Entrepreneurs in Entertainment

According to entrepreneurship scholars S. Venkataraman and Scott Shane, the study of entrepreneurship examines how individuals discover, evaluate, and exploit opportunities to create future goods and services. Joseph Schumpeter stressed that entrepreneurship occurs when an innovator implements change within markets through novel combinations. Essential entrepreneurial behaviors are described by Robert Baron as the generation of ideas for new products or services, the recognition of business opportunities, and the acquisition of necessary resources for new venture development. Entrepreneurs can be found in all types of industries, including the entertainment industry.

The entertainment industry at the wholesale level generates annual revenues exceeding $300 billion, according to industry expert Harold Vogel. Recorded music sales alone reached annual sales of $40 billion in the mid-1990s, and although sales have declined, ...