Start it up

By Mark Gordon
| 5:15 p.m. June 28, 2013
| 2 Free Articles Remaining!

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Rance Crain is a legendary figure in the world of independently owned business publications — hence the standing ovation he received during a meeting of his industry peers in June.

Crain, along with about 100 other business editors and publishers, including myself, attended the Alliance of Area Business Publications summer conference June 20-22 in Nashville. Crain's keynote luncheon speech was part history lesson of the Crain family business, and part entrepreneur 101.

On the former, G.D. Crain, Rance Crain's father, founded Crain Communications in 1916 in Louisville, Ky. That company now owns 30 brands and publications, including Crain's Chicago Business, Autoweek and Advertising Age, and Rance Crain has either started or run many of those names. Crain has been in the newspaper industry since 1960, when he graduated from Northwestern University's Medill School of Journalism.

Newspaper junkie that I am, I enjoyed the history part. But Rance Crain's top 10 must-dos for building a successful newspaper were what really resonated. Not because I'm looking to add something else to my to-do list, but because I think Crain's top 10 will inspire and motivate Business Observer readers. Here's his list:

Timing: Crain spoke about several publications his dad refused to launch until he thought a market would be there;

Point of view: This is especially true for newspapers —the Business Observer is, and always will be, pro-capitalism and pro-entrepreneur — but message clarity makes sense for any business.

Enthusiasm: Running a business takes too much sacrifice for the detached;

Confidence: Have faith in your gut;

Treat others with respect: Crain says his company wouldn't have survived any other way;

Make it a nice place to work: Crain says his firm's longtime employees, the ones who made the company the success it is, wouldn't have stayed if coming to work was a drag.

Opportunistic: This can be the opposite of timing, but Crain says it's key to pounce on a chance when it arises.

Optimism: Spoken like the son of someone who came of age in the Great Depression.

Have fun: See enthusiasm.

Luck: The first nine are all important, but some good fortune when trying to grow a business isn't a bad thing.