Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Tomas Uribe, Co-Founder and CEO at Stereotheque:
What does your company do?
Stereotheque helps young, emerging musicians find sustainable career paths in the music industry through meaningful connections with seasoned professionals and access to exclusive content. Our networking platform allows users to create engaging profiles by including Spotify albums, YouTube videos or press releases and adding collaborators to each of their projects, leading to potential gigs like vocals for a new single, or a trombonist for a recording session. Music students have the possibility to connect directly with other professionals and be part of music-based conversations. Our mission is to democratize the access to the music industry, eliminating gatekeepers across the board and help the music industry thrive.
What is your role? What do you enjoy most about your role?
I’m co-founder and CEO at Stereotheque where I oversee product development, strategic planning and marketing. I've truly enjoyed leading this company, working with outstanding talent and being part of a mission-driven journey. I guess the thing I enjoy the most on a day-to-day basis is that the fast-paced environment of a technology startup is very exciting and how music is the common thread among all of us. Comparing to when I was part of a band, touring different cities and working with incredible musicians and creatives, leading a startup is a very similar roller coaster. I'm able to learn every single day from this experience.
What are the biggest challenges in your business right now?
Our biggest challenge is the volatility of the music tech industry space and how it affects user acquisition. There have been many different music tech startups, mainly focused on streaming and consumption. The attention is now focused on the artists themselves who are now using technology to offer new musical experiences, which is the main reason we are concentrating on this cohort of people. Many companies are now trying to lure new users with innovative features and tools to help artists grow their career ambitions.
If you could go back in time, what business advice would you give to a younger version of yourself?
To execute more. As musicians, we've been told that idea quantity is better and sometimes we write hundreds of songs without even releasing them, for the fear they might not be successful or liked. As an entrepreneur I often like to share this learning to folks in the creative industries and push them to execute more. If you have a ton of ideas, pick the one you like the most or feel more confident about, and focus on executing it rather than starting from scratch with a new idea. Musicians are the de facto entrepreneurs, and they should embrace this by adopting an entrepreneurial mindset to everything they do.