In my Venture, Building, & Sustaining a Successful Enterprise course we had the pleasure of having guest speaker Eric Mathews, co-founder of Mercury Technology Labs, a venture creation, innovation connector, and business development organization. He informed us of some important lessons that he learned from his experience as an entrepreneur. One thing that stuck out to me was on average, entrepreneurs fail 3.7 times before their fist success. I’m already past fail #1 (Yeah! I think ) so I’d like to hope I’m still on the right track. He also said that even though one may fail, it is best to fail fast and continue on while youth is an advantage. Another word of advice from Mr. Mathews was “Do it now!”, which is kind of where I was conflicted. After seeing something that I was so passionate about and that my audience loved so much not make it due to lack of financing sort of chipped away at my drive. However, with this class I hope to build a solid business plan that will make investors want to jump at the chance to be involved in my future fortune 500 media company.
Dr. Fabian introduced me to Lorretta McNary a local TV host in the Memphis area and we have a meeting set up this weekend to discuss working together to help build each other up to reach our business goals. It seems as if she has the resources I need and have the some of the resources she needs which will hopefully be a perfect fit. I also have been networking and was introduced to Yvette George another TV host and radio personality in Memphis. Ms. George has been an evolving figure in the entertainment business since 1990 and I look forward to meeting with her as well to gain as much knowledge of the entertainment industry as I can while constructing my business plan. So the main things I pass along to my classmates and other entrepreneurs is your network is important to your net worth and never stop going but know when to change directions.
Check these links for more information on these remarkable people in the Memphis Area:
http://www.ericmathews.com/about.html
http://www.yvettegeorge.com/about_yvette_george.htm
http://www.lorettamcnary.com/about.html
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You are taking the first most important steps! Now move to the assignment, where we will "play with" a business plan for a particular media company. Perhaps at this point you want to make it a "consultancy" or something where you can start hashing out what you bring to the table that is especially unique and valuable. What customer do you want to reach, and what do you want to reach them about?
ReplyDeleteI enjoyed your magazine, great experience for you, there are some very low cost ways to start a media business in the meantime. How about a video channel? (I think youtube has one too, but here are some pointers: http://www.maxcast.com/)
or just google "how to start a video channel"