Question 1

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

Accepted Answer

The entertainment industry exists to create and distribute creative content such as films, music, television shows, and other media for profit. The industry also includes areas such as live performance, theme parks, and merchandise sales. Ultimately, the success of the entertainment industry is measured in financial terms, making profitability a key goal.

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

Accepted Answer

Customers and revenue streams are crucial to the success of any company, and understanding the administrative steps required to make a profit is also important. Channels of distribution are necessary to deliver your product or services to customers. While filing legal paperwork is important, it is not as critical in the early stages of starting a company.

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

Accepted Answer

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

Accepted Answer

The development of the Internet, changes in consumer behavior towards acquiring free content, and the proliferation of personal devices like computers and iPhones have all contributed to challenges in the entertainment industry.

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

Accepted Answer

Since nobody is paying you anything and it's just a hobby, you are not a business yet. Therefore, you do not need to form any type of legal business entity.

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

Accepted Answer

Starting a business will help you sell yourself as a songwriter or scriptwriter. You can promote your work and offer your services to potential clients, which can lead to more opportunities and revenue.

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

Accepted Answer

The answer of Revenue streams
A) Help you find and retain...

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

Accepted Answer

The answer of To be a successful creative person, as...

Question 9

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

Accepted Answer

Technicians, such as cinematographers, sound designers, and editors, use their technical skills to creatively bring the director's vision to life, making them valued and respected members of the film industry.

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.

Accepted Answer

Starting your own entrepreneurial business may be one avenue to sell your work or talent, but it is not the only way. There are many other options such as working with a talent agency, submitting your work to production companies or record labels, or using online platforms to showcase your talent.

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.

Accepted Answer

To have a successful career in the entertainment business, it is essential to have a solid understanding of how the industry operates from a business perspective. Failing to do so can lead to poor decisions and missed opportunities.

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

Accepted Answer

The answer of The traditional business side (business system) consists...

Quiz 3: The Rules of the Game

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

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

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

The current problems facing the entertainment industry have been caused by

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

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

Revenue streams

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

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

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.

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.

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