For those who weren't there and not following in real time on Twitter, here are some of the top tweets that came out of last week's KDMC News Entrepreneur Boot Camp here at USC. They include some great nuggets of advice for anyone starting, running or looking to expand a news website publishing business.
The tweets are drawn from coverage of five discussion sessions at the camp, one by me, two by Tom O'Malia of the USC Marshall School of Business, and two led by guest faculty at the camp: Mark Potts and Rusty Coats. You can find links to many of the presentations at the camp on the KDMC website.
Robert Niles on The News Publisher as Community Organizer:
"When the music stops, always have a chair" - @robertniles at #kdmccamp
@michelemclellan
#kdmccamp "I am an entrepreneur today because I am the only person who would hire me"--@robertniles
@susanmernit
#kdmccamp wise words from @robertniles on moving from reporter to publisher as journos develop web media projects
@susanmernit
#kdmccamp Great discussion on how to identify community needs and opportunities in local communities @robertniles
@susanmernit
"As an entrepreneur, the status quo is your enemy" -- You need community to turn to you and dump the status quo -- @RobertNiles #kdmccamp
@ojr
"Model the behavior you want from your community" emphasizes @RobertNiles #KDMCcamp
@kdmc
#kdmccamp @robertniles recommends every online publication have a #facebook page cc#mybxb
@michelemclellan
#KDMCcamp QA: What is the most important analytic? asks @robertniles. A: MONEY!! #mybxb
@susanmernit
Mark Potts on Show Me the Money:
Execution [is] more important [than] a good idea, talent attracts capital - Mark Potts #kdmccamp
@michelemclellan
What's your value proposition: What problem do u solve? You'd better be able to answer that - @pottsmark at #KDMCcamp.
@ojr
Non-profit is a tax status, not a business model, says @pottsmark. Thank god someone said it. #kdmccamp
@kimbui
Non-profit is not a magic bullet. You still need to go out and raise money. - @pottsmark #KDMCcamp
@ojr
Adapt, iterate your biz model until it works. You learn something from every pitch. Refine, try, refine, try...#KDMCcamp
@kdmc
Potts: Problem w/ newspapers wasn't giving content for free, it was giving away advertising for free. #kdmccamp
@PattersonFdnNMJ
Don't feel nervous about pricing your ads. You can negotiate down, but not up. Ask 4 what u can with a straight face. @pottsmark #KDMCcamp
@ojr
Campers urged by @pottsmark not to overlook advertiser services (data, social media help), mobile services, events, classes. #KDMCcamp
@ojr
Look for incubator opportunities, also local govt aid/loan programs for small biz. @pottsmark #KDMCcamp
@ojr
Rusty Coats on Non-Profit $$$exy :
Nonprofit doesn't mean non-revenue. You're still a small business. You still need sustainability @rcoats #kdmccamp
@ojr
Hearing about the underpants gnomes business model from @rcoats #KDMCcamp. http://www.youtube.com/watch?v=TBiSI6OdqvA
@ojr
If you are 70-80-90% grant-funded, you're sitting on a one-legged stool. @rcoats #KDMCcamp
@ojr
Non-profits can take advertising through underwriting messages, but there are rules about what those ads can say. @rcoats #KDMCcamp
@ojr
Underwriting ads must stay away from calls to action, pricing and comparisons. @rcoats #KDMCcamp
@ojr
Underwriting is capped at 30% of revenue for non-profits. @rcoats #KDMCcamp
@ojr
If you want to take advertising in addition to underwriting, the non-profit publisher has to pay taxes on that ad income. @rcoats #KDMCcamp
@ojr
@Rcoats: Sustainability is the new hotness within the foundation world. #kdmccamp
@PattersonFdnNMJ
Advice for non-profits and for-profit start-ups: Get an advisory board to help you. #KDMCcamp
@ojr
If you don't take revenue seriously, kittens die - @rcoats final thought at #KDMCcamp
@ojr
Tom O'Malia on Sales, Part One:
Repeat after me. Customers are people who are willing to pay you - stresses Tom O'Malia #kdmccamp #mybxb
@michelemclellan
Tom O'Malia #kdmccamp laying out the importance of QUALIFYING customers as first step in effective sales. AMEN!
@susanmernit
Brilliant lesson from Tom O'Malia on how talking to customers to find their pain can help provide you leads to grow your business. #KDMCcamp
@robertniles
Tom O'Malia - Elements of a business are Customer, Benefit, Money (and customer is not the reader) #kdmccamp
@michelemclellan
Tom O'Malia says news entrepreneurs are scared to "think customer" #kdmccamp #mybxb
@michelemclellan
Until you determine $X for each transaction you do, you'll never know how much you can spend. - Tom O'Malia #KDMCcamp
@robertniles
Commandment of entrepreneurship: 'Thou shalt not BS thyself' - Tom O'Malia #KDMCcamp
@robertniles
Great source of start-up funding: Secure a first customer before launch. - Tom O'Malia at #KDMCcamp.
@robertniles
Tom O'Malia on Sales, Part Two:
God made everyone great salespeople, because we have two ears and one mouth. Listen 2X as you talk when selling - Tom O'Malia #KDMCcamp
@robertniles
Step 1 in selling: Set up meeting in advance Tom O'Malia at #KDMCcamp
@robertniles
Step 2 - Qualification. Find who in customer organization has the power to make a decision. - Tom O'Malia #KDMCcamp
@robertniles
Step 3 didn't come through - Determine their need. Find what they need that you can deliver. Tom O'Malia #KDMCcamp
@robertniles
Step 4 - Sell your company. Tell abt success. Tom O'Malia #KDMCcamp
@robertniles
Step 5 - Tell about ability to fulfill their need. Are you right for them? - Tom O'Malia #KDMCcamp
@robertniles
Step 6 - What do you need to do to get the order? (i.e. 'If we can do it, can you buy?') Tom O'Malia #KDMCcamp
@robertniles
Look for hidden objections: 'Can you think of any reason that would stop you from buying our solution?' - Tom O'Malia #KDMCcamp
@robertniles
Final message in sales call: "I'm excited, and when would you like me to be back here?" Get the commitment - Tom O'Malia #KDMCcamp
@robertniles
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