In the world of entrepreneurship, every journey is unique, but there are common threads that weave through the stories of successful business ventures.
Recently, I had the privilege of speaking with Ray and Joyce Tsang, accomplished filmmakers turned entrepreneurs as Founders of Only Today.
Only Today is an Emmy award winning collective of filmmakers telling authentic stories and amplifying good in the world - a team that has worked with Meta, CBS Sports, NFL Superbowl, and much more!
Their journey from behind the camera to the forefront of business offers invaluable insights for anyone navigating the complex landscape of entrepreneurship.
Here are insights from filmmakers turned entrepreneurs: the journey of Ray and Joyce Tsang.
The Art of Storytelling in Business
Filmmaking is inherently about storytelling, and as Ray and Joyce emphasized, storytelling is a crucial skill for any entrepreneur. Whether you're pitching your business to investors or marketing your product to customers, the ability to tell a compelling story can set you apart from the competition.
Storytelling for an entrepreneur is like an elevator pitch, but for the business: start with the problem, introduce your solution, make it personal, highlight the vision, and then back it up with data.
The Tsangs have mastered this art, using their storytelling skills to connect with audiences and build a strong brand.
As entrepreneurs, we can learn from their example by crafting narratives that resonate with our target markets, creating emotional connections that drive engagement and loyalty.
Be authentic, engage your audience, keep it concise, and practice, practice practice!
Embracing Creativity in Problem-Solving
One of the most striking aspects of Ray and Joyce's journey is how they've leveraged their creative backgrounds in filmmaking to approach business challenges. Creativity isn’t just about producing art; it’s also about finding innovative solutions to problems.
I started The Shades of Entrepreneurship during the pandemic to shed light on our community entrepreneurial ecosystem, which produced the opportunity establish Latino Founders, a nonprofit 501(c)(3) focused on scaling 100 businesses in the Pacific Northwest to one million dollars of reoccurring revenue in five years.
Creativity isn’t just about producing art; it’s also about finding innovative solutions to problems.
The Tsangs shared how their experience in filmmaking taught them to think outside the box, a mindset that has been instrumental in overcoming obstacles in their business ventures.
For entrepreneurs, embracing creativity can lead to breakthroughs that traditional approaches might miss. Whether it's in product development, marketing strategies, or operations, applying a creative lens can open up new possibilities.
Netflix is a prime example of how embracing a creative approach can lead to groundbreaking solutions. At the time, Blockbuster dominated the movie rental industry, but Netflix's innovative take on movie rentals completely disrupted the market.
When Netflix offered to sell their creative vision to Blockbuster for $50 million, Blockbuster laughed at the idea, not realizing that this very creative solution would revolutionize the industry and leave Blockbuster behind.
The Importance of Vision and Adaptability
Every successful entrepreneur understands the importance of having a clear vision for their business. Ray and Joyce’s transition from filmmaking to entrepreneurship was driven by a strong vision of what they wanted to achieve. However, they also highlighted the need for adaptability—being able to pivot and adjust the vision as circumstances change.
This balance between having a clear direction and being flexible enough to adapt is crucial for any entrepreneur.
In a rapidly changing business environment, the ability to stay true to your vision while remaining open to change can be the key to long-term success.
Sticking with the Netflix example, Netflix's ability to adapt to the market, pivoting from DVD rentals to online streaming, was another creative solution, eventually putting my former employer, Hollywood Video, on SW Barber Blvd. out of business (oh the nostalgia).
Building a Strong Network
Filmmaking is a collaborative effort, and so is entrepreneurship. Ray and Joyce underscored the value of building a strong network of contacts and collaborators.
Whether it’s finding mentors, partners, or customers, the relationships you build can have a profound impact on your business.
Networking isn’t just about making connections; it’s about creating mutually beneficial relationships that help you grow your business and support others in their entrepreneurial journeys.
I recently attended the Stoller Family Wine Estate grand opening, where I had the chance to network with various business developers. It was inspiring to hear how much Oregon businesses and owners are committed to helping other small businesses succeed, with several attendees mentioning a previously scheduled event hosted by Oregon Entrepreneurship Network at the estate.
As entrepreneurs, we should be intentional about building and nurturing our networks, as they can provide resources, opportunities, and support when we need it most.
A diverse network allows you to seek experience from individuals who have walked down these entrepreneurial paths before, and they are willing to tell you how to avoid a landmine.
Resilience and Persistence
Ray and Joyce’s story is a testament to the power of resilience and persistence. The journey from filmmaking to entrepreneurship wasn’t without its challenges, but their determination to succeed kept them moving forward.
This resilience is something every entrepreneur needs, especially when facing setbacks. The Tsangs remind us that persistence in the face of adversity is often what separates successful entrepreneurs from those who give up too soon.
By staying resilient and keeping our eyes on the long-term goal, we can navigate the ups and downs of the entrepreneurial journey and come out stronger on the other side.
My first entrepreneurial endeavor, SLM Apparel, failed miserable. My goal was to challenge the way t-shirt sizes were standardized, creating a t-shirt that was more fit for my size: taller and leaner (at the time). I hated purchasing shirts that fit like a sleeping bag after one wash, so I set out to redefine our sizing standards.
However, without a compelling story like Ray and Joyce craft to support the business, I quickly found myself screen printing t-shirts for family and friends.
The Episode
The conversation with Ray and Joyce Tsang offers a wealth of insights. Whether you're in filmmaking or another industry, the lessons of storytelling, creativity, vision, networking, and resilience are universally applicable.
As you continue your entrepreneurial journey, keep these insights in mind, and let them guide you towards building a successful and sustainable business.
Every story you tell is a chance to connect with your audience on a deeper level.
What's your story?
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