A media guru, Mr. Oluyinka Padonu, has defined entrepreneurship as the act of setting out on your own and starting a business instead of working for someone else in their own business; it is creating your own path, leading to financial freedom.
He made this assertion while making his presentation, titled, "How to Start, Run, and Make Income from a Small Media Business Agency," at a recent Town and Gown Seminar of the Department of Mass Communication at Covenant University, Ota, where he was the Guest Speaker.
Mr. Padonu, who is also the Founder of Smartbrandsmedia, a Media Consultancy Agency, explained the process of flagging off a business, which is also a commercial enterprise, entrepreneurship or venture, as a process that begins by starting and that to start simply means to begin, which is to leave a state of inertia and move forward and then begin to run, which has to do with functionality and then moving ahead to generate funds.
He also pointed out that agency emanates from the word agent, which means, "to act on behalf of another, or entrusted with the concern of another." He said the media industry is a world of opportunities valued at billions of dollars and there is something for everyone who has an interest in media and is willing to put in the work.
Speaking on the challenges of the media profession, which have made it more challenging for the average agency to maintain the right codes of conduct, he stated, "Like every other industry, the media industry has experienced its own disruption with the advent of technology, that is, the internet and the new media." However, he noted that these disruptions have opened up new career opportunities for media professionals. You can decide to monetize your skills and become a sought-after consultant or create an agency that deploys these skills.
Some of the challenges facing the media industry, he said, include lack of transparency; compliance with laws and regulations; challenges with respect to taxation; threats to media channels; hurt and life threats to people working in the industry; concerns relating to data privacy; licensing requirements; and copyright and piracy issues.
He elucidated on the roles of the media agency. He stated that a media agency is a service-based business in the media ecosystem that involves helping clients with media-related issues and implementing and managing marketing strategies to achieve their business goals.
He further stated that media agencies help to market clients' products and services, run paid media campaigns, and manage events/projects (e.g. Gulder Ultimate, Project Fame) with the aim of increasing brand awareness, reputation, and market share, all for the purpose of generating more revenue for their client organisations.
Not only that, he added that media agencies can offer advisory services on how and where to advertise, send press releases, and how a business can present a positive picture of themselves to the public, and their primary services include advertising, public relations, reputation management, and other forms of media management.
Earlier, in her opening remarks, the Head of Department, Mass Communication, Dr. Kehinde Oyesomi, appreciated the University Management for the ingenuity of the Town and Gown platform, which she said has helped in no small measure to enlighten and prepare students for the challenges of the world of work. She also thanked the guest speaker for accepting the invitation to come and add value to the students of the department.
She acknowledged the efforts of the members of the department in ensuring the success of the Town and Gown events and enjoined the students to endeavour to pay adequate attention to the day's lecture as it has the potential to provide clarity and direction to those who have an interest in entrepreneurship on graduation.
Others at the event were the senior faculty and staff of the institution.