Maynard Foundation presentation on Entrepreneurship and Management, in Journalism

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An invited talk at the Nieman Center at Harvard, for the Maynard Foundation fellows, on entrepreneurship and management. Three case studies on intrapreneurship.

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  • Took over struggling organizationStatus quo was generally expectedMassive opportunity, but no expectation for change
  • First 6 months6-18 months18+ monthsAwardsRecognition
  • Motivating team members
  • Identify resourcesIdentify championsBe the exampleSelect the team – smaller rather than largerDetermine your strength – pound away at itRelentlessly tell the story / tell and demonstrate successAdapt as necessarySpotlight your team
  • Maynard Foundation presentation on Entrepreneurship and Management, in Journalism

    1. 1. Entrepreneurship and Management<br />Andrew J. Rosenthal 17 March 2011<br />
    2. 2. Overview<br />2<br />Three caselets: entrepreneurship and innovation within major organizations<br />Lessons learned and common trends<br />The HBS approach to entrepreneurship<br />Entrepreneurship and management<br />Facilitation: team, environment, advisors<br />Learning from mistakes; dealing with failure<br />Opportunities and challenges in journalism<br />
    3. 3. My background<br />3<br />
    4. 4. The business side of journalism<br />4<br />
    5. 5. Three stories of intra-preneurship<br />5<br />
    6. 6. Ex. 1: Non-profit local alumni club<br />6<br />October, 2006<br />The lens matters:<br />Better than average (compared to peers)<br />Struggling, and massive opportunity (in context)<br />Status quo was acceptable and expected<br />
    7. 7. Penn Club – 24 month plan<br />0-6 months: Strong events<br />Frequent scheduling<br />Consistent quality<br />Broad documentation<br />6-12 months: Strong purpose<br />Board development<br />Defined and communicated mission<br />Addressed expanded stakeholders<br />12-24 months<br />Sustainable financing<br />Analysis of effort<br />Leadership pipeline<br />7<br />
    8. 8. Penn Club – Best of the Best (1/2010)<br />8<br />The opportunity to meet fellow Penn graduates in the area that you may not otherwise meet, as well as the opportunity to experience new places and events that you might not have otherwise known about or thought to attend. Opportunities to socialize with local alumni, intellectual stimulation with professor lectures and the chance for a trip down memory lane!”<br />-Sheryl, Nursing ‘86<br />“Investment in the Club expands your horizons in so many ways.”<br />-HarveHnautiuk, EE ‘74<br />
    9. 9. Lessons Learned<br />Understand motivation and context of each volunteer<br />Understand your champions’ metrics, and execute<br />Embrace low expectations to phase-in risk/reward<br />In major organization, arrange early feedback loop<br />Strong personal demonstration<br />Involve volunteers’ friends<br />Seek “booster shot” of resources<br />9<br />
    10. 10. Ex. 2: Consumer website<br />10<br />Summer, 2008<br />Existing company: business-to-business software<br />Few clients, poor products<br />Stagnant, going broke<br />
    11. 11. happier.com — what we built<br />11<br />Massive pivot to consumer product<br />happier.com: a personal trainer for your happiness<br />Targeted audience: women who watch the Today Show<br />
    12. 12. happier.com — Growing quickly<br />12<br />
    13. 13. happier.com — lessons learned<br />What will it take to get your story told?<br />Leverage changes in “externalities”<br />Learn to say “no” and focus<br />Be prepared to learn new skill-set<br />Lay team groundwork for exhaustive growth<br />Pivot<br />Fail quickly<br />Scrappy determination<br />13<br />
    14. 14. Ex. 3: Entrepreneurship at HBS<br />Fall, 2010<br />Powerful brand<br />Imposing building<br />The lens matters<br />Top school, great grads<br />Unrealized potential, 5 lost years<br />14<br />
    15. 15. Startup Tribe – First Steps<br />15<br />Weekly meetings of core people<br />“Founder and Funders” trek<br />Branding: website, twitter<br />Faculty champions<br />Focus on diversity<br />
    16. 16. Startup Tribe – Going beyond the core<br />16<br />
    17. 17. Startup Tribe – Lessons Learned<br />Seek “conceptual heritage”<br />Look for secondary hooks (diversity, action-oriented)<br />Listen and incorporate others’ descriptors<br />Transparent motivations<br />Litmus test: would you attend?<br />Document and broadcast<br />17<br />
    18. 18. So what? <br />18<br />
    19. 19. Entrepreneurship and Management<br />19<br />“Relentless pursuit of opportunity without regard to resources currently controlled”<br />An approach to managing, not:<br />An economic function<br />A characteristic of an individual<br />Only about start-ups<br />Manage risks rather than blindly take risks<br />Blatantly taken from HBS course slides “The Entrepreneurial Manager”<br />Definition: Howard Stevenson, “Perspectives on Entrepreneurship,” HBS No. 9-384-131. Boston: Harvard Business School Publishing, 1983. <br />
    20. 20. The Entrepreneur’s Environment<br />Great uncertainty<br />Newness of undertaking breeds uncertainty<br />Range of issues: political breakthroughs, growth, competition, resource availability<br />High impact<br />Uncertainty pushes entrepreneurs toward high impact opportunities<br />Necessary to attract resources when failure is frequent<br />Requires understanding context of problem<br />Radical change<br />To achieve high impact entrepreneurship often includes radical change<br />Many sources for change – e.g. new process, new opportunity, new result<br />Limited resources<br />Assemble various resources often from different sources<br />Commitments often staged toward milestones<br />20<br />Blatantly taken and modified from HBS course slides “The Entrepreneurial Manager”<br />
    21. 21. Entrepreneurship and Management<br />21<br />Blatantly taken and modified from HBS course slides “The Entrepreneurial Manager”<br />
    22. 22. Assembling the right team<br />22<br />Complementary Skills<br />Avoid over-redundancy in skills, networks, etc.<br />Stakeholders like teams of players<br />Reasonable completeness of skill-set<br />Know the gaps that need to be filled<br />Acid test of a good team builder<br />Every one of your partners clearly better than you on at least one dimension<br />Direct reports clearly better on several circumstances<br />If not, change the leader!<br />Blatantly taken and modified from HBS course slides “The Entrepreneurial Manager”<br />
    23. 23. Assembling Advisors<br />23<br />Who do you want seated at your table?<br />Identify and involve stakeholders<br />Empower them to help you “fail quickly”<br />Internal and external<br />C.Y.A. contact<br />Access to resources<br />
    24. 24. Momentum<br />24<br />Identify (construct) small wins<br />Authentically, frequently, and visibly recognize others<br />Seek or modify projects for easy wins<br />
    25. 25. Dealing with failure<br />25<br />Mistakes<br />1: learning experience<br />2: wasted resources<br />Seek proponents who understand failure<br />Don’t shirk from telling the story<br />Clear, understood mission perseveres<br />
    26. 26. Additional Practical Lessons<br />26<br />Pattern recognition:<br />Opportunity<br />Team<br />Steps<br />20/80<br />+20% effort to tell story to +80% of stakeholders<br />Professional documentation, frequent and formalized updates<br />
    27. 27. Journalism: Changing Business Model<br />Unbundling of readers (going deep)<br />BostInnovation(20-30, job-seeking)<br />There’s a blog for everything<br />Average reader: 2-5 news sources/day<br />Cannibalization with emergence of new channel?<br />Broadening scope of journalist activities<br />Philadelphia Inquirer: video production for everyone<br />Capture communities<br />Collected around issues<br />Al Jazeera English – to Comcast: growth in February<br />Overseas brand expansion<br />Chinese version WSJ<br />Changing organizations<br />Shrinking staff<br />Mergers / disruption<br />27<br />Sources: Interviews with journalists and publishers.<br />
    28. 28. Journalism: Technological Opportunity<br />Appointment publishing<br />Barstool Sports<br />Game mechanics<br />Data-driven content production<br />How are they monitoring consumption?<br />Understand analytics (internal, and advertisers)<br />“People follow people” <br />Crowd-sourcing journalism<br />Mobile<br />Local<br />Social<br />28<br />Sources: Pew, State of the News Media, 3/14/2011; Interviews with journalists and publishers.<br />
    29. 29. Recap and Questions<br />29<br />Examples of entrepreneurship and lessons learned<br />“Relentless pursuit of opportunity without regard to resources currently controlled”<br />Promoter vs. Trustee<br />Assembling resources; team; advisors<br />Build and recognize momentum<br />Learn from failure<br />

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