Actors Developing Entrepreneurial Skills for Business

Published on 31 July 2023 12 min read

Why actors need entrepreneurial skills
How to identify business opportunities
How to create a business plan
How to build a strong network
How to market yourself
How to negotiate contracts
How to manage finances
How to cultivate resilience
How to maintain a positive mindset
How to continually improve and learn

In the dynamic world of acting, the spotlight isn't just for the stage; it also shines on the business side of things. Often, actors might wonder how to improve acting for entrepreneurship? Balancing creativity and business sense is a vital skill, and it's one that actors can master with the right focus and dedication. Today, we'll shed light on why actors need entrepreneurial skills and how they can develop these skills.

Why actors need entrepreneurial skills

Acting is not merely a craft; it's a business. And like any business, it involves marketing, negotiation, and financial management. So, how can an actor enhance their performance for entrepreneurship? Let's break it down:

Independence: As an actor, you're your own boss. You have to make decisions about what roles to take on, which directors to work with, and how to manage your time. This is where entrepreneurship skills come in handy. They allow you to take control of your career and steer it in the direction you want.
Networking: In the acting industry, who you know can be as important as what you know. Building connections with directors, producers, and other actors can open up exciting opportunities. Entrepreneurs are experts at networking, and actors can learn a lot from them.
Marketing: To land the best roles, actors need to market themselves effectively. This includes creating a compelling portfolio, staying active on social media, and regularly attending auditions. Entrepreneurs are skilled at promoting their products or services, and actors can apply the same principles to promote their skills and talents.
Financial Management: Earning a stable income from acting can be challenging. Actors often have to juggle multiple roles and projects to pay the bills. By developing entrepreneurial skills, you can better manage your finances and ensure you're compensated fairly for your work.
Resilience: Rejection is a part of life for actors. But like successful entrepreneurs, successful actors don't let failure deter them. They learn from it and use it as motivation to improve. This resilience is a key entrepreneurial skill that can help actors thrive in a competitive industry.

By developing entrepreneurial skills, actors can elevate their careers to new heights. So, whether you're a seasoned actor or just starting your acting journey, it's never too late to learn how to improve acting for entrepreneurship.

How to identify business opportunities

Just as an actor searches for the perfect role, identifying business opportunities is a key step in the entrepreneurial journey. But how does an actor spot these opportunities? Here's how:

Keep an Eye on Trends: Just like in the world of business, the acting industry is ever-evolving and influenced by trends. Stay informed about current industry trends and how they might create new opportunities. Maybe the demand for voice actors is on the rise, or there's a new wave of independent films looking for fresh faces. By staying aware of these trends, you can find opportunities that align with your skills and career goals.
Understand Your Unique Value: Each actor brings something unique to the table, whether it's a specific skill, a distinctive look, or a captivating personality. Identifying what makes you unique can help you find opportunities tailored to your strengths. For instance, if you're bilingual, you might look for roles that require fluency in multiple languages.
Explore Different Avenues: Don't limit yourself to traditional acting roles. Explore opportunities in voice acting, commercial work, or even teaching acting classes. These ventures can not only diversify your income but also enhance your skills and network.
Listen to Feedback: Feedback from auditions, performances, and mentors can provide valuable insights into where opportunities lie. Pay attention to the compliments you receive—these are often indicators of your strongest skills and may highlight areas where you can find niche opportunities.
Take Initiative: If you can't find opportunities, create them. Consider producing your own content, like a web series or a short film. This can be a great way to showcase your talents and attract attention in the industry.

Identifying business opportunities is a critical part of improving acting for entrepreneurship. It not only advances your acting career but also builds your entrepreneurial skills, making you a more versatile and resilient actor.

How to create a business plan

Acting and entrepreneurship share a crucial commonality: both require a plan. In the business world, a well-structured plan is crucial for success. Here's how you can create a business plan for your acting career:

Define Your Objectives: What are your acting career goals? Do you want to land a leading role in a feature film, or do you want to be a voice actor for animated shows? These objectives will form the backbone of your plan and guide your next steps.
Analyze Your Market: Understanding the acting industry and your position within it is vital. This includes knowing your competition, understanding industry trends, and identifying your unique selling points. This analysis will help you shape your career strategy and find your niche in the market.
Set Your Strategy: How will you achieve your objectives? This might include improving your acting skills, building a strong network, or creating your own acting opportunities. Outline your strategy in clear, actionable steps.
Design a Marketing Plan: As an actor, you're essentially marketing yourself. Your marketing plan might include creating a portfolio, building a strong online presence, or networking with industry professionals. Remember, your goal is to make yourself known and appealing to those who are casting roles.
Plan for Finances: Acting can be an unpredictable career, so it's important to plan for financial stability. This could involve setting a budget, saving for periods of unemployment, or diversifying your income with other acting-related ventures.
Measure Your Success: Set milestones and key performance indicators (KPIs) to track your progress. This could be the number of auditions you've attended, roles you've landed, or connections you've made. This will help you evaluate your plan's effectiveness and make necessary adjustments.

By creating a business plan, you're not just planning for an acting career—you're planning for an acting enterprise. And just like in entrepreneurship, a solid plan is your roadmap to success.

How to build a strong network

Just like in the business world, your acting career can greatly benefit from a strong network. It's all about who you know, right? Let's explore how you can build a strong network to support your acting career.

Start with Who You Know: You probably already know some people in the industry. Start by connecting with them. They might offer valuable insights, or even refer you to opportunities. Remember, networking is a two-way street, so think about how you can help them too.
Go to Industry Events: Attend film festivals, acting workshops, and auditions. These events are teeming with industry professionals and fellow actors who could play a pivotal role in your career. Don't be shy—introduce yourself and strike up a conversation.
Join Acting Groups: There are numerous acting groups, both online and offline, where you can connect with other actors. These groups can be a great source of support, advice, and opportunities.
Collaborate with Others: Whether it's a fellow actor, a director, or a producer, collaboration creates strong connections. Seek out collaborative projects, like indie films or local theater productions. Not only will you gain experience, but you'll also build relationships.
Stay in Touch: Building a network isn't just about meeting new people—it's about maintaining those connections. Regularly check in with your contacts, even when you don't need something. Genuine relationships can lead to genuine opportunities.

Building a strong network isn't a one-time thing—it's a continual process. It requires patience, effort, and genuine interest in others. With a strong network, you'll have a team of supporters cheering you on as you improve your acting for entrepreneurship.

How to market yourself

As actors, we're often so focused on perfecting our craft that we forget we're essentially our own business. Just like any business, good marketing is key. So, how can you market yourself effectively as an actor?

Create a compelling portfolio: Think of your portfolio as your shop window. It's where potential employers get to see what you have to offer. Include a range of different acting roles, scenes, or even skills like singing or dancing. Make sure you showcase your versatility and uniqueness as an actor.
Have a professional headshot: Remember, this is what casting directors will first see when they're looking through a pile of applications. Your headshot needs to stand out, and more importantly, it needs to look like you. Invest in a professional photographer who can capture your best self.
Get online: In this digital age, having an online presence is a must. Set up a website and engage on social media platforms. You could share behind-the-scenes photos or videos, updates on your latest roles, or even thoughts on the acting industry. Be authentic and consistent in your online engagements.
Master your elevator pitch: You never know when you might bump into a potential employer or industry connection. Having a quick, compelling summary of who you are as an actor at the ready is essential. Remember to include your unique selling points and what sets you apart.
Network effectively: Marketing yourself isn't just about promoting your skills—it's about building relationships. You've already learned how to build a strong network. Now, use it to your advantage. Attend industry events, engage with peers online, and don't be afraid to ask for introductions.

Remember, marketing yourself is about more than just getting your next acting gig. It's about building your personal brand. With a strong brand, you'll be well on your way to improving your acting for entrepreneurship.

How to negotiate contracts

In the acting world, being able to negotiate contracts is a pretty handy skill to have. It can be the difference between a fair deal and getting the short end of the stick. So, how can you brush up on your negotiation skills when it comes to contracts?

Know your worth: Before you even sit down at the negotiation table, you need to know your value. Research what other actors with similar experience and skills are earning. This gives you a solid starting point for negotiations and helps you avoid undervaluing yourself.
Understand the contract: You don't need to be a legal expert, but you do need to understand what's in your contract. If there are terms or clauses you don't understand, seek advice. It's better to ask questions now than regret it later.
Don't be afraid to ask for more: If you think the offer on the table isn't fair, say something. Be polite but firm, and back up your request with reasons. Remember, the worst they can say is no.
Consider non-monetary benefits: Sometimes, it's not all about the money. Perhaps there are other benefits like training opportunities, flexible work hours, or even the chance to work with a renowned director. Don't overlook these non-monetary benefits in your negotiations.
Get it in writing: Once you've agreed on the terms, make sure to get everything in writing. This will protect you in case of any disputes down the line.

Contract negotiation might seem daunting at first, but with practice, you'll get the hang of it. And who knows? This skill might just come in handy when you improve your acting for entrepreneurship.

How to manage finances

Managing finances isn't just for big business tycoons—it's a major part of being an actor and an entrepreneur. But how can you get better at handling your money? Here are some practical tips to help you out.

Set a Budget: This is Finance 101. Know how much you're earning, how much you're spending, and where all that money is going. This will help you make informed decisions and avoid overspending.
Save for the Future: You never know when a rainy day might hit, especially in the acting business. Try to put away a portion of your income every month. This will provide you with a safety net and peace of mind.
Invest Wisely: If you're earning well from your acting or entrepreneurial ventures, consider investing. This could be in stocks, property or even back into your business. Remember, the goal is to make your money work for you.
Keep Track of Your Taxes: Taxes can be confusing, but they're a part of life. Make sure you're setting aside enough money to cover your tax bill and consider getting professional advice if you're unsure.
Limit Debt: While it might be tempting to put everything on the credit card, try to limit your debt. Too much debt can lead to financial stress and limit your options in the future.

Managing your finances might seem like a chore, but it's a vital part of improving your acting for entrepreneurship. Remember, financial health is just as important as your performance on stage or screen!

How to cultivate resilience

Resilience is like a secret superpower for actors and entrepreneurs. It's the ability to bounce back from setbacks and keep going, no matter what. But just how do you build this superpower? Here are some tips.

Embrace Failure: It's easy to see failure as the end of the world, but it's actually a valuable learning opportunity. When something doesn't go your way, try to figure out what went wrong and how you can avoid making the same mistakes in the future.
Stay Positive: Keeping a positive outlook can make a world of difference. Try to focus on the good things in your life and career, even when times are tough. Remember, it's often darkest before the dawn.
Seek Support: You don't have to do everything alone. Whether it's a mentor, a coach or just a good friend, having someone to lean on can make the journey a lot easier.
Take Care of Yourself: It's hard to be resilient if you're exhausted. Make sure you're getting enough sleep, eating well and taking time out to relax and recharge.
Keep Learning: The world of acting and business is always changing. Stay ahead of the curve by constantly learning and adapting. This will not only make you more resilient but also more successful.

Remember, cultivating resilience isn't just good for improving your acting for entrepreneurship. It's a valuable life skill that can help you navigate all sorts of challenges. So start building your resilience today—you'll be glad you did.

How to maintain a positive mindset

A positive mindset can be a game-changer for actors looking to venture into entrepreneurship. It's the fuel that keeps you going, even when the going gets tough. But how do you keep a positive mindset, especially during challenging times? Here’s how.

Practice Gratitude: Start your day by recognizing and appreciating the good things in your life. It could be your family, your skills, your health, or even the morning coffee. Just the act of acknowledging these positives can set a positive tone for the rest of the day.
Visualize Success: Picture yourself achieving your goals. Imagine the applause, the satisfaction, the rewards. Visualizing success can be a powerful motivator and can help you stay positive and focused.
Surround Yourself with Positivity: The people and environment around you can significantly impact your mindset. So, surround yourself with positive people, inspiring books, motivational quotes, and uplifting music.
Stay Active: Regular exercise is a proven way to boost your mood. It can help reduce stress, improve mental health, and promote a positive mindset. So, whether it's dancing, yoga, or a walk in the park, stay active!
Self-Affirmation: Use positive statements to boost your self-confidence and maintain a positive attitude. Tell yourself, "I am capable. I am talented. I can handle what comes my way."

Remember, maintaining a positive mindset is not about ignoring the negatives. It's about focusing on the positives to keep moving forward. So, keep a smile on your face, a spring in your step, and a positive thought in your mind as you improve your acting for entrepreneurship.

How to continually improve and learn

Improvement and learning are key to success in any field, and the same holds true for actors transitioning into entrepreneurship. So, how can you continually improve and learn in this journey?

Be Curious: Curiosity is a powerful learning tool. Ask questions, seek answers, and strive to understand the world around you. Whether it's a new business strategy or an acting technique, be hungry to learn.
Embrace Mistakes: Mistakes are not failures, they are opportunities to learn. Embrace your mistakes, learn from them, and use these lessons to grow and improve.
Seek Feedback: Constructive criticism can be a valuable source of learning. Seek feedback from mentors, peers, and even your customers. Listen to their inputs and use them to enhance your skills and offerings.
Stay Updated: The world is changing rapidly, and to stay ahead, you need to keep up with these changes. Regularly update your knowledge base, be it in acting, business trends, or technological advancements.
Invest in Yourself: Attend workshops, enroll in online courses, read books, or hire a coach. Investing in yourself is the best investment you can make for continual improvement and learning.

Remember, the journey from acting to entrepreneurship is a learning curve. With every step you take, you're bound to learn something new. So, stay open, stay curious, and keep improving. After all, that's what it's all about when it comes to how to improve acting for entrepreneurship. Isn't it?

If you found this blog post on actors developing entrepreneurial skills for business insightful, and you're looking to hone your acting skills as well, check out 'Breaking Into Acting: 9 Tips for Aspiring Actors' workshop by Jessy Moussallem. This workshop will equip you with valuable tips and advice on how to break into the acting industry and develop a successful career. Combine these acting tips with your newfound entrepreneurial skills to truly excel in the world of acting and business.