One of the most savvy and inspiring millennial entrepreneurs I’ve ever come across is also one of the most atypical for someone like me: Taylor Swift. Business leaders don’t usually look to starlets for lessons on entrepreneurship. However, over the years, Swift has demonstrated a deep understanding of the music business and ability to think outside the realm of most famous artists.
Its clear that Swift knows what she’s doing, and I believe that business leaders and entrepreneurs alike could learn a few things from her:
Lesson 1: Eventually, you have to pick a lane.
In late 2014, Swift made a unique announcement: She was switching genres. Ever since she burst onto the music scene in 2006, she put out a steady stream of both pop and country music. However, as her popularity grew it became increasingly difficult to do justice to both genres.
As she put it, “I needed to pick a lane. “If you chase two rabbits, at some point you end up losing them both.” She left the world of country music behind and fully embraced pop, instantly expanding both her appeal and the value of her brand. The decision has paid off, with her latest album, 1989, currently tracking as one of the top five albums of 2015.
I have a great deal of respect for Swift’s ability to identify the need for such a decision, let alone the courage to make it. For a time my company, BodeTree, struggled with a similar challenge. Early on, we supported two distinct distribution and marketing channels: Direct-to-consumer and Institutional. As we grew, it became increasingly difficult for us to do justice to both. I realized that if we continued to chase two channels with the same effort, at some point we’d lose them both.
My team and I eventually decided to focus our resources on growing the institutional side of our business. It was a difficult decision, but we reached a point in the business where we had to pick a lane. The decision to focus our efforts on the institutional channel paid off. Now, instead of trying to source and convert individual customers, we seek out major partnerships that provide access to thousands of customers at a time. Like Swift, we opted to pursue the channels that gave us the most exposure and broadest appeal.
Lesson 2: If you want to be impactful, find a platform and use it wisely.
Earlier this week, Swift made headlines when she posted a very thoughtful and cogent blog post directed toward Apple and their new streaming music service. Apple initially planned to offer a free three-month trial of their service to users without paying royalties to the artists. This move posed a major challenge to lesser-known artists who don’t derive significant income from live events and merchandise. Swift took a strong stand, outlining her views that artists should always be compensated for their work.
In her brief yet eloquent Tumblr post, she argued that, “It’s not too late to change this policy and change the minds of those in the music industry who will be deeply and gravely affected by this. We don’t ask you for free iPhones. Please don’t ask us to provide you with our music for no compensation.”
Apple responded almost immediately, reversing course and affirming that they would, in fact, pay artists during the trial period. Swift was quickly labeled the most powerful person in the music business, due in no small part to her ability to utilize her vast online platforms to drive change. She didn’t rely on press releases, lobbyists, or public relations companies to help make her point. The message resonated because it was authentic and came directly from the platform she cultivated over time.
I believe that it is vitally important for entrepreneurs to develop platforms as well, especially if they’re trying to introduce an innovative idea or disrupt the status quo. That is why I devote a fair chunk of my time to writing for Forbes and other outlets. My mission at BodeTree is to humanize finance for small business owners and help change the way they interact with their institutional partners. I’ve found that this is easier said than done.
Change comes slowly in this industry and having a broad platform helps. But not every entrepreneur needs 59.4 million Twitter followers or a Tumblr that can go head to head with Apple. The mere act of articulating and sharing your views on important issues can go a long, long way.
I’m a fan of Taylor Swift, not only for her music, but also for her fierce intelligence and refined business skills. She has managed to surround herself with strong advisors and make difficult decisions when required. From “picking a lane” in her musical focus to thoughtfully cultivating a powerful platform, she has proven herself to be one of the most exciting and talented entrepreneurs of her generation. Business leaders from all walks of life can and should learn from her example.
