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SYNOPSIS

^{Media Case Study: Vox Media}

Vox Media is a leading independent modern media company with an editorial network portfolio including popular brands like New York Magazine, Vox, Intelligencer, The Cut, SB Nation, Eater and seven others. Across its networks, Vox Media covers topics ranging from current events and lifestyle to sports, dining and technology. Their diverse revenue streams make it stand out amongst competitors, especially with an array of enterprises of its own. Vox Media operates its own content management system, a unique publisher-led marketplace and its own podcast network supporting more than 200 shows. In September 2019, Vox Media acquired New York Media, expanding its estimated value of $750 million by another $105 million. Their merger also expanded Vox Media’s target audience from 18 to 34-year-olds to 25 to 54-year-olds with a higher median household income. Vox Media can benefit overall by building more of an interactive community, creating more brand awareness, continuing to expand its target audience and exploring new revenue streams.

DEVELOPING THE CASE STUDY

^{What guidelines did you follow while working on the case study?}

While working on the case study, I was very thankful that Professor Schmitz Weiss provided diverse examples of past case studies because it guided me into understanding how my start-up was different from others. I wanted my case study to be true to what we have learned throughout the semester, but I also wanted to challenge myself in terms of expanding my knowledge of businesses and how they operate. Reflecting back on lessons we learned in February, a guideline I set for myself was to think outside of the box to get over creative blocks in my process. By not getting too distracted by what Vox Media has presented to the public and what they already utilize as a company, I was able to see what they need. I used outside sources, such as family members with backgrounds in finance and mentors that work in marketing to check my progress and allow me to explain different parts along the way. By not depending entirely on what Vox Media was saying about itself I was able to see what other news organizations were saying about it holistically. This allowed me to remain neutral while writing my case study.

^{What challenges did you face while working on the case study?}

I think the most challenging part of working on the case study for me was the financial management section. Vox Media is a private company, meaning they are not required to make their financial information public. In comparing it to BuzzFeed, I learned that a lot of other digital media companies make their previous data public for analytical reasons, but Vox Media was very closed-up. I like the way I ended up creating that section, though, as I believe it shows the extent to the number of articles I read about the organization’s financial status. Although there were not any charts breaking down operating costs and specifics about revenue, I learned other things about the company. President Marty Moe spoke a lot in interviews about the value of Vox Media’s enterprises like their podcast network. I also liked picking up on details like CEO Jim Bankoff’s astounding media training when asked about the valuation of the merger with New York Media. This made me think of advice from Janine Warner, co-founder and executive director of SembraMedia, that “relaxed reflection time is a part of your research.” The details I collected while reading articles not directly related to finances were where I found a lot of information. So while it was frustrating and challenging when I couldn’t find the specific information I needed, I learned more about private companies versus public companies as well as what funding rounds mean and how they work, which I appreciate.

^{What opportunities did you face while working on the case study?}

I think the biggest opportunity that this case study gave me was finding a company that I am extremely interested in working for. As a graduating senior, I barely have any time to think about my future or research companies I might be interested in applying to after graduating. I appreciate that this course dedicated so much of our time to really understand the ins and outs of a company that we were able to choose because I feel extremely familiar with it. Reflecting back on our class meeting with David Brickley, the CEO of STN Digital on March 3, I am inspired by his advice to reach out to hiring directors, directors of marketing and COOs about potential employment and informational interviews. I have found professionals that work for Vox Media on LinkedIn that I will reach out to after receiving feedback on my case study because I think I can present it as a part of what would set me apart from other applicants. Another opportunity that came from working on the case study was connecting with professionals about my progress, which made me feel more confident in my work and also taught me a lot. Overall, it was important that in writing my case study I was able to use the concepts and skills learned from the entire semester to guide my way. I really felt this come through in my recommendation section; it was exciting to write out my ideas for Vox Media’s future and backing it up with the business model mindset made it more concrete.

THE ENTREPRENEURIAL MINDSET

^{Understanding the entrepreneurial mindset in the media industry}

Over the course of the semester, I really began to understand the truth behind one of our very first lessons: entrepreneurship resides in the individual; the entrepreneurial mindset. While we touched on this concept in class lectures, I learned the most through our activities allowing us to actually dive into the minds of entrepreneurs: guest speakers and interviewing an entrepreneur, Brandesso’s Founder and Creative Director Ashley Graham. Overall, I like the way that each entrepreneur we connected with had a very different mindset when it comes to their preferences, their journeys and their strategies, but they all confidently admitted to always having an entrepreneurial-focused mind. I think the connection to the media depends on the kind of entrepreneur they are; for example, Scott Lewis of The Voice of San Diego has a different role as a part of the media industry because he operates a nonprofit news organization. Ashley Graham, on the other hand, owns a public relations media agency, so she is focused on different media trends than Lewis may be. Overall, what entrepreneurs have in common is their awareness of the ever-changing media industry, and how they must adjust their own businesses to keep up with it.

^{A business model’s impact on the success or failure of a startup}

This semester we learned that contrary to popular belief, starting a business can be the easy part for an entrepreneur. However, without the use of a business model as a tool, it is much more difficult for a business to thrive and have sustainability. As an entrepreneur, it is important to set clear goals and objectives before you start your business and allow this to be represented within your model. A business model pushes the entrepreneur to identify its target audience, and tailor the experience for them accordingly. A business model also can be used as a test to see if the entrepreneur has thought of all of the steps of what will make his or her business run; for example, revenue streams need to be identified and made tangible before a startup can launch. A business model tests if the value propositions are align with the entrepreneur’s product or service, and also serves as a piece of the benchmark that is necessary as the business grows and changes overtime.

^{The importance of creativity and innovation for an entrepreneur}

Entrepreneurship and intrapreneurship are entirely driven by innovation. As we learned in class, Mark Briggs noted that innovation happens everywhere in an organization; it is the reason new ideas and products are developed and problems are able to be solved. Innovation is all about the new, and creativity is one of its key elements. Being an innovator is a key personal characteristic of a successful entrepreneur. As we learned in Creative Confidence by Tom and David Kelley, creativity is not inherited; all people possess the potential to be their most creative selves. This is important for entrepreneurs and intrapreneurs to understand, because to build a business that will stand out amongst competitors, bringing new ideas and products to market will aid in their success. If your product already exists, how is your business going to introduce it to market in a new way? Business leaders must also guide and support their teams by jump starting their creativity. The Kelley brothers recommend that making a community chalkboard, choosing a medium and refreshing ideas weekly is one way to do this. Most importantly, entrepreneurs have to understand that they may fail. However, failure can be a catalyst for creativity; allow yourself to fail so you can also allow yourself to succeed.

^{Ethical and legal considerations entrepreneurs must consider for startups}

As we learned in lecture and I saw as I made my media case study, startups need an ethics guide and editorial guidelines for their staff. Entrepreneurs can adopt an existing ethical code and it must be given to all employees and also contractors. A smart entrepreneur should post their ethics code on their website, as it makes them more transparent as a company. Vox Media, the company I analyzed for my case study, lists their editorial ethics and guidelines on their website, outlining how they represent their advertisers and partnerships, conflicts of interest, accurate information, the non-accepting of bribe gifts, social media integrity, sourcing and their company values. It is important for entrepreneurs to be specific about their ethical guidelines because it will help them with conflict resolution or consequence when the time comes. Entrepreneurs must also consider legal aspects for their startup. First, identifying the legal structure is important for the building blocks you’ll need along the way. Entrepreneurs then must follow the steps: registering their business name, obtaining a tax ID, registering for taxes, obtaining licenses and permits, purchasing insurance, understanding employer forms and much more. In order to protect your startup, you need to consider and set in place ethical and legal guidelines.

^{Most enjoyable moments working on entrepreneur interview assignment}

For my entrepreneur interview assignment, I had the pleasure of interviewing Ashley Graham, the founder and creative director of Brandesso, a modern-day public relations media agency. I was very excited to have the one-on-one with Ashley because it allowed me to tap into my major, public relations, and network using a different frame than I normally would. I enjoyed learning that you can be an entrepreneur as a public relations professional; it made me feel more powerful as a young PR pro, and allowed me to relate to Ashley more. I enjoyed hearing about her life growing up and how she has very similar values and aspirations as I do; she is from the east coast, she has always had a love for writing and she is a self-starter interested in various brands and topics. I enjoyed interviewing Ashley because she was kind. She didn’t make me feel small, or like I was on a completely different level than she is on. I valued our immediate rapport and the way she asked about my own dreams and aspirations as I prepare to graduate.

^{Most challenging moments working on entrepreneur interview assignment}

As working from home adds small challenges to basically everything, I think that COVID-19 was the main factor in any challenges I faced while working on my entrepreneur interview assignment. I am thankful that Professor Schmitz Weiss initially connected us with our entrepreneurs, because emails get lost a lot faster when it is our main lifeline while working at home during a pandemic. Scheduling can always be slightly tricky, but I think the most stressful part of my assignment was transcribing the interview. I was extremely lucky that my Zoom meeting with Ashley naturally lasted a while, but typing it all out does take some time. However, it was helpful when writing my paper because it refreshed my memory and inspired me to touch on certain aspects of the conversation. I don’t consider this a challenge, but it was upsetting losing the opportunity to have an in-person stronger connection while networking with a professional. I am grateful that Ashley was willing to Zoom, as it makes any interview more worthwhile face-to-face.

^{Where I’ll take my entrepreneurial mindset after this class}

I have learned so much from this class. I loved re-reading my blog posts from the semester because I related so much of our class content to my own journey as a leader, maybe even future-entrepreneur. I remember during various lectures taking out my planner and writing down notes and brainstorms not only about my team’s approaches but also about leadership styles as guided by our class’s discussions. As we learned by reading Creative Confidence, anyone can be creative. I think a key takeaway from this course that I will use throughout my career is that anyone can understand business models and business concepts, too. Because I consider myself based in writing, I have always (ironically) assumed that business was not how my brain operated. Completing the Vox Media case study was such a huge achievement for me because I proved to myself that I am capable of having an entrepreneurial mindset, and it can provide me with endless opportunities. This class has also taught me about the humanity of entrepreneurs, and to always take the next step in connecting with professionals because they have all been in my position. I believe that I can lead, I can be an important asset in a collaborative environment and I am capable of understanding and implementing business concepts. Thank you, Professor Schmitz Weiss!