Inspiring Entrepreneurs - George Ramsay, Bold Music
George’s Story
George grew up in Atlanta and started playing the piano at a young age. As he grew older, he moved on to focus on guitar, bass, and cello in high school. "I benefited from living in a neighborhood of cool people and great friends. My parents supported me with whatever I was passionate about. Work hard, be a good person – those were the expectations," said George. This constant support helped fuel his creativity and the entrepreneurial spirit he knew he had.
George was recruited to play soccer at Davidson College, receiving a scholarship to attend. After 2 years, he quit soccer and joined a band, pursuing a music major. "I wanted to be a musician. So, I had to figure out how I would make a living. When I stopped playing soccer, I focused fully on music and got a job teaching at a local studio."
George played in a jazz trio at various venues in college. He was a member of a band called Green Eggs and Jam, the band of choice for parties and official functions at Davidson. That band has continued to play for parties and weddings across the country, now called Otis Wedding.
George reflected on what made him an entrepreneur. "For me, after I knew being a pro soccer player wasn't in the cards (nor what I wanted), I just knew I would run a business. I didn't even consider myself a leader growing up, but I felt like starting a business was what I was meant to do. I have the hard-headedness of having done jobs through high school and college, where I would look at the company and see how I would run it differently.
"I'm not wired to be a typical employee. I have to have truthful conversations and call out things that don't seem right. I couldn't keep my mouth shut. And – I didn't want to get a real job. Davidson is this pressure cooker, with many people going pre-med or finance tracks. I was scheming about how to avoid that."
Entrepreneurship
"People say I am a self-made guy, but I don't believe that," said George. "I had the benefit of good role models and parents who supported me and let me flourish. I did start my company right out of college with no money, but I didn't start with nothing. It would be disingenuous to say that. I had a lifetime of experience and opportunities that shaped what would eventually be my journey into entrepreneurship."
"My friend Dean Williams and I decided to start a business where we hire cool teachers and send them to people's homes instead of a studio. That didn't require a bunch of capital, and there was a relatively low risk if we failed. So, we started Bold Music in 2013. At first, Dean and I were doing all the teaching. Dean also had a day job in digital marketing.
"As we built the business, we wanted our company to be different. We wanted to be part of the gig economy and wanted musicians on our team to feel valued while giving them the freedom to pursue their own dreams. I would have loved our company to have existed for me in college."
Bold Music is built to cater not only to students but to the musicians who bring them the power of music. They are making the gig economy accessible to more people so they can work toward their personal goals and feed their families simultaneously.
"We are creating the ability for dreamers to pursue their dreams," continued George. "We help empower musicians to work in their craft and pay them a premium, which allows them to focus on that dream. In turn, we are giving students access to the best talent available. It is a privilege to take lessons from musicians of our caliber. We believe this creation of opportunities supports the growth of the arts overall."
Bold Music's business model handles all the administrative functions for their teachers, making it easier for them to connect with students who match their skills. Offering both at-home and virtual lessons, they began to attract students across the Charlotte area.
Scaling the Business
George hired Bold Music's first non-teaching employee, Kara Deir, in 2017 and started growing their talent pool. When the COVID-19 pandemic hit, they didn't lose a single student. They already had a virtual platform for lessons, and they continued to grow.
Then George started hearing about the Entrepreneurs' Organization (EO) and their Accelerator (EOA) program that helps companies scale beyond the $1M mark. "I knew a bunch of these guys telling me about this Accelerator program, but I didn't think we needed it. We were at $600k, and I thought we'd eventually make it to $1M. But then I saw all these accomplished entrepreneurs in EO and people's respect for that organization.
"Dean talked with Bryan Delaney, who was leading the Accelerator program. Dean convinced me we had to do it, and within 3 months, I was on the EOA board. It turned out to be the best thing I could possibly have done. It absolutely transformed my company – we were doing ok, but nothing like what EOA taught me. I learned how to be a CEO."
In February of 2022, Bold Music surpassed $1M in revenue. They now have over 50 teachers across Charlotte, the Triad, and the Triangle. "Now that we've hit that $1M mark, I'm transitioning into EO but plan to stay very involved in EOA."
Lessons for Entrepreneurs
George said aspiring entrepreneurs need to weigh the pros and cons of alternatives for their future. “There are tradeoffs for everything. Being your own boss is nice, but it has its risks. A great time to start a business is right out of college or while in college. You don't have much to lose if you fail. You won't know what you are doing but have time to learn. You're only going to have more and more responsibilities as you go.
"Dean and I rarely just royally screw up. We can ask each other the right questions and debate how to get us to the right ending. So, another piece of advice – you hear about how hard partnerships are, but having a business partner is really helpful, especially if you have a good one. I wouldn't want to run a business if I didn't have a partner. Teams are everything to me – everything I get enjoyment out of is team-oriented. And when the pandemic hit, it felt nice that I was in it with other people."
George also reflected on the impact EOA had on his business. "EOA is different because it is the only group run by entrepreneurs for entrepreneurs," said George. "The coaching aspect is huge – but it is not some theoretical process. These are people who have actually walked this walk. EOA comes in when you have something. Your business needs to be at least $250K in revenue – so you at least pay your bills, make a little money, employ some people, and have some validation of your business. It's not a 'hey, I have a concept.' EOA is how you take your concept and learn things to scale your business. I don't see any other programs like that.
"There were two things EOA taught me that were critical for the future of our business," George continued. "First, Mario Mendigana, one of the EOA coaches, emphasized making core values front and center. In our case, hiring according to the values we wanted to be reflected in our business has been key. Our teachers bring our passion to every student, which is what we are all about.
"Second was a lesson from our EOA coach, Taylor Hayden. He recommended the book Simple Numbers early on, and that book changed our business. It helped our CFO synthesize things and focus on a healthy margin. We had a simple enough business to know we weren't running out of money. But you can grow something if you have numbers you can make decisions off of or tell you what to do."
Bold Music is transforming the way music is introduced to early learners, as well as the way aspiring musicians can pursue their passion. It reflects how the ingenuity of entrepreneurs impacts not only economic growth in the region but also the innovation that opens new opportunities for the community.
Thanks, George, for pursuing your own dream and giving so many people the gift of music.