I will summarize what I learned in the first semester of this course, managing a creative business. This course combines multiple disciplines, from theoretical knowledge to practical knowledge, I learned multi-disciplinary knowledge, business model, new venture development, intellectual property, enterprise financing, advertising and brand management, business strategy. Next, here’s a summary of each section.
I remember the first week of the course was business model, Business Models show how an enterprise or organization creates, delivers, and captures value, In order to realize the maximization of customer value, the business model integrates the internal and external elements of enterprise operation to form a complete and efficient operation system with core competitiveness, which can meet customer needs and realize customer value through the optimal realization form, and at the same time make the enterprise achieve the goal of profit. It shows the core values that a business creates. Behind every business there is a business model that puts an idea on a canvas. The business model canvas with nine modules in one canvas. It can not only provide a variety of plans, but also more easily meet the needs of customers. It emphasizes the interaction and connection between nine modules. Learning this business model canvas has a great effect on the future work, which can help us reduce the speculation in the future entrepreneurial path, ensure the right goals and reasonable problem-solving tools. It’s an effective tool for putting our ideas on the business canvas.
In the second week of the course, New Venture Development, before that, we were asked by the teacher about the difference between the two. The example of banana made it easier for me to understand the use of different values of banana by entrepreneurs and businessmen. The concept of occupation and the concept of behavior are two concepts that do not exclude and do not overlap in some way. How to make a profit on the way to start a business, it’s a process of finding a product or service or an idea, then buying a product, then improving and prototyping it, showing people the results, filling in the gaps, reinventing it, finding partners, finding investors, selling the product. Many reasons why entrepreneurs fail are summarized in the courseware, such as capital exhaustion, no market demand, price and cost. Putting an idea into practice is a process of starting a business. Any business venture has the risk of failure.
In the classes with Simon Hulme, the two sections on Entrepreneurial Finance also made me review the relevant knowledge I had learned in college, and understand the important role that finance plays in the operation of enterprises. (Karen and Joe, 2008) said that to get a clear picture of a company’s profitability, look at the income statement, balance sheet, and cash flow. The balance sheet and profit and loss statement, help us more clearly understand a company’s internal financial situation, that we can forecast and judgment, and then make the right choice. An income statement that reflects the results of an enterprise’s production and operation during a certain accounting period. The operating results of an enterprise during a certain accounting can show the profit, may also show the loss, so the income statement is also called profit and loss statement, it reveals the various revenue of the enterprise at a specific period, all the fees, costs and expenses, and enterprises to achieve profits or losses, according to revenue minus expense obtain profits.
Business strategy games, I won’t forget, my team and I go to the library every Wednesday after class to analyze data and make decisions. In my opinion, it was just a game, but I learned how to analyze data and strategy theory. Before that, I had no idea what ocean strategy was and what porter’s five forces were. Meeting after meeting, I also learned how to cooperate with others. It is not easy to be a good chairman. When to buy and when to sell is not just a matter of adjusting the data. In the business strategy game, we analyze the results of the last round of decisions, analyze our data, and make decisions before each round of decisions. In the first few rounds of decision making, we neglected to analyze the data of our competitors, which led to the defeat of another team. We suddenly realized the seriousness of the problem. We should not only focus on our own data, but also compare with our competitors and make a comprehensive macro analysis. Stewart Clegg said that strategy is knowledge and power. A good strategy allows us to keep our heads clear, to gain a sustainable competitive advantage. PESTEL, an effective macroeconomic analysis tool. P-political, E-economic, S-social, T-technology, E-environment, L-legal.Through these six factors to analyze the situation facing the enterprise. It can not only analyze the external environment, but also identify all the forces that have impact on the organization.
Two sections of Intellectual Property also impressed me. Copyright is used to express the rights enjoyed by the creator for his creation. After China joined the World Intellectual Property Organization (WIPO) in 1980, WIPO currently has 192 member states, 188 of the UN member states. In China, the copyright period is the life of the author plus 50 years. it subsequently enacted trademark rights, patent laws, Copyrights and so on. In China, the duration of the patent right for invention is 20 years, from the date of filing. Copyright protection covers works of literature, music, drama, radio, film and art. Creative Commons is a non-profit organization dedicated to building global knowledge and cultural sharing. The types of licenses are CC BY,CC BY SA, CC BY NC, CC BY ND, CC BY NC SA, CC BY NC ND. Intellectual property rights play an important role in enterprises. Intellectual property rights not only protect creators’ creativity, but also respect creative people. If there is no effective protection, it may be stolen, infringement, harm the interests of the creator.
Advertising is everywhere in our life, advertising is the source of information for consumers, but there are also false advertising in the market, exaggerate the role, but consumers can still get information. Interesting advertisements can attract consumers’ curiosity and enhance their desire to buy. Effective advertising has a clear target audience and the best positioning. The first is mainly to select the target audience, the second is to understand the decision of the target audience, the third is to determine the best position, then develop a communication decision, and finally set up a media strategy(Percy, L. 2016). The development of advertising begins with background analysis, identifying the market and advertising targets, and then making advertising strategies. Through language, text, images, information, and inform activities through extensive publicity, advertising as a means of information dissemination, shortens the producers of the distance between products and consumers to buy, it can reduce the cost of seeking consumers, through certain media, such as goods and services information in a timely manner to convey to the target consumers. Targeted to stimulate consumer desire to buy.
Many advertisements rely on slogans, pictures and information display. The ultimate goal is to attract attention. Although most consumers know that advertisements are not authentic, they can still accept them because they can get more product information. Of course, a good advertisement can also have an interesting story. In class, we created an interesting story for Bolney Bubbly to make it more attractive. Learning advertising is of great help to my future work.
In business, brand management and advertising are inseparable, brand is related to reputation, promotion advertising makes the brand more famous. The last class is brand management. The existence of a brand gives consumers a sense of trust and makes it difficult for products to be replaced by other products. Brand is the symbol of corporate image, shaping corporate brand and enhancing corporate competitiveness. A brand’s popularity and loyalty come from the internal quality and performance represented by the brand. Such as cold medicine, white plus black, in the current many brands of cold medicine, innovative proposed to eat white tablets during the day, black tablets at night, relying on its unique time-sharing cold medicine concept, become the image and sales good cold brand representative.Points-of-parity is a common similarity for brands, and points-of-difference is what sets them apart from their competitors.
Incorporates a number of skills, this course is to let we convert ideas into new products and services required skills, is to combine diverse creative subject, we obtain knowledge, we study business model, using the business model canvas to show our ideas, advertising management and brand management, or the business decision making game, entrepreneur financing, these are our future of innovative enterprise management skills. This course is of great help to my future work. I have learned the knowledge of enterprise management, which can be applied to the actual business in the future creative industry.
References: Clegg, S. 2017. Strategy：theory and practice. 2nd Edition. Karen, B. and Joe, K. (2008) Financial Intelligence for Entrepreneurs Percy, L. and Rosenbaum-Elliot, R. (2016) Strategic Advertising Management. Fifth Edition: Oxford.