Your Business vs. Your Brand, I used 2 great examples of that. Patrick Bet David is business and a brand & so is Shawn Carter better known as Jay-Z. Here's the difference, Jay Z is notorious for being a brand or as " He stated I'm not a businessman, I'm a business man!" while PBD is the Chief of PHP insurance which I did business with in Dallas, earned $7.5M over that month and I have nothing but respect. This is not a big debate but crucial. I, Shabazz Farrakhan the fighter is a business. I, Shabazz Farrakhan the husband, businessman, son, uncle and brother is a brand.
To my legacy, brand matters more than business. While I'm living, business matters more than brand.
Let's create a Venn Diagram like analogy:
Similarities:
- Money
- People
- Interaction
- Respect
Differences:
- Image
- Networking
Brand is more image-oriented than a business. For example, a basketball player who gets endorsements, shoe deals, commercials women & interviews while being a good influence but speaking up on racial issues, religion, charity, philanthropy and community issues. That's a brand. A young venture capitalist that invests in Nashville, Boston, Dallas, San Jose, Austin, Atlanta, Seattle, Salt Lake City, Phoenix etc. is a business and he brings his version of Ritz Carlton, Mandalay Bay.
Business 3 principles:
- Work Ethic
- High capital
- Ownership
Brand 3 principles:
- Reputation
- High salary
- Popularity
Brand - Image-oriented
Business - Network-oriented
Young men, I recommend doing both. Be more of a business than a brand though.
My mental portfolio:
65% business
35% brand