mobile apps. The iPhone has several applications that can help keep your brain active. My favorites are Brain Challenge, Brain Toot, and The Moron Test.

8) Use Braingle.com and BrainMetrix.com. These are two web sites that give you access to free brain teasers, riddles, trivia, exercises, games, and more.


Remember that the key to running a successful business is thinking smarter and harder. Make sure your brain is in shape to keep up!

The Rise and Fall of Vibe Magazine

Amidst all the news and commentary about Michael Jackson's death, many didn't even notice that Vibe Magazine shut down last week.

Ironically, Vibe Magazine was originally started in 1993 by Quincy Jones - who also produced Michael Jackson's biggest album "Thriller". He had since sold the company, but is now looking to buy it back.

According to Danyel Smith, editor-in-chief of Vibe magazine, "The staff was working on a tribute issue to Michael Jackson when they got the news."

For it's final six months, Vibe had a circulation of 817,825, but had a 42% decline in ad pages in the first quarter of 2009 compared to the same period in 2008 - according to the Publishers Information Bureau.

At one point, Vibe was the biggest magazine dedicated to Black music - bigger than both XXL and Source magazines. There also was a short-lived spin off publication for women called Vibe Vixen Magazine.

Sadly, Vibe is just one of many Black media outlets that have been forced to close their doors. Several local Black newspapers have also folded in the past year.

Even worse, it was just 2007 when the Black Family Channel - an up and coming television network - had to shut down as well.

Sony Walkman Vs. Apple iPod

I find it very interesting that it took Sony thirty years to sell 385 million Walkmans, but Apple has sold more than 210 million iPods worldwide in only eight years.

Not only does that mean that Apple will surpass Sony's peak in another year or so, but it also means that Sony didn't maximize on their potential. At this rate, in thirty years, Apple will have sold nearly one billion iPods.

In my opinion, the Walkman of the 80's and 90's only appealed to younger people. I think that Sony made the mistake of assuming that only teenagers would be interested, and marketing mostly to that group.

Apple, however, figured out early to make the iPod appeal to many generations. It appeals to teenagers and adults, including many seniors. This is why Apple has been able to gain so much market share in so little time.

Even more, Apple figured out how to take a consumer group and expand it. In other words, they managed to get people to buy iPods who didn't previously buy portable music players.

Now, Sony who dominated that market for 20+ years, is struggling to catch up as they attempt to introduce new lines of MP3 players.

Sadly, they will probably end up retiring the "Walkman" brand. I believe that one day they will regain a market share, but I think it will take a new brand and a new marketing strategy.

FLASHBACK: You Don't Have To Be A Pilot To Start An Airline

I wrote the following blog back in April 2008, but it thought it would be great re-post:

You may respond to this by saying "I'm not interested in starting an airline." Well, neither am I. The point of this blog is to emphasize that you do not have to possess industry skills, to start a company in the industry.

In other words, if you want to start an airline - you do not need to learn how to fly. If you want to start a software company, you don't have to be a programmer. If you want to start a catering company, you don't have to be a chef.

The only thing you need to know in these scenarios, is how to find and manage a pilot, a programmer, and a chef. And of course, it would be good to at least understand how these different industries work.

Too often though, entrepreneurs will come up with a great idea for a business, but dismiss that idea after they realize that they don't have the needed skills. Well, with the exception of certain cases like Bill Gates who was a programmer who started a software company - most scenarios are quite the opposite.

For instance, Collett E. Woolman, founder of Delta Airlines was not a pilot. Also, Pierre Bellon, founder of Sodexho (a large catering and food services company), is not a cook - and has never been one.

Broaden your sense of thinking when it comes to business. While you should pursue business endeavors that interest you, don't just stick to ideas that encompass your skill level.

Running a successful business is about management and marketing. Manage the people who have the skills, market those skills to potential customers, and go down in history as a successful businessman or businesswoman.

The Truth About LLCs

Many entrepreneurs, when first launching a company, will form an LLC. That is, a Limited Liability Company.

In theory, if a limited liability company goes out of business, then landlords and other creditors cannot come after the owners' personal assets. They can collect only from the assets of the actual company.

While this is a great protection, be careful because there are some ways to screw this up. For instance, if you sign as a personal guarantee with a landlord or creditor - then you are personally responsible for money owed, even if your company fails.

Liability protection also would not be available to you if you intentionally committed fraud or failed to deposit taxes withheld from employee wages.

According to BusinessWeek.com:

In general, having an LLC operating agreement, maintaining a separate business bank accounts, obtaining a federal employer identification number, and properly funding the LLC can all help to protect individual owners from liability. It is also always smart to have business insurance in place to protect business owners in cases like yours.

I strongly recommend that you talk with a lawyer and/or your accountant to make sure that your personal assets are protected if something ever happened.

For more information about LLCs, visit:
http://www.irs.gov/businesses/small/article/0,,id=98277,00.html

Local, Not Federal, Government Agencies Provide Business Grants

By The National Institute of Business Grants

A business grant is essentially free money given to entrepreneurs and business owners to start and/or expand a business. A common misconception is that business grants are given away by the federal government. This is not true at all. Grants available through the U.S. government are generally reserved for non-profit organizations, intermediary lending institutions, state and local governments.

However, there are plenty of state and local government agencies as well as private organizations and foundations that offer business grant money. A good place to begin is within your own state.

The U.S. Government's Official Web Portal (www.usa.gov/Agencies/State_and_Territories.shtml) is an excellent online resource that enables you to click on your state and search for state grant money within all kinds of areas, such as agricultural, environmental quality, health, law, and cultural affairs. You can also search the office of the Governor of your state, or search through various state offices such as Affordable Housing, Transportation Dept., Soil and Water Conservation, Education or any other department whose focus best aligns with the nature of your business.

Local sources of funding may include Lions Club, Rotary, Kiwanis, Veterans Administration, Community Development Foundation, Regional Planning Commission, colleges and universities, and hospitals. Civic organizations often have foundations that manage requests for grant money, and the objective must align with their mission and values and benefit the community in some way.

Another local source of business grant money is your state's or city's chamber of commerce, your mayor's office, your congressman's office, and even your governor's office.

In addition to local government agencies, The Foundation Center (www.foundationcenter.org) provides a directory of over 200 corporate grantmakers. Major corporations often establish trusts and foundations to give business grant money to companies and organizations that engage in efforts that are aligned closely with their mission and values. A few examples are General Electric, Ford, Wal-Mart, the Gates Foundation, the Lilly Endowment, Ford Foundation, Hasbro Industries Charitable Trust, W. K. Kellogg Foundation, the Kipling Foundation, Clorox Company, Allstate Foundation, and International Paper Company. Each company’s foundation has specific criteria on the business focus that meets their criteria for receiving grant money. Grant money can range from $500 to $5 million, depending on the size of the foundation.

The National Institute of Business Grants (www.BusinessGrants.org) is a free online resource for details and FAQs about small business grants and other financing options.

The Michael Jackson Business

Everybody knows that Michael Jackson was a legend, but here are some stats to show you that he's even bigger than you thought he was.

1) He sold more than 750 million albums worldwide, and his album Thriller continue to be the best-selling album of all time with over 109 copies worldwide.

2) He sold more than 350,000 copies of his documentary The Making of Michael Jackson's Thriller.

3) He sold more than 100 million concert tickets worldwide.

4) He sold more than 5 million copies of his autobiography Moonwalk.

5) He sold millions of action figures and toys.

Even more, USA Today reports the following stats since his death:

Amazon.com was sold out of its supply of Michael Jackson and Jackson 5 CDs and DVDs within minutes of media reports announcing his death and it then saw sales of mp3 downloads begin to spike. By late Friday afternoon, Jackson-related product sales at the company's music store accounted for 19 of the top 25 best-selling CDs; the top seven DVDs; seven of the top 10 mp3 albums; and six of the top 10 mp3 songs — roughly 60% of all music sales.

Even a collection of Jackson Five Christmas songs made the top-25 CD list, which was topped by a 25th anniversary edition of Jackson's Thriller.

Barnes and Noble's website and retail stores also reported being sold out of most Jackson products.

Jackson's music also accounted for 9 of top 10 albums on iTunes, six of its top 10 songs (led by Man in the Mirror at No. 2), and nine of its top 10 videos (led by Thriller). No Jackson music registered in the top 10 in any of those categories a week prior.

That, my friend, is the business of Michael Jackson.