We all have light bulb moments, or moments when bright ideas pop into our heads. Entrepreneurs are people who turn those bright ideas into businesses. In order to do this, entrepreneurs must be extremely passionate about their idea. Creating a sustainable idea is difficult because it takes patience and persistence, but passion is what keeps entrepreneurs going when times get tough. Entrepreneurs also should share their idea with others. Collaborating helps entrepreneurs gauge how audiences might feel about their idea. Most importantly, though, entrepreneurs must be able to generate revenue. This is the part that scares me, especially when developing a media startup.
In order to grow an audience online and make their business profitable, entrepreneurs must find startup funding. This may involve asking friends or family for money, or self-funding the startup – neither of which sound appealing to me. I fear that my idea might never takeoff, and I would be unable to repay the people whom I borrowed money from.
As someone with limited business background, it was important for me to learn about generating revenue online. I didn’t know that there were so many ways to make money apart from advertising, such as: syndication, events and freemium. Although it is reassuring to know that numerous moneymaking models exist, I still think my biggest obstacle to developing a media startup would be estimating potential costs and revenue.
Turning a light bulb moment into a business can be exciting. It is an opportunity to make money doing something your passionate about, while making life easier for others. I’ll admit, I’m still a little hesitant about becoming an entrepreneur, but I’d be lying if I said that Mark Briggs’ Entrepreneurial Journalism isn’t planting the seed in my mind.