Is your business … You?
March 24th, 2010 | Published in Entrepreneurial Advice | 10 Comments
As the digital space in the Philippines gets bigger, you will find more and more people enter the industry seeking fame and fortune. Every month new entrepreneurs are joining the digital gold rush looking to establish their mark. With 28 million web users in the Philippines by year end, and with 80 million mobile subscriptions (probably closer to 60 million unique users given the way telcos count an active SIM), there really is plenty of room for everyone to make money … And that’s not counting the global market.
My personal advice to a lot of these entrepreneurs, however, is to focus not so much on building their personal brand name, but to build excellent products. I see so many seminars and articles on how to build your personal brand, and sometimes, I can’t help but shake my head and feel that a number of these guys have missed the point of the Internet. Guys … If you work on building your personal brand … Your business will not scale. If you work on building a world beating product … your business will scale and as a result, so will your personal brand (i.e. your reputation).
Most entrepreneurs in the digital service business, especially the agency/consultancy/blogger types have a difficult time growing their company beyond their personal reputation and time. The worst thing that can happen is that the customer always looks for the entrepreneur and not the entrepreneur’s product or service.
My challenge is … if you are a digital expert … then build a digital franchise. Build new intellectual properties. Patent new inventions, systems, or processes. Create new brands. Establish new platforms. Build your own community. You know you’ve succeeded when you are generating revenues even when 99 percent of your customers don’t know who you are. Then … Your reputation will grow. The reward: you will attract capital, talent, and strategic partners that will scale your business to the next level.
March 24th, 2010 at 3:15 pm (#)
Great post!
I agree, although there will be times when you are your brand but it’s hard to grow that beyond yourself not unless you go into merchandising yourself through books, dvds, etc. but if something happens to you then that’s it. it’s not something you can really pass on to your kids or family. it’s a business entirely revolving around you.
Now if you do build a product that can exist even when people don’t know you the person and they know your product then that’s better.
March 24th, 2010 at 3:47 pm (#)
Yup, it does sound more exciting but it all sounds so difficult to achieve.
Just reading the buzzwords in your statement is already scaring me off: “… then build a digital franchise. Build new intellectual properties. Patent new inventions, systems, or processes. Create new brands. Establish new platforms. Build your own community.”
March 24th, 2010 at 4:01 pm (#)
Hi Rye,
Not only does it sound difficult, it is difficult. The chances of you getting it right are higher though if you are a first mover or at least an early mover. While the competition is thin — Go start learning and building.
Nix
March 24th, 2010 at 4:03 pm (#)
Thanks, Nix.
Btw, love your articles… keep posting!
March 24th, 2010 at 4:11 pm (#)
Oh hey thanks Rye.
Nix
March 25th, 2010 at 4:30 am (#)
But for businesses that attaches so much to its owners’ reputation: let’s say Belo, Calayan or Ellen’s.. the more buzz and intrigues to their reputation creates more businesses for them =)
Nice article Nix =)
March 25th, 2010 at 7:37 am (#)
Hi Mimi,
Yep I agree. Guys like Donald Trump have been able to convert their names into brands and build an entire organization/product line around them.
Nix
March 25th, 2010 at 11:18 pm (#)
Good personal branding should be a by-product of having a great product or service.
Peace.
March 26th, 2010 at 12:22 am (#)
Hi Nix,
Agree that for IP’s/brands whether online and offline building a remarkable product or service is more important than building your personal brand at the start. I think the exception will be the online marketers who sell information products and systems where they themselves are the product. Creating a strong personal brand from the very start is crucial to the venture.
Great blog, keep posting!
March 26th, 2010 at 5:24 am (#)
Hi Miguel,
I actually think that online marketers should in fact find a way to productize their offering so that it scales. The problem with most online ad agencies/marketers is that they may end up like their offline counterparts and get buried in ‘pitch hell.’ No one has a monopoly on creativity and relying on the agency pitch to win business can seriously limit any company’s upside.
Nix