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Entrepreneurship is key to media outlets being successful

By Xiumei Dong
Medill News Service

While some traditional media outlets struggle to make a profit because of the disruption caused by technology and innovation, others that welcome the changing trends have experienced much success. The difference, experts said, is how willingly the outlets embraced entrepreneurialism.

“I still think the most important thing, which you alluded to, is they have to understand business,” said Jim Brady, CEO of Spirited Media, during a question-and-answer session at a SABEW 2016 annual conference panel on Saturday. “One of the worst things that we allowed to happen was we let journalists act like business didn’t matter.”

Spirited Media owns and operates the local news site Billy Penn in Philadelphia.

With social media sites such as Twitter, Facebook, and Instagram reshaping the news world, legacy media have suffered because advertising is moving toward digital websites and mobile.

Entrepreneurialism
Cory Schouten (right) moderates a session Saturday morning on entrepreneurialism in legacy media at the SABEW 2016 annual conference with panelists (left to right) Bill Adair, Vivian Schiller and Jim Brady. (Xiumei Dong/MEDILL)

Almost all news media now have a digital footprint, and thousands of journalists are working in native digital news sites like The Huffington Post and BuzzFeed, according to a 2014 Pew Research Center analysis.

“Don’t assume the business model you have for legacy business is going be the one you have for the things you are building,” said Bill Adair, creator of PolitiFact. Adair said new media projects often require a long time to build traffic and loyalty, while remaining relevant to people is another challenge.

Using the transformation of The New York Times onto a digital platform as an example, former NPR CEO and Twitter Global Chair of News Vivian Schiller said it is important for news media to embrace the lessons from the technology companies.

“The seed change that happened at The New York Times was for the developers to actually come to the newsroom,” Schiller said. While news organizations often employ developers, in traditional media they are treated as a separate unit rather than as part of the entire news entity. The respect for the developers and technicians is important because they are the “people who actually know how to build things,” she said.

Schiller said another thing the news media should learn from technology companies is to let go of projects that are not profitable or that are not helping increase readership.

“Shut it down, learn the lessons, regroup and figure it out in a different way,” Schiller said.

Cory Schouten, vice president of SABEW and panel moderator, gave attendees a handout from Gifford Pinchot titled “The 10 Commandments of Intrapreneurship.” Pinchot is an entrepreneur and author of “Intrapreneuring: Why You Don’t Have to Leave the Corporation to Become an Entrepreneur.” Pinchot’s “commandments” are below.

  • 1. Come to work each day willing to be fired.
  • 2. Circumvent any orders aimed at stopping your dream.
  • 3. Do any job needed to make your project work, regardless of your job description.
  • 4. Find people to help you.
  • 5. Follow your intuition about the people you work with and work only with the best.
  • 6. Work underground as long as you can. Publicity triggers the corporate immune system.
  • 7. Never bet on a race unless you are running in it.
  • 8. Remember: it is easier to ask for forgiveness than for permission.
  • 9. Be true to your goals, but be realistic about the ways to achieve them.
  • 10. Honor your sponsors.

Addendum to the commandments:

  •  11. Ask for advice before asking for resources.
  • 12. Express gratitude.
  • 13. Build your team. Intrapreneuring is not a solo activity.
  • 14. Share credit widely.
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