According to research by Experian, around 4% of new businesses close by the end of the first year of operations. It also found that the failure rate rises significantly to 34% by the end of the second year and to 50% within just three years of opening.

While a concerning fact to face, this has not deterred budding entrepreneurs from taking the leap of faith into the business world. While I refer to ‘leap’ in the metaphorical sense, there is someone who not only leapt but pirouetted his way into building a world-renowned and well-established global business.

In this interview, we speak with Terence Rodia, the Director of YOU Management, a globally acclaimed talent agency founded in 2012.  As a former industry professional, Terence’s story began with his relocation to the UK on a fully funded scholarship, where he honed his skills in Musical Theatre to leading a globally recognised talent agency.

Terence, your journey from performer to business leader is intriguing. Can you elaborate on how your experience in the entertainment industry prepared you for entrepreneurship?

My journey into the world of entertainment started quite early on as my parents owned a theatre company, so from a young age I was choreographing, directing, and even devising musicals.

From ten years old I was increasingly aware of ways to make money and create business opportunities. I remember charging local kids £10 each to take part in productions I would direct in my Dad’s backyard. I even used to bottle and sell sand to neighbours. I think I have always been entrepreneurial-minded and knew how to turn a trade.

Can you describe some of the challenges you faced when establishing YOU Management, and how you overcame them?

 Although I came from a performing/directing background– I had no experience of talent representation, only my first-hand experience in being represented as a performer. So, starting from nothing and desperately wanting to get more people in the room was difficult.

On a personal level, I have always strived to be competitive and be the ‘best’ which is something engrained in me from performing, so to start from scratch and not be performing as I wanted, was frustrating.

I knew that one of the best resources would be to get advice from another agency. So, I reached out to an agency and called them and asked for help – and they did. I think being humble and asking for guidance when you need it is an important part of building and sustaining a business. From there, I built my relationships with established casting directors and I now have strong working relationships and consider them great friends who have helped me get to where I am today.

What market insights or gaps did you identify that led to the creation of YOU Management and what sets YOU Management apart from other talent agencies, particularly in terms of your approach and values?

 As someone who was previously represented by a talent agent, I have first-hand experience and a good understanding of what performers want from talent representation. It’s important to have someone who works with you and is invested in your career. But most importantly, it’s about feeling that you matter, and that there is genuine care for your well-being and development. The entertainment industry can be harsh and comes with a significant amount of rejection, so having someone to lean on, pick you up, and dust you off can make all the difference. At YOU Management, we believe in a more human and heartfelt way of managing – what’s more, we genuinely care.

In a particularly competitive market, how do you maintain a competitive edge in talent representation?

 In the performing arts industry, actors are often treated as just a number in an audition room. At YOU Management, our mission is to provide a safe and supportive environment for our clients. We are committed to ensuring that each of our clients receives personalised attention and care from a dedicated agent who is truly invested in their success.

Building a global business is no easy task, what challenges did you encounter during the global expansion of YOU Management, and how did you address them from a business perspective?

I was trained in theatre as a performer, so when it came to managing and developing a business, I had to learn on the job. One of the biggest challenges of expanding globally was the extensive paperwork and documentation required in different countries. It was a steep learning curve to understand the legal jargon and navigate the complexities of setting up on an international scale, but I persevered by researching and seeking advice from others. I believe it’s important to learn from and support one another.

The entertainment industry is constantly evolving. How do you stay agile and adapt your business strategies in response to emerging trends and technological advancements?

It is essential to keep up-to-date with emerging trends to stay relevant. In the media industry, staying informed about upcoming TV shows, movies, and other productions can help position talent ahead of time for casting directors.

In terms of our business, we strive to maintain a consistent ethos of representing our clients with good intentions and communicating the same message across all of our branches. It’s inspiring to see our trained agents conducting meetings and delivering the same message as I would. We believe that strong communication and consistency are key to our success.

What advice would you give to aspiring entrepreneurs looking to start their own business?

 It is essential to put in the effort, but always work hard for your passion and not just for money. When I first started, I worked for over four years without making any money. I did it purely out of passion and belief in myself and the brand I was building.

 Looking ahead, what role do you see YOU Management playing in shaping the future of the entertainment industry, and how are you preparing the business to capitalise on upcoming opportunities?

Our mission is to set an example in the industry by always putting the interests of performers first. As the industry evolves, we plan to continue running our business with this same goal in mind. We hope to inspire others to join us in this mission and encourage it to become a standard practice across all areas of talent management.

Terence Rodia, YOU Management