Journalists finding success as entrepreneurs

Do some industries produce better entrepreneurs than others? In technology, software engineers who create interesting tools and services to solve problems and the business people who know all about pricing models, gross profit margins and scaling an operation have a leg up on the competition.

But what about journalists?

This week I have the honor of moderating a panel discussion at the Online News Association conference titled “From Journalist to Entrepreneur.” We are fortunate to have one of the most famous journalist-turned-entrepreneurs on the panel in Om Malik, who founded the GigaOm Networks (and is one of the few successful journalist-turned-entrepreneurs who continues practicing journalism). He’s not alone, of course. There are many other success stories with regard to journalists becoming entrepreneurs and launching their own companies, from famous tech luminaries like Nick Denton (Gawker), John Batelle (Federated Media) and Ben Huh (I Can Has Cheezburger?), to up-and-comers and under-the-radar figures like Lisa Williams (Placeblogger), Scott Karp (Publish2), Matt Coen (Second Street Media) and Julia Scott (Bargainbabe).

One of the questions I will ask the panelists is whether journalists have any advantages in becoming entrepreneurs. I know the prevailing wisdom is “No!” given the history of insulation from the business side of the house. (How do you launch your own company when you don’t know anything about the company you work for?) Most journalists lag behind in technical skills, too (although that is beginning to change).

Here are some qualities that might help journalists become entrepreneurs:

• Great at research: There is a ton of new stuff to learn when starting a new company, from legal to accounting to HR. A good reporter will save time finding the best information, which often entails meeting with (”interviewing”) other entrepreneurs.
• Good at networking: Great reporters are good at developing sources who will give them story tips. This is the same skill required in networking with other entrepreneurs and potential business partners.
• Can work cheap: Bootstrapping a company is a lot like journalism since it often means working for peanuts to pursue your calling.

There are thousands of people who have left journalism for some other industry, and many have started their own companies. The obvious option is to start a media company like Scott Lewis (Voice of San Diego), Joel Kramer (MinnPost) or Susan Mernit (Oakland Local). But as more journalists spread their wings and take on more roles in technology and business, the number of journalists-turned-entrepreneurs will continue to grow.

- Mark Briggs