mgid:uma:content:mtv.com:1692592

mgid:uma:content:mtv.com:1692592

Entertaining the Next Step

This statement can be figurative, but it is truly a literal statement for me.  This is the last week of my program at Full Sail University.  If you haven’t been following my blog, I am pursuing my Master of Science degree in Entertainment Business.  The time has sailed passed so swiftly.  It is truly hard to believe that it is almost over.  I have just two assignments to complete the program (you’re reading one of them). 

Self-Doubt

I still remember the apprehension I had about enrolling in the program.  You see I am not a traditional student.  I have been married, divorced and remarried.  I am the mother of 5 girls.  I have 1 grandson.  I also have 2 stepsons and 1 step-grandson.  I have a full-time job, a small business, a house, bills, and completely lodged inside of life!  I just didn’t know if I could do it.  It had been 13 years since I had been in a structured higher education program.

Encouragement

Luckily, I had a strong support system.  My husband encouraged me to do it!  Surprisingly to me, I was accepted into the program.  It wasn’t easy and it took some major sacrifice, but I’ve made it!  I enrolled in the program so that I could gain knowledge about the industry.  I needed to be able to position the artists that recorded in my studio.  I felt I have a responsibility to them.  I should be able to provide them with sound direction for their careers.

Appreciation

I’m appreciative of all of my learning experiences.  I learned so much more than the industry.  I had some wonderful Professors and some amazing classmates.  I have a new network of professionals that I can access if I ever need them.  The program taught me how to become an effective leader.  It taught me how to work within a team and how to manage a project.  It taught me about laws within the industry, how to market my business and to brand the company.  It taught me how to develop a plan for my business and the financial makeup of a solid business.

I am truly grateful for the experience and hope that one day I can be a resource for Full Sail as an industry leader!

Alternative Funding

At first glance this phrase makes perfect sense, but for those living in the reality of their economic status, it’s no alternative, it’s the only option.  A lot of people that have pursued entrepreneurship have done so by strong faith, intestinal fortitude, and a passion that continues to drive them, not knowing when their next sale will be.  Wondering if they will have enough this week to pay the mortgage, the car note or even afford them a decent meal. 

Credit Denial

They have survived through numerous denials for funding.  They have tried their local bank, and maybe their local credit union.  Unfortunately their personal financial trials have taken a toll on their credit.  Maybe they were left hung to dry through a nasty divorce, or maybe there were medical bills. Regardless of what the circumstance, their creditworthiness was destroyed through these trials and the inability to make enough to change their forecast.   

Financial Resources

Entrepreneurs must educate themselves to improve their situations.  They can’t continue to walk in ignorance and use their past financial status as a crutch. There are endless resources available to increase their chances on finding funding for their business:

• The SBA offers training on preparing your finances, writing a business plan, financial    assistance programs, and loans and grant resources.  There are online courses on how to prepare a loan package and introductory accounting.  You can also learn how to assess when you will make a profit through a breakeven analysis. 
• Opportunity Finance Network (OFN) is the national network of Community Development Financial Institutions(CDFIs) private financial institutions that are 100% committed to delivering responsible, affordable lending to help low-income, low-wealth, and other disadvantaged people and communities join the economic mainstream.  
•  HOPE (Hope Enterprise Corporation) is a community development financial institution for those living in Arkansas, Louisiana, Mississippi and Tennessee.  They have worked for the past 18 years to close the gap in the Mid South creating opportunities for low and moderate-income people to access affordable, responsibly structured financial products and services.