Why Entrepreneurial Musicians Take Less Risk than Non-Entrepreneurial Ones
Risk taking. Everyone knows that’s an essential trait for entrepreneurial musicians. In fact, “takes risks and is willing to fail” is #5 of 20 essential characteristics describing entrepreneurs listed right on page 5 of my own book The Savvy Musician.
But I can think of one group that takes much bigger gambles. Epic risks, the proportions of which are so enormous, no entrepreneur would touch them with a 20-foot bassoon. That group: non-entrepreneurial musicians. Let me explain…
Entrepreneurs absolutely take risks. They invest enormous time, energy, and finances when launching new ventures, in the hopes of creating meaningful and profitable opportunity. Their efforts could absolutely fail. Things might not work out. Because they’re trying something new, there’s no guarantee.
But the chances they take are not crazy! Savvy, entrepreneurial musicians do their homework. They study the market, look for gaps, use creative problem solving, and differentiate work. They obsess over ways to offer true valuable to cherished customers. Marketing becomes a way of life. Yes, risks are taken. However, when something doesn’t work out, these determined artists morph obstacles into opportunities. Or walk away with lessons learned to apply to the next endeavor. Because entrepreneurs are determined to thrive no matter what life throws at them, they never give up.
Now contrast that with non-entrepreneurial musicians. Most can imagine a maximum of 2-3 potential job options for themselves—some only one. They pay top dollar to attend famous schools, spending years (even a decade plus) in pursuit of multiple degrees. Hoping to be just like the competition—only better—everything banks on the proposition that if they get good enough, their career will somehow work out. And it might…
But if you understand anything about supply and demand in the music industry, you know there are far more qualified applicants than traditional positions available. Even those among the best take a huge gamble. I personally know astounding players who chose this route, and are now working at Starbucks or scrounging to piecemeal a living at sub-poverty levels doing work they despise.
However, for musicians not quite up to that level, chances of landing a great traditional gig in this oversaturated market are essentially zero. Nil. Winning the lottery is a more likely proposition. (Unfortunately, they can’t afford lottery tickets.)
Non-entrepreneurial musicians may claim they’re risk averse. But don’t be fooled. This group banks their entire life on single, remotely-possible-but-highly-unlikely premise. Placing all eggs in one basket, there is no Plan B. There is little realism. Well, at least not until denial wears off, they’re 35 years old, drowning in debt, and chronically depressed.
This group takes grand prize. Even the most foolhardy entrepreneur observes in awe. These musicians adore risk and prove their devotion to this principle every day. That’s true devotion. I wish them well.
9 Responses to “Why Entrepreneurial Musicians Take Less Risk than Non-Entrepreneurial Ones”
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DAVID CUTLER balances a varied career as a jazz and classical composer, pianist, educator, arranger, conductor, collaborator, concert producer, author, consultant, speaker and advocate. Dr. Cutler teaches at Duquesne University, where he also serves as Coordinator of Music Entrepreneurship Studies.
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They are brave indeed! Although it’s really not so bad to be both, I guess. To have an entrepreneurial mindset and a non-entrepreneurial mindset is a great skill to master, I think.
Yup, I agree. The non entrepreneurial musicians are also the ones that view school as a waiting period before a career begins, rather than taking action right away.
Today I took some DMA placement exams at the University of North Texas, and I met a ton of incoming grad students. And very few of them even had a business card. None of them really sought out conversation or connections.
Because of a few handshakes and handed out cards I was able to develop two pretty solid relationships already. That’s awesome. I like talking to people and chances are these folks are going to be my colleagues, so why not jump in right now.
The folks that don’t do that sort of thing, now that’s a scary thing.
Truer words were never spoken. Great post David.
But what about those chronically depressed to begin with? The world is comprised of all types of personalities. Does academia bear any responsibility to say, “Listen kid, this might not be the right field for you?”
Very well written post. Risk exists in any business or activity, but the people who are successful learn to weigh their level of risk and have an appropriate backup strategy. Starry-eyed dreamers are often not considering all the “what ifs” and as a result generally suffer for their decisions.
Jazz Barista,
Absolutely. Academia should be honest with students who don’t have much potential as a professional artist through either entrepreneurial or non-entrepreneurial routes. It is just not right for them to perpetuate mythology.
In this article, however, I’m more concerned with musicians who absolutely could accomplish great successes through a creative path, but are only exposed to a monocular (and often unrealistic) view of what’s possible.
Thanks for your thoughts!
Yet another great article (I’m going to be stuck on this blog all day at this rate).
This one makes me think of the Rich Dad / Poor Dad book where the author describes those who feel that being an entrepreneur is too risk and that it’s better to go to school and get a good job with the government or a big corporation.
It makes sense on one level, but if you look at it a different way an entrepreneur learns how to offer value (sell) to anywhere from dozens to hundreds or even thousands of people. They give the entrepreneur a livelihood and once that skill is mastered an entrepreneur will always have a way to make a living no matter where they happen to find themselves.
Take the jobber on the other hand and they are earning income from one person – their employer. You’ll never get rich working for someone else, and you’ll be dropped as soon as it becomes convenient for them to drop you. If you happen to end up in a highly paid and highly specialized job – you can be dropped and not be able to get another job at the equivalent pay and go down hill from there.
If the entrepreneur loses a client or two, they can always get more. The world is filled with customers looking for someone who understands them and can solve their problems!
Musicians can be entrepreneurs as long as they keep an open mind, leverage opportunities and work towards providing value to their audience.
This is a better game plan than merely going to school, getting a piece of paper and feeling entitled to a living based on your musical superiority.
You don’t have to be one or the other – a mix of the two will probably yield the best options, but if I had to choose now I’d definitely go the entrepreneur route. This is coming from a 35 year old who can no longer afford to make music on a regular basis!
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