On this episode of OWN IT, we’re talking to Megan Devine from cat&tonic. She came up through the account side of advertising, but is also a painter with a creative side. That mix turned out to be important in her climb to a position of ownership.
But her path to ownership includes experiences of being fired, leaving an agency and starting something new with partners and then rebranding that agency to what is now cat&tonic.
Megan’s thoughts on ownership and closing the gender gap in ad agency ownership are certainly worth hearing. We had such an amazing conversation. I know your’re going to enjoy hearing it.
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Engaging in creative activities outside of work, such as painting, can foster a more flexible and imaginative mindset, leading to more creative problem-solving and perspective shifts within the business environment. This balance between analytical and creative pursuits is crucial for business owners.
Many agency owners are "accidental" entrepreneurs who love the work but lack formal business training. It is crucial for agency owners to educate themselves on financial management and business operations. Additionally, investing in a good lawyer and accountant from the outset is essential.
As industries and business environments evolve, it's critical to regularly assess if the existing brand still aligns with the company's current identity, goals, and target audience. Rebranding can be a necessary and invigorating step to shed outdated perceptions and position the business for future success, even if it means doing so earlier than anticipated.
Developing strong confidence in one's decisions and trusting gut instincts are paramount for effective leadership. While not every decision will be perfect, the ability to move forward without excessive self-doubt and to learn from imperfect outcomes is vital. This confidence allows leaders to set a clear North Star for their business.
Building a strong network and community, especially among women agency owners, is crucial for mutual support, mentorship, and collaboration. Sharing experiences, offering advice, and having a "safety net" of peers to consult can alleviate fear, bolster confidence, and help navigate the challenges of ownership.
