Guy Dixon of the Globe and Mail recently wrote this article showing examples of how some musicians, once regarded as an “anti-establishment” career, are now sticking it to the man in a whole new way … by leveraging their MBA’s.
Mick Jagger’s rebellion and raunch could be undercut by pointing out his business studies at the London School of Economics. Or take Pink Floyd’sHave a Cigar, one of the many rock diatribes against moneymen (even though the band was so happy they could hardly count their success at the time).
But that was then.
Today, a musician with MBA skills is the envy of others. Musicians now have to set themselves up as entrepreneurs, within an industry in disarray – effectively, they have to be small business owners. Some business skills are essential, and a B-school degree can only help, some say.
For the Toronto-based, Latinesque singer Amanda Martinez, getting her International MBA from York University’s Schulich School of Business was part of a circuitous, lifelong path that led her to music full-time.
“Music was always in my heart, but I never looked at it as a career option. I had parents who were very adamant that I get an education and that I pursue something very practical,” she said.
Ms. Martinez had worked in sales for clients such as Cadbury and Pepsi, far from a life of performing (even though she says her knack for sales presentations helped resurrect her inner performer). After her MBA, she moved to trade finance, working for TD Bank and specializing in Latin America.
Then came “a total early midlife crisis … I realized that I had never taken my dream seriously as a musician. I took some time off, and then just went head first into music.” This was in 2000. She was in her late 20s.
Her MBA skills kicked in as her music career progressed, she said. One skill was to disassociate selling her music with creating it. Like her days peddling Cadburys chocolate bars to retailers, she didn’t take it personally if some record stores didn’t stock her album.
Another key skill is to work effectively as a team, which can mean very different things working with musical and business teams. She has business partners, even though she still handles scheduling and business details herself, which is that much harder now as a mother of a five-year-old and twins turning two.
“The last thing one gets to do sometimes is the music. If I were to do a SWOT analysis [a typical business school skill, analyzing strengths, weaknesses, opportunities, threats], I think that’s a threat as a musician. For me, the best thing is to make sure you have a team with you to do some of that. When you try to do it all yourself, it really can be overwhelming,” she said.
But “you are still the CEO of your own business, your own life,” she added.
Ms. Martinez also found it surprising how much she has relied on business-school colleagues for help.
“When you are your own product and brand – no matter how much I am able to walk into a store and talk about myself or present myself on the phone – it’s even more important for people to give you an outside perspective and to have other people give you really honest feedback on how you are seen in the marketplace. And that’s where I go back to drawing on a team,” she said.
“People say to me, ‘Oh my gosh, what a waste. It’s too bad you did an MBA when you could have been studying music.’ … I know my parents were, like, ‘You’re throwing your life away! You’re throwing this degree away!’ But it’s funny how much I’m using it,” she said.
Read more at the Globe and Mail.