M01_BOVE9656_05_SE_C01_LOW_RES - M01_BOVE9656_05_SE_C01.QXD...

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PART 1 Setting the Stage: The Business of Business CHAPTER 1 Developing a Business Mindset After studying this chapter, you will be able to 1 Explain the concept of adding value in a business and identify the major types of businesses 2 List three steps you can take to help you make the leap from consumer to business professional 3 Discuss the five major environments in which every business operates 4 Explain the purpose of the six major functional areas in a business enterprise 5 Summarize seven of the most important business professions 6 Identify seven components of professionalism LEARNING OBJECTIVES M01_BOVE9656_05_SE_C01.QXD 11/29/09 3:37 PM Page 1
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2 Part 1 Setting the Stage: The Business of Business Introduction Like all professional bands, Enter the Haggis (profiled in the chapter-opening Behind the Scenes) is more than just an artistic endeavor. It is also a business with customers, suppliers, payroll, production costs, taxes, legal issues, and most everything else that comes with being in business. And like all businesses, it is affected by external forces, from population trends to new technologies. This chapter gets you ready for the whirl- wind tour of the business world you’ll get in this course, starting with a quick overview of what businesses do and then some advice on making the leap from consumer to busi- ness professional. www.enterthehaggis.com Chances are Trevor Lewing- ton, Brian Buchanan, Craig Downie, Mark Abraham, and James Campbell don’t wake up every morning and head off to work thinking of themselves as business- people. They are musicians first and foremost, mem- bers of Enter the Haggis (ETH), a Toronto-based Celtic rock band that has been steadily building a fan base across North America since the lads met in college in the early 2000s. They’re musicians, but they can’t help being businesspeople as well. Being a musician can be a lifetime calling and a consuming pas- sion, but earning a living as a professional musician requires much more than artistic inspiration and talent. Musicians who want to survive and thrive in today’s frag- mented media landscape are increasingly taking control and managing their careers as business operations. Any music fan who has been purchasing music over the last decade or so knows that the music industry has been undergoing some profound changes. Sales of compact discs have dropped in half since their peak in 2000, as online sales through digital downloads and digital streaming services have grown rapidly. Legal sales of digital music are increasing, although the vast majority of downloads are illegal. However, not all musicians are dead set against unauthorized downloading, and many openly encourage it as a way to build audiences for their music and increase demand for concert ticket sales.
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M01_BOVE9656_05_SE_C01_LOW_RES - M01_BOVE9656_05_SE_C01.QXD...

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