Should You Build Your Personal Brand or build a business instead?
I have been trying to rationalize the time and effort needed to be spent on building a personal brand in the online space since a few days now.
Should I invest more in building my company brand (Innovators Digital) better? ; Or Should I focus on becoming a superior Personal Brand itself
Here’s my thought process:
I think, whether you build your personal brand or a company brand, It is paramount to “be in business”, because being in business is going to fetch money and earn profits.
Three Ways To Do Business
There are typically three ways to do business –
- If you have a product, Sell multiple units of the product and make money.
- If you have a service, Sell time and make money.
- And Then, You have the Third Option
The Third Option
The third option is an interesting one indeed.
If this option intrigues you, chances are, You are of an Entrepreneurial mindset.
If you look at any of the successful entrepreneurs, you see that they made their millions or business by selling a product or a service.
What is easy to overlook is their struggle for a certain number of years, invested towards building an offering that the market is ready to part its money with.
The Third Option basically focuses on perpetually finding new avenues to do business by keeping oneself abreast with the happenings around us, the challenges faced by us on a daily basis & by using our own skills to solve these problems.
In this pursuit, there may be failures too. But once there is a success, The Third Option becomes the most rewarding activity ever.
Entrepreneurs should operate with the Third Option
Entrepreneurs should strive to operate with the third option at all times. The Third option requires a research based approach that is continuously at work to unlock revenue streams & this research based approach needs three important things –
- A Creatively Curious Mindset
- Time on Hand
- No Revenue Targets
When all the three above are available at hand, the entrepreneur is able focus on building newer products , newer systems and processes.
But, for that to happen, its quite imperative that you either have a product or a service that is already selling multiple units to the market because, an existing revenue stream gifts you freedom to operate in the third option.
Should You Build Your Personal Brand?
Investing in one’s own personal brand requires a lot of hard work; including time, money, energy, frustrations, sweat and grime, sleepless nights and more importantly tonne of content.
To create these content pieces for your social profiles, it requires a constant pursuit of knowledge in your field, be it via books, or by meeting relevant people and having engaging conversations, or visiting conferences or any other methods you can think of.
I think, this time on hand can only be available if you already have a revenue generation system in place.
A system that’s making money to cover your basic costs allowing you to focus on The Third Option.
When there is this system in place already, one can focus on taking time to build something new. In its absence, it’s a constant pursuit to earn revenue.
What do you think?