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MBA Chat (#mbachat) Transcript 08/12/10- LeBron James The Personal Brand - Biz Lessons

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The Michigan Tech University - Tech MBA Online program conducts a twitter chat called #mbachat which is about business and education and is open to anyone (an MBA is not required to participate).

The topic from Thursday, August 12, 2010 was ‘LeBron James The Personal Brand - Business Lessons’.

To follow the chats follow hashtag #mbachat ( and Twitter account: @TechMBAOnline) on Thursday’s from 8-9pm EST.

8-Questions from the #mbachat

1. How important is it to know your business objectives (Lessons from LeBron James)

2. How important is it to position yourself to have options? (Lessons from LeBron James)

3. Don’t burn bridges (Lessons from LeBron James)

4. Is there any such thing as loyalty in business (Lessons from LeBron James)

5. How can I maximize business opportunities? (Lessons from LeBron James)

6. Should I think long-term? (Lessons from LeBron James)

7. Should I surround myself with the best team? (Lessons from LeBron James)

8. How do I negotiate from a place of authority (Lessons from LeBron James)

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#digitaldad: Day 3 – Driven by Hunger (Biz Lessons from a 1st time dad)



Today’s blog post is called driven by hunger. As a first time dad my newborn daughter Kennedy Nicole Flemings is teaching me business lessons that I will be sharing. After watching my daughter nurse for the first time I realized the power of the business lesson that I just witnessed.

A newborn baby is driven by hunger and their job, vision, and focus is for growth. How valuable would we be as business professionals to our teams, companies, and organization if we had that the same singular focus as a newborn. When a newborn nurses he or she latches on to get nutriment. As successful professionals we have to latch on to our vision and be relentless until we get what we need. Does your attitude and desire change the environment around you and demonstrate your passionate pursue of your goals?

Driven by Hunger: Kennedy Flemings

How hungry are you for your vision?



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How Portable is your Personal Brand?

How portable is your personal brand? You are responsible to manage your career. The portability of your personal brand is going to become more important and more of an asset as the workplace changes and we become more hyper-connected. Let’s first define the meaning of a portable personal brand.

Definition

Portable Personal Brand: It is the ability to take your online personal brand assets with you when you move from company-to-company, change careers, change positions, or transition to being an entrepreneur. Essentially the digital characteristics and assets of your personal brand move wherever you go.

Why is this important? The number of times a person changes careers is about 5-7 from the research that I have done. The Bureau of Labor Statistics (BLS) doesn’t provide data on career changes but on the number of jobs a person holds in his/her lifetime (which is 10.8 jobs from ages 18 to 42.) So it is not a matter of if but when you are going to change careers and/or change companies. It is critical that you keep your personal brand portable.

Tips for Portability of your Personal Brand

  • Personal Branded Social URLs: Always maintain separate personal branded accounts. Your personal social network account URLs should not be tied to the company accounts as the only accounts you have or manage. When you leave a company your accounts should come with you no questions asked, but this can only happen if you own the accounts. In an ideal world you want to bring your pre-existing accounts with you to your place of employment if they are relevant.

  • Own Your Network: If the contacts in your network are housed only in the social network there is an inherent risk if your account gets comprised or the terms of service changes. Your network will become more of an asset in the workplace, not necessarily because of numbers but become of influence. Create your own personal database from your social network contacts, you need to own your contact list. Download and import your contacts into a personal list that you own and manage (Note: If you are tweeting from company accounts legally you don’t own the contact list. Everyone knows there is a difference between contact names and relationships.)
  • Set-up Linkedin Profiles Properly: Set up your Linkedin accounts with your own personal email address (i.e. Gmail account). There have been situations where people have been locked out of their accounts because the account was set-up with a corporate email address.
  • Own Your Hub (Don’t just rent): Every professional should own the online hub of their personal brand (the online destination/dotcom.) Make sure your dot com isn’t linked to your current job (i.e. www.HajjFlemingsNike.com.)

Case Study: Frank Eliason v. Comcast Cares

The new poster child of portable personal branding is Frank Elisaon who most of us have known online as @Comcastcares. Frank recently changed companies and is no longer the Comcast Cares guy, like LeBron he has decided to take his talents elsewhere (Note: There was no TV special and Frank left on good terms with Comcast from what I can tell).

Franks former Twitter handle @ComcastCares is obviously not portable and will be maintained by Comcast. Let’s be clear both Comcast and Frank have mutually benefited from the work that was done. Has Frank lost the total value of his personal brand or the work he has done? Absolutely not! There are something’s he will have to start from scratch on and build awareness of his new portable personal brand. If you look at the web location on his Twitter account it is linked to: www.frankeliason.com. Also you can follow Frank on Twitter at @FrankEliason to date he has about 1,700 followers.

@ComcastCares

@FrankEliason

Benefits

One of the major benefits of having a portable personal brand that it can create a unique opportunity for a portable career. What do I mean by a portable career? Portable careers are job situations that don’t depend on location with flexible work environments that allow you to do your job remotely for the most part. With the development of technology: Skype, WI-FI, and other technologies that allow you to work remotely these types of opportunities are starting to increase. Portable careers will grow in popularity in the future as work changes. The forerunner to this is alternative work arrangements which companies have become more comfortable with as a way to provide a benefit to the company and cut cost when they can’t pay an employee more money.

When is this critical? Portability of your personal brand will come into play the most when you are executing a career change or moving to a new employer.

How Portable is your Personal Brand?

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3-Personal Branding Types: Builders, Grustlers, & Leapers

Personal brands operate in one of three worlds: Builders, Grustlers, or Leapers. Now let’s break down the three types, as you read through the descriptions identify which one you are. As a backdrop the workplace is changing, emerging technology is impacting the way we live and communicate, and globalization is shifting when, where and how we work.

Builders (Intrapreneurs) – A builder is a worker that is wired to work in an existing corporate or company structure. Organized working structures typically have regular pay periods, access to company resources, and systems/processes in place that allows people to work in a structured environment. This type of individual enjoys working for someone else and building someone else’s dreams while developing themselves and their personal brand. Most universities and colleges teach students to auto-follow this mentality regardless of how a person is wired because it has been the safe option historically. The biggest benefits of this category are the halo effect and company resources.

Benefits of Builders

  • Halo Effect – Working for a large corporation can position you for great opportunities that are a direct result of your association with the company you work for.
  • Company Resources – The resources that are available at a large corporation can be very beneficial to your career: experience using enterprise software, databases, cool projects and access to priority data.
  • Expanded Network – Great network building opportunities: attending conferences, company networking events, and the visibility to higher-level executives.

Examples: Jeremiah Owyang

Grustlers (Hybrids) – GRUSTLE is the combination of a daily Grind (job) and a Hustle (your passion). In my book ‘The Brand YU Life’ the first degree (or principle) is ‘Identify Your Passion’ which is the cornerstone of Grustlin’.

Definitions

Grind: A grind is a job; employment; typically your primary source of income.

Hustle: A hustle is your passion, what you would love to do full-time and what gives you the most satisfaction. It is what you typically do after you work your daily grind.

Your career/job is the primary source of income that you use to seed your passion. This is a minimal risk option that allows you to develop and grow your ideas without the pressure or financial weight of doing it full-time. This personal brand type tends to operate as more of a transitional phase for people shifting from being a builder to a leaper. There are various forms of Grustle: (1) Being a college student and establishing a blog or having a 9-to-5 job and starting a business on the side are two examples.

Benefits of Grustlers

  • Future Job Security – Operating in a grustle is a new form of job security. Depending upon a single employer or a single career to be your financial source for your entire career is more risky than ever before.
  • Additional Financial Stream – Grustling allows you to add an additional financial revenue stream in your area of passion.
  • Career Transition – It is a career strategy to enable you to transition into a new career that doesn’t mesh with your past work history or educational background.
  • Practice over Theory – It allows you to demonstrate your capabilities in the real world versus claiming expertise in theory. It goes beyond what you learned in the classroom.

Examples: Gary Vaynerchuk

Leapers (Entrepreneurs) – Pure entrepreneurship doesn’t appear typically to be innate because it is talked out of us as a child by parents and teachers. In college we are brainwashed to think of ourselves as builders only. It is only after years of making someone else rich, being downsized, outsourced, or fired that we are forced to follow our passion. Some do arrive here after working for someone else and having a great work experience.

Benefits of Leapers

  • You own the results – The risk and reward is greater but you own the results the fruits of your labor.
  • Lifestyle Management – Leapers have the most impact on their work environment whether it is a home office, co-working, coffee shops, or cubicles.
  • Leaders of Innovation – Small enterprises with less bureaucracy are typically the innovative companies which are lead by visionary leapers.

Examples: Kevin Carroll, Mark Zuckerberg

Note: It is possible to be a hybrid of each type as you transition from one phase to another.

People will tell you that you need to work on your own. That is not necessarily true. You have to identify how you are wired. The pressure of being financially responsible for a company is a hugh undertaking your timing and developing must be right. Being true to where you are is the key. There are great success stories in each category.

How you manage your online personal brand should be dictated by the type of personal brand that you are and the stage of your career that you are in.

Demographics

  • Baby boomers (1946-1964) – This group was born during the automotive manufacturing age in the United States and they worked for someone else. If they went to college they were taught to be loyal to their employer. Category: Builders
  • Gen Y (1965-1976) – This group started our careers in the end of the automotive manufacturing boom but were still taught to go to school and work and be loyal to your employer. Category: Builders
  • Millennials (1977-1994) - Economy tanks. They are born grustlers. This hyperconnected group is blogging, multi-tasking and developing online businesses. Category: Grustlers

Identify your personal branding type: Builder, Grustler, or Leaper. The Leaper lifestyle is glorified because it can be a great rag to riches story, or one that changes the world like Microsoft (Bill Gates) or Facebook (Mark Zuckerberg). It can be a recipe of disaster if you are not wired for it.

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LeBron James: Personal Branding Case Study (Part I)

We are all witnesses. This message has never rang more true then on July 8th at 9PM EST. This moment will forever be etched in the history of basketball lore. The decision, the debate, the letter (Dan Gilbert), and the statement (. . .taking my talents to South Beach).

LeBron has been a prodigy before he stepped on the world stage as a sophomore at St.Vincent - St. Mary’s High School in Arkon, Ohio. As fans we could not get enough of ‘King James’ we purchased his jerseys, watched his games, wore his shoes and drank his water (Vitamin Water.) We watched in amazement as he has grown from an 18-year old young man into a businessman with aspirations of being the first billion-dollar athlete.

Sports is a Business, Period.

Sports is a business, period. It is a dog eat dog world. I don’t see any NBA owners running to the aid of Antoine Walker who is in debt after earning over $110M and supporting 75-people. Why because it is business?

Was LeBron wrong for ‘The Decision’? The decision to leave, no he was a free agent. The decision to blast his hometown on global TV, yes. There was nothing good that could possibly come out of the event even if he raised $2.5M for charity. Brand building is a very violate undertaking. Every decision, every relationship, every move, every word can grow, jeopardize, and/or destroy everything you have ever worked your entire personal and professional life.

Historic Basketball Note: Michael Jordan was essentially forced out of Chicago after being loyal to the Bulls and delivering 6-NBA championships. Michael Jordan was given the door by the Wizards once he stopped playing basketball. How loyal should an athlete or an employee be to an employer?

Financial Impact of LeBron

For anyone who thinks the decision was not about finance is living under a rock. For LeBron it wasn’t about maximizing his earning potential with his NBA contract but let’s take a look at the numbers.

  • The City of Cleveland generated $3.7M per Cleveland Cavalier home game .
  • Cavaliers were 2nd in home attendance with near 100% capacity (2010-11).
  • Cavaliers team valuation in Forbes dropped from $476M to $390M.
  • Heat road attendance was 93% it will exceed 100% in 2010-11
  • He will save an estimated $25M in state taxes signing with Miami.
  • LeBron leaves $15M on the table (Sign & Trade)
  • Stock prices of the publicly traded Madison Square Garden dropped.
  • Each playoff game in NYC or New Jersey would deliver a $3.6M financial impact to the region.
  • ‘The Decision’ raises $2.5M for the Boys & Girls Club.
  • ‘The Decision’ was the third-most-watched program on cable television 2010 (9.95M watched).
  • Rating as a viable endorser only fell from 69.9% to 67.6% (This may change)
  • Jersey sells for LeBron is #2 behind Kobe.

LeBron’s Personal Brand – A Typical Millennial

LeBron is a typical Millennial and his behavior aligns with the characteristics of that demographic.

Characteristics of a Millennial (A few of the traits LeBron exhibited)

  • They are becoming empowered personal brands in the workplace and are impacting their employers and the way they communicate.
  • Blended work life that allows them to work when, how and where they want to.
  • They want to work with their friends.
  • They share their lives online (in this case TV)

What drove his decision?

What decision would have been best for LeBron depends on what was most important to him?

  • Basketball Legacy: The best move for basketball legacy would have been: Cleveland or Chicago
  • Financial: New York. Hugh media market and increased endorsement opportunities.
  • Championships: Miami or Chicago. Miami provides that option while playing with his friends.
  • Personal Brand: Cleveland. Great story hometown hero impacts the local economy economically. If he would have won a championship his legacy would have locked.
  • Personal Satisfaction: Miami. I believe he wanted to be happy and felt that playing in Miami with D.Wade was going to provide that.

What is the true impact? It depends on the metrics you are measuring. Legacy, financial, strength of personal brand, value to marketers, and/or online sentiment. Financially I believe there will be little impact. Unless there is a major character issue or another PR stunts like ‘The Decision’. His contract with the Heat is guaranteed. His major sponsors like Nike aren’t going anywhere. (He probably won’t sell too many shoes in Cleveland.)

My Personal Opinion: The strategy LeBron and his team used to communicate ‘The Decision’ was ill conceived and over the top knowing he was leaving Cleveland. You don’t diss your hometown on TV. LRMR and LeBron have a PR, social media and trust nightmare on their hands and whatever other word you want to use. I also believed he should have personally called Dan Gilbert prior to the special. Since LeBron didn’t return a call or text to Dan Gilbert since the season ended there is probably more to this story beneath the surface that we may never know. At the end of the day it is business.

However, I commend LeBron for making a business decision not driven by emotions. As a personal brand you need to do what is going to help you live the most fulfilled life, also understanding that you have to be able to live with the results of your decision. At the end of the day the final chapter of his personal brand is not written I believe it is going to boil down to what he does on the court. As we all know winning has a way of changing things.

Let me know your thoughts.

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