Deck 3: The Rules of the Game

Question 1

The business of the entertainment business is to use creativity for profit.

Answer 1

True

Question 2

There are nine steps (according to Osterwalder and Pigneur) to consider when starting your own company, including

A) Customers who will buy or use your creative work or product
B) How are you going to make money?
C) What are the administrative steps and activities required to make a profit?
D) Filing the legal paperwork with the state you reside in
E) The channels of distribution you'll need to deliver your product or services

Answer 2

A,B,C,E

Question 3

How can you become successful in the entertainment and music business?

A) Find a problem consumers are experiencing
B) Explain how can you make your customers aware of your products and services and get them to them
C) Build your own venture to sell the solution or product to consumers
D) Find investors who want to invest in your ideas
E) Upload your songs to YouTube

Answer 3

A,B,C

Question 4

The current problems facing the entertainment industry have been caused by

A) The development of the Internet
B) A change in consumers' behavior as they now acquire products free
C) Personal devices such as computers and iPhones
D) A shift in the quality of the programming of entertainment products

Question 5

If you and your friends form a jam band in your garage (for fun), what type of legal business are you?

A) A non-profit corporation
B) A partnership, joint venture, or limited partnership
C) An LLC or Limited Liability Corporation
D) You're not a business yet, as nobody is paying you anything and it's just a hobby
E) A Sole Proprietorship

Question 6

If you are a songwriter or scriptwriter, starting a business will help you

A) Give away your products by uploading them to YouTube
B) Sell yourself
C) Write better
D) None of the above

Question 7

Revenue streams

A) Help you find and retain customers to upsell your products and service
B) Explain how can you make your customers aware of your products and services and get them to them
C) Are the key things your company does to make it more profitable in the marketing, production, distribution, and so forth, of a product or for an individual
D) Represents the gross income from sales minus expenses, which is the net profit or loss
E) Are how much it will cost you to gain the knowledge, experience, products, and services that will make your company successful

Question 8

To be a successful creative person, as a writer, actor, etc., you are usually required to also be

A) The owner of your own business
B) An insider who knows everyone in the industry
C) A producer of the recorded products
D) A producer of the filmed products
E) A cultural icon or public personality

Question 9

Technicians are considered creative artists themselves by the producers and directors.

Question 10

If you're trying to sell a song, script, recording, or yourself as the talent, there is no need to start your own entrepreneurial business.

Question 11

If you want a creative career in the entertainment business, one of the biggest mistakes we can make is to try it without understanding how business works.

Question 12

The traditional business side (business system) consists of entrepreneurs and business-minded individuals who

A) Create the songs, manuscripts, screenplays and stage plays
B) Publish songs
C) Fund the development of films or computer games
D) Finance recording artists, their recordings, shows, and concerts
E) Distribute, promote, and market products through retail, streaming, and other outlets