In business, stand firm and believe in what you really want
Over the course of the entrepreneurial journalism program, I think the key point I have learned is not any detailed business skill, but the business mindset. That’s also the key point in my half-year in New York.
To me, the business mindset means, first of all, standing firm and believing in what I really want.
You need to have clear opinions and answers for what you are doing. Amit Paley said during our visit to McKinsey that as a reporter he used to ask questions, but at McKinsey he now needs to give answers and advice to clients. Similarly, you need to stand firm on your position and reply with clear answers when you promote your business to various audiences, including investors, customers, partners, competitors and the media. They become interviewers, and you’re the interviewee. Successful identity transition only follows an accurate mindset transition.
In addition, you always need to look calm and show confidence to your audience because you’re the leader and the best representative of the business. One recent example: Ivanka Trump was booed and hissed by an audience in Berlin at the W20 Summit last month after she praised Donald Trump’s stance on women. The host paused and emphasized, “You hear the reaction from the audience.” Ms. Trump responded, “I’ve certainly heard the criticism from the media that’s been perpetuated.” Then she added two more reasons to support her argument.
Of course her argument was not at all convincing; it made me even more skeptical toward the Trump family. But I have to admit that Ms. Trump acted very calm and sophisticated at that moment, instead of making herself look uglier by either giving vague responses or striking back with anger. I believe that’s not only from political skills she might have picked up recently, but mainly because of her business skills. She must be used to facing tough questioning and to dealing with challenges from her business training in Trump organizations.
Second, stay cautious and skeptical about the market, especially if your business relies heavily on market trends. I think in this year’s program, my project, PinkPower, and Linda Rath-Wiggins’ VR company, Fader, are two typical examples. In my understanding, our business model and revenue streams depend mainly on activities and needs in the growing market. After having some frank conversations with more LGBT entrepreneurs and experts on the Pink Market (the LGBT Market), the lesson I’ve learned is, sometimes it’s a trick or a “smart move” to describe the market/business as more trendy than it is. Entrepreneurs give these overly optimistic messages to the media (sometimes in an opposite way, they spread overly pessimistic information about competitors) to get attention from investors. It’s not necessarily 100% fake news, but probably polished news.
Of course, new markets could grow faster than expected, and you will certainly become an expert after spending years exploring the market. But generally speaking, you would benefit a lot from making real friends with some honest stakeholders at the beginning, and always stay more knowledgeable than observers/outsiders about what you’re working on. Because it’s more than a news story or a series of features; it’s business. Products, marketing, teamwork, cooperation, revenue — everything is your responsibility. Yes, it’s a long way to go from a romantic idea to a real business that makes sense to others, too. I’m looking forward to growing the business with the market.
