Media is like any other business — asking the right questions will give you a better chance at success
MDIF’s Koreel Lahiri has developed a collection of 150+ questions to help guide founders through the process of starting up a media venture.
Takeaways
Although they come with their own subtleties, when it comes to media, the broad fundamentals of business remain the same.
There is a set of learned interpersonal skills that can help entrepreneurs successfully answer the aforementioned questions.
After critically examining their broader goals, founders should develop an actionable plan that will lead to measurable and successful outcomes.
Context
Koreel Lahiri is the Program Director for South Asia at the Media Development Investment Fund (MDIF) and has been an integral force in transforming India’s media industry.
At Splice Beta Online, Lahiri shared the questions he encourages media entrepreneurs to ask themselves, soft skills that can be developed to help answer those questions, and advice for refining the media business development process.
For the full set of questions, download Lahiri’s presentation here.
Questions entrepreneurs should ask themselves
Why? Why are you an entrepreneur? Why should people trust you? Why will this succeed? The answer to these questions should inform every action, choice, and decision a founder makes.
What? What problem are you solving? What will happen after the problem is solved? What could go wrong? What will you measure? “What questions” complement “why questions” by providing a tangible structure for achieving one’s purpose.
Who? Who will be your business soulmate? Who will be your mentor(s)? Who are your most talented team members? Evaluate who you plan to surround yourself with as you build your company.
Where? Where is your market and is it big enough? Where does your audience hang out? Where do you want to lead your business? These are the questions that will dictate product distribution and brand positioning.
When? When will your efforts be successful? When should you move on from failed products? When will your organization cease to be relevant? Keep focused on how your product-market fit will develop in the near future and be strategic in decisions regarding timing.
How? How will you make money? How will you change audience behavior in your favor? How will you measure success? Spend time thinking deeply about how you plan to achieve your initial purpose.
Soft skills to help answer hard questions
Comfort with people Your motivation for having chosen to pursue a career as an entrepreneur will inform the way you interact with people. Surround yourself with those who will push you to grow and are not afraid to let you know when you go wrong.
Comfort with ambiguity There is an inherent element of ambiguity in every aspect of business. From incomplete data to unforeseen challenges (hello Covid), being able to prepare for the unknown and operate amidst uncertainty will help soften challenges.
Comfort with numbers While a degree in finance may not be necessary for starting your own media business, being able to distill your thoughts into actionable, measurable plans is. Data fluency is also critical.
Passion; not emotion Emotion can work in your favor, but it can also be your worst enemy. For instance, if you fall in love with the wrong solution, emotional attachment can make it hard to pivot. Passion, however, will always guide you in the right direction.
Putting it all together
People are the first building block of any business. They are even more important in media, where the core product (content) is developed by and for people.
Then comes the process (#1) of gathering data, inferring solutions, and developing ideas.
Next, launch your product. The 4Ps (price, product, placement, and promotion) have been popularized as a fundamental tenet of marketing, but product is really the only one that matters. No amount of pricing manipulation or promotion can make up for a failed product.
It is unrealistic to wait for your product to be 100% perfect before launch. Instead, a continuous feedback loop, with frequent iterations, attached to a product roadmap, (Process #2) will help refine your product over time.
Finally, money is the holy grail of business. Whether you are running a commercial business or a non-profit, financing your work is key to maintaining a sustainable venture. Funding also dictates how you can grow and expand in the future.