The recent Doing Business report from the World Bank Group threw up a big surprise. Rwanda, a small country in Sub-Saharan Africa led the world in terms of reforms. All one probably knows about this nation is the sad story of civil war and genocide and as in my case, this knowledge coming from the very popular movie Hotel Rwanda.
The strength of the economy depends on the opportunities that people have. Developed countries have more new firms registering to set-up businesses (On an average 10 times as many as other countries as per the article). It is in this index that simple reforms have ensured that Rwanda ranks 67th ahead of nations such as India and China. In seven of the ten categories such as how easy it is to setup business, receive credit, employ people etc. that Rwanda has introduced reforms.
Entrepreneurs also play a very important role in the media industry. You might argue that the big 3-4 media conglomerates dominate the landscape but there are always gaps not addressed by them. It is important to note that the industry is not just these conglomerates but includes production houses, event management companies, graphic artists, system integrators and other thousands of registered firms and freelance individuals. This sector throws more opportunities than any other sector and greater the competition, the better it is for the health of the industry.
So what makes a media entrepreneur? Experience and sound understanding of the industry is important. The key is to identify a gap and have the passion to follow it; it could in terms delivering a new message or a new way of delivering the same service. As an example, for a long time, big music labels paid little attention to Christian music. This gave good opportunity to niche labels such as Provident Music Group to establish a foothold in the market. Sound execution and a little luck would go a long way in helping your business to take the next step.
Also the big conglomerates should encourage people within to become entrepreneurs or ‘intrapreneurs’ as they are sometimes referred as. As the industry keeps on evolving with the changing tastes of people, it is necessary to encourage innovation within so that one can identify a changing trend before anyone else. Entrepreneurs are the blood on which a country runs. Many more should be encouraged and nourished as they are the ones giving opportunities to millions more.