Sunday, December 1, 2013

Lessons from the music industry

Focused  thinking is essential for getting from point A to point B. But what if B vanishes while one is on the path? Managing oneself to be flexible, adapting to change is very important for uncertain, chaotic industry/ work environments the students of today are getting into. Knowledge to change gears and ride the tide is key to survival. The player has to prepare to be a star in many dimensions for growth.

Music industry is an example of the transformative, game changing happenings in the industries. 

One of the primary messages of the music industry is that without many reasons of concern (economic, operational methods for example), there have been dramatic changes in this industry. There is acceptance of new wave of technologies throughout the supply chain. Business models are changing at lightening speed. There are many ethical issues surrounding this industry[Reference: Ripped, how the wired generation revolutionized music by Greg Kot]

In the current times, every one must have thorough knowledge about the business they are getting into whatever the role/ "actor" they want to play. This is the challenge for today's students. They have added responsibilities of their own portfolio management. It is quite clear that no one can flourish on their laurels for long periods of time. Important thing is to confront this with a "facilitating" approach with individual students. Advisors can share experiences and dwell on broader themes.  The course/ road map will have to be co-designed with the student with provisions to change direction.