It’s no secret I believe it’s one of the best times ever to be preparing for a career in the music industry.

Why? Because the old system (which operated like a Monopoly game with all the music biz money, resources and “utilities” controlled by a few big shots in LA and NY) is in the process of dying, or at the very least going through a radical makeover.

No longer do you have to pass “Go” to collect your paycheck.

There are thousands of new companies being born each year that are using music as a major part of their company’s product or service mix. Just look at the multi-billion dollar ringtone market that didn’t even exist five years ago. Even the old guard companies are looking to hire new talent to help them in their efforts to adapt to the changing face of music and technology.

But even as newer and faster technologies are released, the fundamental skills of doing business are in some ways more valuable then ever in our IM, text-message heavy world.

Let’s start with what has most likely got you thinking about a career in music. People looking to get into the music industry share a common buzzword: passion. They talk about their love of music and how much it means to them. However, no matter how great your passion for music, an accurate understanding of the job realities is necessary before you plunge into developing a career in this field.

Job Supply and Demand

Like all industries, the music and entertainment industry adheres to the law of job supply and demand—a basic rule of all economic systems. When it comes to jobs and opportunities, the supply of industry jobs falls well below the demand of those wishing to enter the industry. This makes every job precious—even those internships that don’t pay one cent. It also means that in order to better your chances for success, you have to take advantage of every single ethical opportunity to better your skills and status in the industry.

When I was managing a recording studio, we would receive an average of four to five résumés a week. About half of those jobseekers would follow up with a phone call. Some would say, “I’d love to just stop by, meet you, and see the studio.” Others would boldly state, “I’ll do anything to get started, from scrubbing the bathroom to running for lunches.”

When there are more people willing to work for no pay, it makes it harder to get paid. That’s the first reality you’ll discover about entry-level positions in the industry.

The second reality is that when it comes to succeeding as a recording artist, the vast majority of recordings fail to break even for their record label. A well-known manager and label president shared a staggering statistic quoted in Billboard in the late 1990s: Of the approximately 32,000 records released each year, only 189 sell at least 250,000 copies, which at that time was considered the “break-even” point for major labels.

Making a hit record is a long shot. Only about half of one percent of artists break even. The other 99.5 percent fail to do so. Don’t be discouraged by this statistic.

Instead, understand that although it can be done, it’s a risk to hit it big as a recording artist. That’s why I encourage you to look at careers not only as a recording artist, or performer, but also to seriously consider the cornucopia of other jobs in the music and recording industry. Don’t lock yourself into one career path too early in the game. The very same skills and passion you’ve developed for your music can be a tremendous asset in the business side of the industry.

Are You a Team Player?

Talent, perseverance, and people skills are givens to making it in the business. A colleague who worked as a tech at George Lucas’s renowned Skywalker Sound once said, “Fifty-one percent of my job is getting along with my coworkers, and 49 percent of my job is knowing how to keep all of our technology running.” Her statement has stayed with me over the years as one of the most important pieces of information I could share with you.

To make it in the music and entertainment industry, you’ve got to be able to work in a group environment. If you feel compelled to work alone, be your own boss, compose on your own, perform on your own, then perhaps you shouldn’t be working in a studio, or for a record label or management company. Why? Because you’ve got to be able to get along with people around you. Don’t panic now if “people skills” don’t appear to be among your strongest talents; you can develop them. Basically, it’s just a matter of wanting to play on a winning team, learning to be respectful of those around you, and realizing that your contributions are part of a larger team effort.

Perseverance is Essential

Perseverance is a huge asset. Depending on the opportunity, there may be from 2 to 2,000 people knocking on the door for an industry job opening. You’ve got to be willing to persevere. Otherwise, you’re going to run out of gas in your quest.

Just about everybody starts out at the bottom in this business, even today’s top dogs. I encourage you to read some of the informative and inspiring music industry bios out. A few examples would be Quincy Jones “Q,” George Martin’s “All You Need is Ears,” or Ian Copeland’s “Wild Thing.” Each one emphasizes the importance of staying the course and working hard for what you believe in. Each man made it to the top of his field using his talent, guts and intuition.

Seeing that just about every top executive started out as a mail clerk, gofer, or assistant will help you strengthen your resolve to climb the mountain ahead with respect to your non-performing music industry career.

The benefit of starting out at the bottom of the company’s organizational chart is that you meet a lot of people on the way up, you see how a company works, and you learn about every function in an organization. It’s very helpful to learn about what parts work efficiently as well as what parts may not run smoothly, and more importantly, the reason why.

Competition is central to the industry. There’s always new blood coming in—new bands, new songwriters, new musicians, and new Artist & Repertoire (A&R) staffers. It’s the nature of the game. You’ve got to have a bit of a competitive streak in you to make it in this business.

Radio and television both use a formal rating system. That’s the way the entertainment industry works. The anecdote that a recording artist is “only as good as the sales of their last record” is true in an economic sense. Competition is always going to be there, so you have to have the drive—the “fire in the belly”—to stick with your dream and push yourself to make it. Few, if any, things will come easy to you as you journey along your career path in the industry. You will be earning your stripes every step of the way.

And that’s what will prepare you, strengthen your talent, your resolve and your passion to make a mark in the music industry.