The difficulty of putting on these plays has obvious analogies in the corporate world. It’s no small effort to create a movie, thus directors should be respected as formidable opponents. In truth, filmmakers have a lot to teach budding business owners, who like them, have to sell, distribute, find an audience, and generate a profit to pay back investors. In essence, they perform a function not dissimilar to that of a business owner. Here are the four most important things any entrepreneur can learn from the film industry.
An Effective Marketing Plan is Crucial
Films’ marketing and distribution strategies should be developed and implemented before the project is complete. Jia Wertz, a documentary filmmaker whose most recent film, Conviction, has screened at multiple international film festivals, adds, ” Advertising your film needs an extended strategy.”
It requires a lot of preparation, such as finding out who you’re writing for, what they like, and where they hang out online. The key to success is a well-thought-out marketing plan. A captivating teaser isn’t enough on its own. Making use of film festivals and public screenings, as well as a plan for social media, press promotion, customer surveys, and other promotional activities, are all essential ingredients. Film production is similar to product creation in the business sector in that your time, money, and work may all be wasted if no one sees your finished product.
Consider Diversity a Top Priority When Hiring
In the film and television industries, people of color have historically been under-represented. Recently, the Washington Post documented one hundred instances in which people of color were miscast, highlighting the decades-long reinforcement of racial stereotypes.
Whoever narrates these tales has an impact. Diversity in both the cast and crew is essential. White supremacy, toxic patriarchy, and systemic oppression are harming and paining people everywhere. We have to get to the bottom of this and also deal with the symptoms. Our lived experiences and social positioning as people of color give us a window through which to tell genuine stories that challenge the white gaze. These retold, decolonized narratives will serve as a therapeutic tool for the entire community.
We’ve seen a change that’s been well-received by audiences everywhere in recent years. But it’s not a secret that businesses across sectors have a long history of undervaluing their minority employees, both regarding leadership and pay.
There has been a change, however, in the way diversity is considered during the employment process in recent years. SocialTalent showed the average gain in revenue for a firm of 3% for every 1% increase in gender diversity and a whopping 15% rise in revenue for every 1% increase in ethnic diversity.
Business owners may foster a more welcoming culture by adopting Accenture’s three-pronged approach to diversity education. According to their mission statement, they are tasked with:
- 1. Diversity consciousness, to help individuals comprehend the advantages of working with an inclusive organization;
- 2. Diversity oversight, to train leaders to lead diverse teams
- 3. Professional growth, to enable women, LGBT, and culturally diverse staff members to develop skills for a successful outcome.
Separate the Project Management Process Into Steps
The various moving parts behind a film’s final cut are only visible because the production was managed in stages. Writing the script and making the pitch come first, then comes the casting. There are a lot of financial and practical considerations to make during pre-production. Post-production consists of the final stages of production, including editing and the addition of audio, music, and special effects.
Even with startup companies, the phases of a project’s lifecycle need to be well-defined. Focus Global’s founder and early-stage medical investor Elisha Kalfa says, “Some aspects of managing projects are essentially timeless and universal,” whether you’re launching a product, running a marketing campaign, or making a pivot. “When there’s a requirement for a project, we gather a group of specialists. After that, they go on to the planning and then the doing stages. The latter includes A/B testing and is broken down into its phases before being brought to fruition.
Think About Remote Possibilities
The film industry is full of jobs that can (and often do) be done from home. Although many of these tasks involve writing, responsibilities that rely significantly on computers, such as analyzing film and editing, are equally amenable to remote participation. Freelancers and small businesses are frequently hired to help with one-off projects.
For the documentary, “we had been collaborating virtually on numerous elements of Conviction,” Wertz explains. But when the pandemic struck, we were all working remotely and things went off without a hitch. Remarkably, we can have an editor in Nigeria, an animator in India, and staff members spread out across the United States thanks to the internet and other forms of modern technology.
A team of seven editors worked on the critically acclaimed Netflix original Tiger King, mapping the tale and mapping out the progression of the film’s various interview subjects and turns with the use of Google documents and Slack communications.
The same is true for entrepreneurs. Many of the top technology companies mandated that their workers work from home when the economy ground to a halt, and in numerous instances, this practice has continued even after offices have reopened. This agreement helps businesses save money and choose candidates from a larger pool of applicants. One of the encouraging features of the new standard is that this is happening. Positions that need extensive writing or computer labor, like those in the film business, may benefit from remote work possibilities.
You need not go into the Hollywood studio structure to learn the essentials of managing a small company, but you might benefit from a refresher on these principles by taking a look behind the scenes.
The movie business can be a fascinating classroom, with lessons that apply to any entrepreneur in today’s fast-paced, ever-changing business environment. As we wrap off our investigation of these teachings, it’s worth noting the importance of a well-thought-out marketing strategy to the success of any business or film.
The increased diversity and inclusiveness in the film business are an inspiration to other industries because it shows the value of listening to and learning from a wide range of people and ideas. Entrepreneurs can learn from the film industry’s practices by, for example, segmenting project management into distinct steps and exploring the potential of remote work. So, while you might not require a Hollywood studio, getting a glimpse behind the scenes may give you new ideas for running your own business. Use what you’ve learned from the movies to help you succeed in the corporate world, and tailor the advice to your specific situation.
