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Comedian Kevin Hart builds an entertainment powerhouse of stand-up comedy, acting, hosts award shows and launches a successful production company. Hart has added an original series with Peacock TV, a talk show where he interviews “A-list celebrities, athletes and public figures.” The series is called Heart to Heart. In a recent interview, the comedian sat down with rapper Shawn “Jay-Z” Carter to discuss life lessons and business moves.
During the conversation, Hart opened up about realizing that his name, image and likeness were more valuable than his income, stating: “I realized that my name and likeness were worth more than my actual check because it allowed me to create other opportunities.”
In short, Hart spoke about the power of personal branding and using his brand to create alliances and partnerships. In the interview, Hart asked Jay-Z about the moment when he understood the power of his personal brand. Here are six lessons from the discussion about turning a personal brand into a profitable business:
Related: 5 Steps to Build a Strong Personal Brand
1. Hard work piles up
Multi-million dollar partnerships are a byproduct of your hard work seizing the right opportunity. Work as if you are already a millionaire. As the face of the organization, think carefully about the following questions:
What makes you unique as a leader, londonbusinessblog.com or coach?
Why are you motivated to do this work?
What values are you driven by?
What principles guide you and your organization?
When you have these answers clearly, you automatically align yourself with your future partners, whether you know it or not. When you consistently show up with quality products and services, the right people will notice. When opportunities for collaboration arise, you have more bargaining power because you have a proven track record of getting the job done and getting results.
2. Think differently
It’s not about being new; being different is better. Your brand origin story holds the key to ‘thinking differently’. Uniqueness allows you to approach problems and opportunities from a different perspective that only you can provide. Do some research on “first principles thinkingFirst Principles thinking is a problem-solving method based on understanding the underlying causes and not just the symptoms.
The First Principles Thinking methodology is at the heart of some of the most successful organizations in the world, including Tesla, Amazon and Apple. If you think differently, you can be innovative, which leads to new opportunities.
Related: Your Personal Brand Is Just As Important As Your Business Brand
3. Take responsibility
When entering the market, think of your business as an extension of your mission. A brand’s mission statement is a statement of purpose that directs its activities and provides a framework for decision-making. A good mission statement should be clear, concise and inspiring. It should also be specific enough to provide direction, but not so restrictive as to stifle creativity or innovation.
In the interview with Hart, Jay-Z stated that his mission was a byproduct of his lack of opportunity. The ‘status quo’ path to becoming a musician was not available to him, so he launched a record label. With the success of the label, his mission became to show other artists facing similar challenges that they could create their own opportunities. The same goes for you: if you are clear about your mission, it will guide you how you work and make decisions in your company.
4. Create products and services that align with your brand’s mission
What attributes contribute to brand leaders, such as Hart and Jay-Z’s ability to leverage their name, image and likeness, rather than being dependent on their current income or stakeholders? The answer lies in their ability to create products and services that align with their mission, rather than waiting for someone to offer an opportunity. This proactive mindset allows them to look beyond the status quo and identify new growth opportunities.
5. Be clear about what you bring to the table
When you can see the value of what you have to offer, it becomes easier to find opportunities that are a good fit for you and walk away from those that don’t. When you are clear about your mission and the meaning you bring to the table, it becomes easier to identify partnerships and negotiate your asking price.
For example, if you’re interested in scaling your business beyond six figures, you need strategic alliances. These partnerships can form joint ventures, mentorship relationships, or even investments. To create win-win partnerships, you need to be crystal clear about your value and be able to back it up with data.
Related: The 7 Key Elements of an Effective Personal Brand
6. Develop a marketing strategy that gets the message to the right people
The position of your personal brand determines the types of opportunities that come your way. For example, if you want to be known as an expert, you need a marketing strategy that gets your message to the right people. Your plan may include speaking at conferences, writing articles for industry publications, or appearing on industry podcasts. When you strategically position yourself, you can attract opportunities that are aligned with your goals. Promote relationships based on trust and respect. Relationships are critical to business success, but not all relationships are created equal. It is essential to maintain relationships with people who share your values. Consider connecting with like-minded individuals through associations and networks.
By following these tips, you can position yourself to take advantage of opportunities that will help you grow your business. If you are clear about your mission, the value you bring to the table, and have a marketing strategy that positions you as an expert in your field, opportunities will come your way. The key is to be strategic about the opportunities you pursue; always keep your mission in the foreground. By doing this, you can form partnerships to help you achieve your goals and grow your business.