Oyinlola Awonuga
Former Managing Editor of The Nation Newspapers, Mr Lekan Otufodunrin has offered suggestions on how journalists can become successful entrepreneurs in view of the various challenges they now have to cope with to survive.
Otufodunrin, now Executive Director of Media Career Development Network spoke at a programme organized by the Lagos State House of Assembly Correspondent ( LAHACA) in Lagos.
Among others, he said journalists need to know their skills, knowledge, passion and network to determine what kind media or non-media entrepreneurship endeavour to engage in.
According to him, entrepreneurship requires knowing what problem to solve through the provision of needed services and products.
“ You must also think of the possible revenue streams in terms of who will pay for your products and services and get necessary additional knowledge and training to succeed,” he explained.
In preparation for becoming an entrepreneur, Otufodunrin said journalists need to pay more attention to the business side of media operations where they presently work.
“ It’s not enough to know only about the editorial aspects of our job, you should be interested in how the company is managed, marketing and sales.”
Other suggestions include:
*Maximising media coverage experience by paying attention to other issues on the beat beyound reporting
*Switch from service mindset to product management to be able to meet the expectation of the customers
*Learn from the experience of others instead of reinventing the wheel and improve on services to be rendered.
- Know what you should do for free and what you should not to earn enough revenue.
- Be innovative and creative considering the various options available to the customers.
- Explore collaboration and partnership to be more effective.
He recommended media related entrepreneurship like launching publication/ broadcast organisations, Content creation services, Publishing and Independent broadcast production.
Others are the provision of editorial support services, media consultancy, public relations and Training.
He said journalists should also not hesitate to consider other non-media related services for which they have the necessary expertise or capital.
More than ever before, Otufodunrin noted that journalists have to master entrepreneurship skills considering the state of the industry, the economy, digital disruption, the need and opportunities to create new products and services.
“You don’t start thinking of becoming an entrepreneur when you get sacked, you have to start thinking of what else you can do apart from your present assignment. Sooner or later you will have to move on.
“What you need to know is that there will be life after the newsroom and you must be prepared for it.”