it's a wonderful life - starting a news venture
DESCRIPTION
Advice on launching a news startup based on the classic film "It's a Wonderful Life." Presented at the Fall 2010 Journalism and Women Symposium.TRANSCRIPT
JAWS Alchemy III :: reinvent yourself@wendynorris
an unconventional path@wendynorris
The rules have changed
Old Man Potter rules
• Don’t underestimate yourself and your skills for running a business• Don’t surround yourself with sycophants• Don’t allow research paralysis to prevent you from launching
Clarence the Angel rules
• Do find partners, mentors and collaborators• Integrate your values into your business• Iterate. Fail. Iterate. Fail. Iterate. Ding! Win.
focus on what matters@wendynorris
What problem are you solving? Where's the intersection between the customers' pain and your idea?
• Don’t get miserly about your idea. Share it widely• Imagine what if and what never?• Seek feedback about your business idea• Note audience reaction for clues on the need to fine tune your idea
Old Man Potter: the imaginary foe@wendynorris
What do you fear?
• How is that fear holding you back from launching?• Identify the problem you are solving• Crystallize it into a single sentence• Who and what will prevent you from solving that problem?
Uncle Billy: the real enemy@wendynorris
Be smart about delegating important tasks
• Well-intentioned partners can sabotage the business• Bootstrap to prove your case and work out the bugs without the pressure of financial partners• Perfect is the enemy of the good
makin’ money: Mama Dollar and Papa Dollar@wendynorris
Hit the financial books
• Learn about disruptive business strategies and lean startups• Get creative about financing your business• Adopt a Dollar Store mentality about expenses
ask for help: crowdsource@wendynorris
All crowdsourcing is not created equal
• Think through the operational, ethical and quality assurance issues of working with the public or posting user generated content• Many consider it high praise to be asked to help• How I used crowdsourced investigative reporting and lessons learned Link to: Quora response
belly up to the bar@wendynorris
Community engagement
• Talk to your public. Even the grouchy ones. Learn from their valid criticisms• Use social media, public forums, surveys, commenting and free tech tools for both qualitative/quantitative metrics• Make yourself easily accessible to the community you serve
give it your best shot@wendynorris
Break a few windows
• Experiment with new technology, editorial direction, newsgathering process and revenue model• Always map how a specific decision may affect business goals and organizational values. Not everything will always align but at least you're prepared• Iterate. Fail. Iterate. Fail. Iterate. Ding! Win
rock that bathrobe like a queen@wendynorris
Go lasso that moon!
• The secret sauce of successful entrepreneurs: a healthy dose of chutzpah, humility and humor• Confidence attracts money, attention and new opportunities• What’s your Alchemy speech?
Slides posted at wendynorris.posterous.com
twitter @wendynorris | email [email protected] | mobile 720 281 9378