Yuri is an entrepreneur, business strategist, political coalition builder, and philanthropist in Orange County, California.
Many entrepreneurs do not even suspect they can work on their personal brand apart from working on their company awareness. They’d better think about it! At times, a personal brand provides tremendous prospects for growth. So, if you have an opportunity to try yourself in this direction, you should definitely use it.
A personal brand helps entrepreneurs build trust-based relations with customers and partners, strengthens their companies’ importance and status, as well as increases recognition and influence in their professional community. Elaborations in this direction provide both clear advantages and some disadvantages.
Forming a personal brand is now a relevant for everyone, especially entrepreneurs. The way others perceive you determines how people, from employees to investors, are attracted to you. So, let us talk about it in more detail.
What's the Point of a Personal Brand?
Your personal brand is your complete outer image. That is the way how others see you, what and who they associate you with. That is also a story you tell about yourself and how the audience perceives you. A personal brand is necessary for you to allow other people to see who you really are or how you want people to see you.
When you approach your personal brand creation professionally, you shape and pack specific meanings that attract the target audience you care about as a result.
The entrepreneur’s personal brand can focus on several vital target audiences at once: customers, partners, investors, as well as the team in terms of engaging employees who want to work under the entrepreneur’s leadership.
6 Benefits of Developing Your Personal Brand
When your company is backed up not just by a trademark but also by the founder’s renowned personality, it strengthens your business’s position on the market.
Let us see what advantages a personal brand provides:
- when your company is backed up not by some incognito but a famous person, it invites trust among customers;
- the leader’s recognition adds to the company's brand awareness, and this bond creates a powerful cumulative effect in terms of reaching the target audience;
- it is easier to stand out from other players and get a head start on competitors;
- communication with necessary people is simplified, and it is even easier to hire employees (HR-branding);
- you can sell your services with a higher margin and can choose which customers to work with;
- you can use the power of a personal brand to promote more than one business at once (serial entrepreneurship).
Four Hidden Risks To Personal Branding
Now, let us move on to some cons a personal brand can have. How could we do without them? The list includes the following downsides:
- creating a personal brand requires investments of time and money, but no one can guarantee that you will achieve good results;
- you must live up to your image and adhere to the principles you declare — you can become its hostage at some point;
- you will have to “break cover” and attract people’s attention, but this attention will not always be positive — get ready for negativity and criticism;
- you have to be exceptionally considerate of your own reputation — if you accidentally tarnish your personal image, it will also affect your company’s reputation.
In any case, your personal brand awareness is worth investing your time and resources in. After all, the advantages of a powerful personal brand for an entrepreneur clearly outweigh its possible downsides. It is a crucial competitive advantage in contemporary realities.
© 2022 Yuri Vanetik