I made an interesting discovery on LinkedIn last week. I started receiving congratulatory messages from many “connections” because it turned out to be the 31st “work anniversary” for me at Jacobs Media (who I often refer to as the greatest employer I’ve ever had).
When I first signed up for my LinkedIn account, the start date is part of the profile process. And this year, it was a reminder that I was a very reluctant entrepreneur.
Some people inherently know they want to start their own businesses. For me, it was more of a process. But somehow along the way, I had good mentors, sound advice, great support and encouragement, and a lot of luck – all ingredients that any entrepreneur needs to be successful.
So when Paul forwarded me a new article from The New York Times’ “You’re The Boss” collection – “10 Reasons to Become an Entrepreneur,” it got my attention.
It’s written by Jay Goltz (pictured below), a Chicago guy who has owns five businesses in the Windy City, and now is an author and speaker on the topic. And while Goltz’s advice is great for a budding entrepreneur, it struck me that most of his reasons are relevant to what it takes to successfully run a radio company in 2014. In a flattish environment, approaching your job or running your company with an employee mindset is the quickest path to more mediocre quarters and disappointing results. As broadcasters gather this week in Indianapolis, rethinking some of the givens about how to jumpstart the industry just makes sense.
To be successful in the radio industry these days, it requires an entrepreneurial approach. No longer is radio a “paint by numbers” business where a transmitter, a tower, a format hole, and a group of DJs and sales reps guarantee a winning operation.
That’s because the stakes are higher, the competition is greater, advertisers have more tools and choices, and nothing is easy in this environment.
Goltz’s article is linked here but a few of his reasons for becoming an entrepreneur are worth translating into “radio-ese.” And they provide great food for thought for everyone in radio – whether you’re running your own company or working for the man (or woman). As the radio industry descends upon Indianapolis and CEOs take the stage to give their “state of the industry” points of view, bear in mind that continued success in radio requires that entrepreneurial spirit at all levels of radio stations.
Here are some of Jay’s key touch points and how they apply to the radio business:
You know you can do something better. In order to succeed in radio, whether you’re in Des Moines, Detroit, or at the network level, it helps to have an entertainment and/or informational product that is truly superior to everyone else in town (or in the U.S.) in one way or another. The truly great talents, stations, syndicated shows all believe this…even on their most insecure days. They think they’re better than everyone else. In some way, your brand, your cluster, and your company need to outshine the rest of the pack.
You enjoy making customers happy. If you go back to the roots of radio in the ‘50s and ‘60s, some of the best stations excelled at listener engagement long before anyone had a clue about social media and apps. Customer service – or the CX – isn’t a new concept. Serving people is at the core of running any business – especially radio. The best broadcasters totally “get” this. All the others are adjusting rotations and rate cards – and ignoring the listeners who contribute to cume, quarter hours, revenue, and loyalty.
You like an adventure. Guys like Gordon McClendon, Todd Storz, and the Bartell family were swashbucklers who loved to compete. It’s hard to imagine how some of those early radio broadcasters would view the corporate cultures of many broadcasting companies today. Clearly, the entrepreneurial people inside major radio companies hold the keys to moving their enterprises forward. But some of the smaller, more nimble companies, like NRG, Connoisseur, Alpha, and others exude that adventuresome vibe that allows them to effectively compete against “the bigs.” These days, you truly have to ride the rapids – and enjoy doing it.
You like figuring things out. The art of succeeding in radio these days has never been more challenging. The simple, scalable business model that dictated that great ratings lead to great revenue is toppling. And it’s being replaced by having to reassess a brand or company’s assets, and rethink everything. Where will new revenue sources come from? How can broadcasters repurpose programming and content to generate new business and sales? How can radio’s local roots be repackaged to benefit its various constituencies? And how can a viable, compelling product be maintained – and grown – in financially challenging conditions?
You will never hit a glass ceiling. This true spirit of being an entrepreneur is all about seeing unlimited growth potential. Everyone reading this, whoever started coasting with a station or a brand lived to regret it. The only direction is up, and in radio today, even the most successful brands need to keep throwing long passes down the field. Laurel resting is not for self-starters.
And I will add one of my own to the list:
Your aren’t afraid to fail. I have been guided over the years by the question, “What’s the worst that could happen?” Whether it was starting Jacobs Media, the Classic Rock format, our Edge initiative,our Techsurveys, jacapps, or anything else along the way, the odds of failure should be calculated – and then shoved aside. In most cases, people forget your failures anyway, and this is an industry that loves to give second (and often third) chances. If fear is your favorite emotion, you’re in the wrong industry.
Like many businesses that have been disrupted or who now have discovered that new competitors are abundant, radio’s future is dependent on the entrepreneurial energies of not just the people in the corner offices, but in the attitudes and energy of the entire station workforce. To remain relevant, that spirit needs to be nurtured and valued in every station, in markets big and small.
We’re continuing to salute these values every Friday with our “Radio’s Most Innovative” series – honoring those who have accomplished amazing things, whether they are entrepreneurs or rank-and-file employees.
Innovation and that startup spirit are the ingredients that will power this industry forward.
Here’s to all you entrepreneurs!
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
“Never stop making yourself better” When you stop…..someone will be ready to take your place. I have a plaque in my man cave above my front door that reads…… ” IF YOUR NOT THE LEAD DOG,….THE VIEW NEVER CHANGES.”
You would be a great boss, Scott. Thanks for commenting.