In just a couple of short weeks, Jacobs Media will turn 30 years old (more on this self-celebratory event in a future JacoBLOG post). And as a reluctant entrepreneur back in the early ’80s, I now enjoy reading the advice of other successful start-up mavens.
What did they do that I didn’t? What did I end up doing intuitively that now looks pretty smart? And what might I have done better – and could be doing better today?
Inc. recently ran an interesting article that asked these same questions of some highly visible and very sharp entrepreneurs. And like most of these compilations, you agree with some, disagree with others, but always find a nugget or two worth considering or even actually implementing.
And it’s not just for entrepreneurs, because as I was reading “Start Up Founders on How to Become Instantly Successful,” it occurred to me that any manager or owner looking to innovate, as well as build a great brand and a great business, could benefit from some of this advice.
So the entire story is linked here and I’ve focused on a few key pieces of advice for starting a business that resonated with me:
Jared Kim, founder/CEO of Forge: “Contrary to the stereotype, startups are a marathon, not a sprint. The truth is, you are not going to be a billion dollar company or acquired in the next 18 months. This shit takes a long time.”
How often do we see new stations launch with little support and little patience? Too many new radio ventures have had a Roman candle trajectory – quick climb, fast fizzle. Building great brands – and great radio stations – is a long haul effort. And if you look at the top of the ratings charts in the industry trades, chances are good that most of the brands in the top three positions have been around longer than a year or two. 
Tim Westergren, founder of Pandora: “Learn public speaking. Of all the skills that an entrepreneur can have, I think the ability to convey an idea or opportunity, with confidence, eloquence and passion is the most universally useful skill.”
If you’ve ever seen Tim speak or present – or better put, tell his story and the story of Pandora – it is damn compelling. He believes in Pandora and he is a passionate music fan. Effectively communicating to others – an audience, salespeople, DJs, or investors – is an art, and something that many radio people could improve upon. And I know what you’re thinking: “We’re in the communications business and we often have trouble communicating.” Exactly.
Peter Berg, founder of October Three: “Be really picky with your hiring, and hire the absolute best people you possibly can. People are the most important component of almost every business, and attracting the best talent possible is going to make a huge difference.”
Maybe it’s fundamentally obvious, but the team with the best players usually wins. Show me a top-rated radio station – and one that’s perennially on top year after year – and I’ll bet they’ve got some of the best people in the market. And likely a core staff that’s been together for a long time.
You might find other gems in this feature on what it takes to pull off a great start-up – and feel free to add some pearls of wisdom of your own.
A goal of this blog is to help each other – personally and industry wide – learn how to grow, adapt, and thrive in a changing environment.
As we start the last leg of 2013, let’s innovate, push on, and grow our businesses and our brands.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
- Radio + Thanksgiving = Gratitude - November 27, 2024
- Is It Quittin’ Time For SiriusXM? - November 26, 2024
- Radio, It Oughta Be A Crime - November 25, 2024
This quote from Jared Kim really resonates for me: “Don’t burn out. Take care of yourself by getting 8 hours of sleep, eat healthy, and exercise. If you don’t take care of yourself, there’s no way you can take care of your company in the long-term.”
We often hear about the warriors who sleep two hours a night on their workplace floor. You can do that once and a while. But, eventually it catches up to you.
My best days are after a good night’s sleep and a hard workout to start the day.
Tim, thanks for pointing out more smart advice from these rock star entrepreneurs. Appreciate you reading our blog.
The group advice is interesting, but a bit too narrow in my experience. I’ve been involved in some start ups and think that each one requires something different. “Remember The Goal/Be Here Now” is probably on point for a headline IMO. Some start ups represent a moment in time opportunity and those have to be realized quickly, while others will do better if allowed to let the user base pick and choose features and refine them. Public speaking may be key for Pandora because successful public pressure for a royalty structure change probably will determine its future, while Facebook has become quite successful despite its CEO’s less than dynamic personal presence. Sleep and conditioning are important in work and life – I applaud that suggestion.
Lessons for radio? The pressure and rush to cost savings has become so counterproductive that if I were in charge of a radio company, I would offer huge bonuses to brand/cluster managers who could meet goals WITHOUT cost savings – providing incentives for managers who could hit their numbers by attracting listeners and clients with more value rather than hanging onto them in spite of less.
Thanks for the feedback, Bob, and for an interesting goal-setting idea. Appreciated, as always.
“Too many new radio ventures have had a Roman candle trajectory – quick climb, fast fizzle. ”
So true! Steady solid growth is real. Rocketship growth can rarely be sustained, and too often it results in a pattern of 18-month formats with no thought given to what is happening to the dial position in listeners’ minds.
Yup, and it’s so much easier to blow up a format than it is to grow, nurture, and develop a new one. Thanks for taking the time to comment.
First Congratulations on 30 years! Jacobs has built a stellar brand. Adapted, morphed and led in an industry of change. I wanted to comment on this- “Be really picky with your hiring, and hire the absolute best people you possibly can. People are the most important component of almost every business, and attracting the best talent possible is going to make a huge difference.” Rarely in consulting businesses do I find this to be successfully executed; in fact it is rare indeed. Big Data is consistently showing that humans aren’t good at hiring, worse still, is that more often than not people who say they are good at hiring, are often the worst at it. The notion of hiring the best is really problematic because things change, so the best one day may not be the best the next day and because the word hiring should be replaced with recruiting. Personality testing, hiring systems etc. the Radio industry is the worst offender of the businesses I work with and seem oblivious to the cost of turnover.
First, Dave, thanks for the kind comments about us – much appreciated. And you are right about hiring – always has been a crapshoot. I discussed this topic on Facebook earlier today with Sheila Sorvari, an old friend who seconded that emotion that trying to hire wisely is one of the tougher tasks. As someone who consults on many hiring decisions each year, I can tell you that it’s often a humbling experience. Many mean well, but are asking the wrong questions of new hires. It is very hard to get it right. Thanks for the perspective and the comment.