3 Great Lessons Entrepreneurs Can Learn from Filmmakers
Filmmakers have given us a lot of entertaining movies, and there are many things entrepreneurs can learn from successful filmmakers. They not only have to actualize their creative ideas, but they also have to market them, and make a profit so as to pay back investors.
Research shows that 51% of movies make a profit, while 49% make a loss. Why does this happen? Because of filmmakers. The role of a filmmaker is similar to that of a company founder. If you want your business to make a good profit like a high-grossing movie, borrow a leaf from top filmmakers. Here are three lessons entrepreneurs can learn from filmmakers.
A Marketing Strategy Is Essential
Marketing a film requires a long-term strategy. The filmmaker must strategically plan out marketing and distribution during the production stage, not after production wraps up. They must take time to identify their audience, their interests, and know where they like to hang out. A good marketing strategy makes success attainable.
It’s not good enough to create an amazing trailer. The filmmaker must have a powerful social media strategy, do press outreach, survey potential audiences, and attend screenings and film festivals. The same applies to product development. If you create a product without developing a marketing strategy, no one will know it exists. You have to market it to generate revenue.
Hiring Diverse Talent Is a Priority
For the longest time, people of color were rarely seen in television and film. A newspaper article recently revealed numerous cases in which persons of color were miscast. To change culture, successful filmmakers started using people of color many years ago. People had started complaining about the pain and harm of systemic oppression and white supremacy–and filmmakers listened.
Companies and businesses in all industries were no different. They segregated persons of color both in compensation and leadership. But in recent years, we’ve seen a lot of change. Diversity hiring has become the norm. And It’s paying off. Ethnic diversity increases revenue by 15%!
Also, 67% of job seekers say that they accept job offers based on whether companies have a diverse workforce. Company founders can create inclusive work environments by promoting diversity and equipping managers to manage diverse teams. Entrepreneurs who don’t have the cash needed to launch diversity initiatives can access funding by searching online for “title loans” or “car title loans near me.”
Embracing Remote Work
In filmmaking, some tasks are done remotely. They include writing, editing, and reviewing footage. And when the tasks are short, freelancers are usually hired. Tiger King, a TV series, had seven editors working on it remotely. They utilized Google docs and Slack to map out the story and the film’s small details.
Businesspeople can also do the same. When coronavirus caused lockdowns, many companies allowed their employees to work remotely, and some continue to do so up to now. Remote work cuts costs and allows employers to hire talent from around the world.