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10 Things You May Not Know About Journalists Though You Think You Do

10 Things You May Not Know About Journalists Though You Think You Do

As the recent experience of Angolan journalist Rafael Marques de Morais proves, there is often a high price associated with exposing truths and scandals. Facing libel charges after writing about the horrors of a country’s diamond trade, serious journalists must place themselves at considerable risk if they are to uphold the values of honesty and integrity while delivering newsworthy content to their readers. This harsh reality is often overlooked, thanks to the antics of a select few tabloid journalists and editors who deal in sensational narratives rather than those with genuine value for the reader. The importance of serious journalism should never be underestimated, however, and neither should the sacrifices that journalists make in the quest to report real news in real-time to their audience.

With a small minority of tabloid reporters responsible for an entire series of misconceptions, let’s look at the following facts about serious journalists and how they stack up against popular stereotypes:

1. They are Deadline Driven

The world of news moves quickly and in real-time, meaning that stories have to be written, edited and published to a prohibitive deadline. This poses an issue for journalists, especially those who are forced to deal with regular interruptions with colleagues as they work. This can trigger a less than welcoming response that is perceived as rudeness, when it is in fact little more than a coping mechanism that enables them to maintain focus and deal with significant pressure.

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2. They are Versatile and Adaptable

Depending on their status and background, some journalists are required to cover numerous genres of news and stories over the course of their careers. Rather than highlighting inadequate levels of focus or a lack of clear orientation, this underlines a keen sense of versatility and willingness to accept unfamiliar work with minimal notice. So while established bloggers often receive more credit in the current marketplace, it is important to remember that they are able to create single-minded content that is dictated by their existing knowledge and expertise.

3. They are Calm in the Face of Criticism

While anyone who shares their work and opinions in a public forum are opening themselves up to criticism, people often fail to realize that journalists are human beings with emotive views and feelings of their own. Criticism is particularly hard to take when it is aimed at an honest and unbiased piece of journalism, especially when it is directed by Internet trolls who well-versed in the art of dissecting sound and well-reasoned arguments. When you consider the journalists have to face such criticism on a daily basis, they are constantly required to remain calm and professional in response.

4. They are Often Their Own Harshest Critics

The nature of journalism is interesting, as each author is given individual accreditation for their work and must take ownership of the content. This breeds both pride and a yearning for self-improvement, especially when they reread a published article and uncover sentences or paragraph that they would like to restructure. In this respect, journalists are often their own harshest critics, as they learn over time to remain strong when they doubt their ability and use mistakes as motivation to further hone their craft.

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5. They Work in an Incredibly Competitive Industry

The issue of self-improvement is an interesting one, as the journalism industry is as competitive as it is fast-paced. This means that a strong work ethic and a relentless quest for self-improvement are crucial to your chances of longevity in the sector, regardless of whether you work for a traditional media firm or an online brand. Many outsiders categorize those who work within the industry as being cut-throat and ruthless, when in fact they are simply committed to succeeding and carving out a long and rewarding career.

6. They are Deceptively Humble

Although some have described journalism as “an inherently arrogant profession,” this is at odds with some of the core elements of the sector. Not only is there a strong hierarchy within any typical media or news agency that commands a degree of servitude, but the majority of writers have their work shaped, changed and embellished by meticulous editors. So without a sense of humility and respect for the chain of command, journalists would not be able to survive in the industry.

7. They Risk their Careers Everyday

While many serious journalists may be deceptively humble, they are also courageous despite carrying a burden of great responsibility. Those in the front line of their field (such as investigative journalists) are forced to place their careers at risk every single day, as they strive to deliver insightful and often difficult news to the public regardless of any influential figures who may be involved. This can cause tremendous unrest and may even trigger lawsuits, meaning that journalists must have the courage of their convictions and remain true to their values at all times.

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8. They are Part of a Thriving Industry

The traditional news industry is undoubtedly moribund, but this is often misconstrued as the death of journalism. This is far from the truth, as the number of media outlets, online news carriers and reputable blog sites has risen at a considerable rate and created even more opportunities for skilled and experienced journalists. Many of the most established writers also have the opportunity to freelance in the modern age, as they look to maximize their earnings and report news across a rich diversity of media.

9. They are Highly Skilled and Qualified Writers

Conversely, the rising number of online media outlets has also created opportunities for those without a journalism degree or any associated experience. Alongside the emergence of independent blogging as a potentially lucrative career option, this has diluted the marketplace and created a perception that many writers are able to operate without a defined skill or academic qualifications. Journalists remain set apart from other writers, however, as they are all college educated, highly talented and exceptionally knowledgeable within their fields of expertise.

10. They Live in a Male Dominated World

From a female a perspective, the drive for equality and equal opportunities in the workplace has never been more strongly backed. These efforts have not yet been fully reflected in the world of journalism, with an estimated 79% of all newspaper articles penned by a male author. This means that female journalists face an even harder challenge to sustain their careers within the sector, despite the perception that they are able to operate from a fair and even playing field.

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Featured photo credit: Pixabay via pixabay.com

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Published on December 13, 2018

How to Start a Company from Scratch (A Step-By-Step Guide)

How to Start a Company from Scratch (A Step-By-Step Guide)

If you’ve ever thought about starting and running your own business, you’re not alone. Being your own boss, having flexibility with your schedule and keeping more of the financial rewards that come with business ownership are all good reasons to own your own company.

But as you might expect, it’s not all vacations and fat bank accounts. According to the SBA, 2/3 of businesses survive at least 2 years and approximately 50% survive 5 years.[1] So why is the failure rate so high? At least for the businesses that fail early on, lack of, or poor planning can be a major factor.

So how to start a company?

Starting a business from scratch doesn’t have to be hard or complicated, but it does take planning and work. Here are the first and most important 9 steps to take when your are starting a company from scratch.

1. Do an Honest Evaluation of Yourself

Do you work better in a structured or unstructured environment? Does a daily routine reduce your anxiety? What kinds of things are you good at? Does public speaking or making presentations make you nervous? Are you good at accounting and numbers? Can you handle the rejections you’re bound to get when selling or cold calling?

These are all important questions to ask yourself, in fact it’s a good idea to get other peoples opinion about their perception of you in each of these situations.

Whatever the answers you come up with for your evaluation, remember that’s all it is, an evaluation of where you are now. Think of it as a way to identify both your areas of strength and weaknesses.

You maybe good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

2. Evaluate Your Idea

If your business idea involves a new product or service (or even an enhancement to an existing product or service), it needs to be evaluated. This is technically called market research.

There are firms that specialize in doing market research for new products, but if you are on a tight budget, you can do this yourself.

First, if you can build a prototype for people to use, touch and look at that’s the best option. If a prototype is not possible or it’s a service business, then offer a highly descriptive presentation of the business plan complete with it’s unique benefits and how it’s different from the competition.

Then listen! Remember that this is not about others liking your product, this is not your baby that they are talking about. You want honest market research that gives you the best chance for a successful business. Take notes, when someone tells you that they didn’t like a feature or some aspect of your idea tell them ‘Thank you”.

After several rounds of market research with different groups of people, you should see patterns emerging about things that they both liked and didn’t like. Use this information to tweak your product or service and do another round of market research.

Keep in mind that you’ll never come up with a universally loved product, your job is to produce a product or service that appeals to the broadest range of your target market.

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3. Make a Business Plan

I know, I know this isn’t the “fun” part of starting your own business, but it is an very important step in creating a successful business!

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:

  • Executive Summary – This should lay out the businesses product or service and the problem that it solves for the consumer.
  • Market Evaluation – This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies – How are you going to penetrate the market and sell your product.
  • Operational Plan – How will the company run from day to day? Who are the key employees and what are their specific rolls. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks as well as professional investors will both do a more in-depth analysis before investing any money into your idea.

4. Decide on a Business Structure

You have many options here, and discussing them with your accountant or financial adviser is really the only way to know what’s right for you. But just to give you a quick rundown of the types of business entities and their pros and cons we will briefly go through them:

Sole Proprietorship

This is a common way for small businesses to get started.

The pros being:

Relatively low costs to set up (usually a business license and sales tax license).Owners normally do not have to set up a special bank account, they are allowed to use their personal one. Any income earned can be offset by other losses (check with your state!). You as the sole proprietor have complete control over all decision making. 

Finally, sole proprietorship’s are relative easy to dissolve.

The cons of using a sole proprietorship include:

You as the sole proprietor can be held personally responsible for the debts and liabilities of the company. Some benefits, such as health insurance premiums, are not directly deductible from business income.

If you need to raise money, you are not allowed to sell an equity stake in the company. In that same vein, hiring key people maybe more difficult because you cannot offer them an equity stake in the company.

Partnership

A partnership is formed when two or more people decide to start a business. Although there is no legal requirement for any documentation to form a partnership, it is my advice that you never enter into a partnership without having a partnership agreement. (Remember, spending $1500 now can save you $150,000 in legal fees later!).

The pros of a partnership include:

Being relatively easy and inexpensive to start. Hiring key employees can be easier as you are allowed to give equity ownership to as many partners as you want.

For tax purposes, partnerships are relative simple as any income is treated as “pass through” meaning that each partner pays tax on their individual portion of the partnerships income (As of this writing, always check with your tax adviser).

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As far as the cons go:

It can be difficult for some general partnerships to raise capitol. Because it is a partnership, the actions of one of the partners can obligate the entire organisation. All profits must be shared according to the partnership agreement regardless of the amount of work done by any single partner.

Some employee benefits may not be able to be deducted on income tax returns.

Limited Liability Company (LLC)

This is a very popular business entity for small to medium sized businesses. The reason for this is the cost of set up is not prohibitive and there is a separation between the owners and the company.

The pros of an LLC include:

Limited liability for the partners, unlike sole proprietorship’s and partnerships where the owners are held responsible for all of the companies debts and liabilities, an LLC provides some protection against certain debts and liabilities that are solely the companies.

Simple taxation, just like the sole proprietorship and partnerships, income is considered “pass through” and is only taxed once on an individual level.

There is no limit on the number of shareholders in an LLC. An LLC requires fewer fillings and administrative requirements than a corporation.

Corporation

A corporation is much more complex and expensive to set up. And a corporation is legally considered an independent entity that is separate from its owners.

The pros of a corporation include:

Complete separation between the owners and the company. Because the corporation is considered its own legal entity, owners can not be held personally responsible for any debts or liabilities of the company.

A corporation can raise capital much easier just by selling more shares in the company.

Cons of corporations include:

Much higher administrative costs than any other business entity. Corporations generally have a higher tax rate. Dividends are not tax deductible for corporations. Income paid in dividends is taxed twice, once by the corporation and again by the shareholder.

Again, this is just a short summary of the pros and cons, always check with your tax adviser about what will work best in your situation.

5. Address Finances

Again, not one of the “Sexier” parts of starting your business from scratch, but very important nonetheless.

So, you’ve done your business plan and an estimate of your start up funding should be included. It should include the amount of funding you’ll need to get you through your first full year of operations.

Now, how do you get that money?

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Self Funding

If possible, self funding is the easiest. You won’t have to go to banks and investors with hat in hand, or give up ownership or control of your company. But as we know, this is not a reality for most people. But don’t worry, there are still plenty of options available.

Friends and Family

They can be a good source of funding your business if they can see and understand your vision.

Remember that business plan? Pass them out to everyone you know. Then follow up, be prepared to tell them the total amount of money you expect to raise, the minimum investment you are looking for and what you will give in return for the investment.

For example, you give a friend your business plan and follow up with him/her a few days later. You can explain that you have secured funding for $80,000 of the $100,000 you need. You are selling a 2% share in the company for every $2,000 investment. How many shares would he like?

And when he/she tells you no, thank him/her and ask if he/she can think of anyone off the top of his head who might be interested? Tell him/her you really appreciate his/her time and if he/she does come across someone who might be interested to let you know.

Banks

These guys are happy to lend you money when you don’t need it, but all of the sudden they get stingy when you actually need a loan! This is where preparation comes in.

It’s a good idea to go over your business plan with an expert and maybe even have it rewritten by an expert before you approach either a bank or professional investor. Both will want to go over your business plan with a fine tooth comb, verifying all the numbers and data you provide.

You should also brush up on everything in the plan so that you can answer any questions they have with authority.

Crowdfunding

Finally, there is crowdfunding through sites like Kickstarter or GoFundMe. Crowdfunding helps to build interest, community spirit, and a customer base. It’s also an efficient way to raise funds. You can take a look at these tips to find out more:

6 Crowdfunding Tips To Get Your Project 100 Percent Funded

6. Register with the Government

As stated earlier, different types of business entities have different filling and administrative requirements. At the very least, you’ll probably need a business license as well as a state sales tax license.

Unless you are forming a corporation, there are many good resources on the web that will do everything for you at a minimal cost.

7. Assemble Your Team

Remember when we evaluated your strengths and weaknesses? Here is where we fill in the gaps!

Do you hate sales and cold calling? Great! There are people who love selling and wouldn’t want to do anything else.

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Bored to death with accounting? There are a ton of small accounting firms out there that will take care of that for you.

What about marketing? You can hire someone in-house or out-source that too.

Your job is to keep on top of all the different aspects of the business to make sure they are all running smoothly and getting the results you need. If not, it’s your job to figure out the problem and implement a solution.

Check out this guide and learn how to delegate effectively:

How to Delegate Work (the Definitive Guide for Successful Leaders)

8. Buy Insurance

No matter what kind of business you start, you need insurance! Yes, I know, no one likes to buy insurance, but it can literally be the difference between having a minor inconvenience and declaring bankruptcy.

We live in a very litigious time, even a minor slip and fall at your place of business could bankrupt you without insurance. If you need help finding a good agent, check with your local trade organizations or fellow business owners.

9. Start Branding Yourself

Has anyone ever ask you for a Kleenex or a QTip? We all know what they are because of branding, Kleenex is just a brand of tissue and QTip is just a brand of cotton swab. It doesn’t have to be as widely known as Kleenex or QTip, but you can make your brand a common name within your niche.

I once owned a manufacturing company that developed a product that was so popular that my competitors started co-opting my brand name for their products.

If you aren’t sure how to kickstart branding yourself, check out these ways:

5 Ways to Build your Personal Brand & Make More Money

The Bottom Line

Starting a business from scratch can be one of the most rewarding experiences a person can have.

But do you know what’s even more rewarding? Having a business that succeeds, is profitable and provides a good source of income for you, your employees and their family’s.

More Resources About Entrepreneurship

Featured photo credit: Tyler Franta via unsplash.com

Reference

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