The $100 MBA Show - Episode MBA2375 Q&A Wednesday: Should I Build in Public?

Release Date: October 11, 2023
Host: Omar Zenhom
Podcast Description: Awarded Best of Apple Podcasts, The $100 MBA Show delivers practical business lessons for the real world. These no-fluff episodes are packed with pure business-building training you need.

Introduction

In Episode MBA2375 titled "Q&A Wednesday: Should I Build in Public?", host Omar Zenhom delves into a timely and increasingly popular topic among entrepreneurs and creators: the concept of "building in public." Drawing from his extensive experience as a successful entrepreneur and co-founder of Webinar Ninja, Omar provides a comprehensive analysis of the strategy's benefits and potential pitfalls.

Understanding Building in Public

Omar begins by defining what it means to build in public. He explains that this approach involves sharing the journey of building a business openly on platforms like Twitter, Instagram, and Facebook. This transparency includes sharing successes, failures, revenue figures, costs, pivots, and other business metrics. The primary goal is to engage the audience by offering an authentic glimpse into the entrepreneurial process.

Omar Zenhom [01:50]: "Building in public has become a very popular trend for the last few years. In fact, I would say for the last decade, this is a movement that has been growing on social media."

The Pros of Building in Public

1. Enhanced Engagement and Trust:

   • By sharing the entrepreneurial journey, business owners can foster a deeper connection with their audience. Transparency builds trust, as followers feel they are privy to the authentic experiences of the creator.

2. Content Abundance:

   • Building in public provides a continuous stream of content, which is invaluable for content marketing strategies. Documenting daily activities, challenges, and milestones ensures a steady flow of material to engage followers.

3. Accountability:

   • Publicly committing to business goals can serve as a powerful motivator. Knowing that an audience is watching can encourage entrepreneurs to stay on track and achieve their objectives.

4. Audience Learning and Inspiration:

   • Sharing both wins and losses can inspire and educate the audience. Followers gain insights into the practical aspects of building a business, learning from real-world experiences.

Omar Zenhom [08:15]: "One of the biggest advantages of building in public is it holds you accountable. You're publicly saying you're doing something, publicly holding yourself accountable because people are watching you."

The Cons of Building in Public

1. Competitive Vulnerability:

   • In highly competitive markets, exposing business strategies, financials, and operational details can disadvantage entrepreneurs. Competitors may exploit shared information to mimic or counteract business strategies.

   Omar Zenhom [03:30]: "If you're selling a product, a service, a software that's in a crowded market, you're basically opening up your playbook to the world so they can copy it."

2. Content Plateau:

   • Initially, sharing business metrics can be inspiring, but over time, continuously high numbers may become less relatable or even intimidating to the audience. This can lead to disengagement as followers might feel disconnected from the rapidly scaling business.

   Omar Zenhom [04:10]: "These numbers that you're sharing at some point are just going to be so astronomical, might even be intimidating to your audience."

3. Public Scrutiny and Pressure:

   • Operating in the public eye subjects entrepreneurs to constant evaluation. Mistakes, delays, or setbacks are not only internal challenges but become public discussions, potentially harming the business's reputation.

4. Impact on Team Members and Personal Life:

   • Sharing business details often involves including information about coworkers, co-founders, and even personal life aspects. This can lead to privacy concerns and may affect relationships if not managed carefully.

   Omar Zenhom [07:45]: "When you're open and building in public, you're going to be sharing honestly about yourself, about your business, about your ups and downs. This sharing is also a reflection of them."

Practical Advice and Recommendations

1. Evaluate Fit for Your Business:

   • Not all businesses benefit equally from building in public. Entrepreneurs should assess whether their unique selling proposition is strong enough to withstand competitive exposure.

   Omar Zenhom [02:20]: "Building in public is not for everybody and every business. Being an open book about your business is not the smartest idea, especially if you're in a highly competitive space."

2. Set Boundaries:

   • It's crucial to decide what aspects of the business journey to share. Keeping certain strategies, financial details, and internal processes private can safeguard the business while still engaging the audience.

3. Seek Consent from Involved Parties:

   • Before sharing information that involves team members or partners, ensure they are comfortable with public disclosure to maintain trust and respect within the team.

   Omar Zenhom [07:00]: "Talk to the people involved to let them know that this is what you're doing, get their consent, make sure that they're on board."

4. Commit to a Trial Period:

   • Entrepreneurs uncertain about building in public can experiment with a trial period (e.g., three to six months) to gauge its effectiveness before fully committing.

   Omar Zenhom [10:00]: "You can experiment. You can say, hey, I'm going to build in public for six months and see how it goes for three months."

5. Focus on Value-Driven Content:

   • Share insights, lessons learned, and actionable strategies rather than just numbers. Providing value keeps the audience engaged and makes the content more meaningful.

   Omar Zenhom [09:30]: "I like the idea of sharing the mental and emotional journey of building a business, being honest about what it takes."

Conclusion

Omar Zenhom offers a balanced perspective on the "build in public" movement, acknowledging its potential to enhance engagement, accountability, and content generation. However, he cautions about the risks of increased competition exposure, content fatigue, and the pressures of public scrutiny. His final advice encourages entrepreneurs to thoughtfully assess whether this strategy aligns with their business goals and personal comfort levels, advocating for a measured and experimental approach.

Omar Zenhom [11:00]: "Just remember when you are posting on social media publicly, that stuff is easily found. It's almost there permanently on the Internet. Be mindful that what you post is being broadcasted to the world."

Key Takeaways

• Building in Public can significantly boost engagement and accountability but may expose businesses to competitive risks.
• Assess Your Business Landscape before deciding to adopt this strategy, ensuring it won't compromise your competitive edge.
• Set Clear Boundaries on what to share to protect sensitive information and maintain team trust.
• Experiment with a Trial Period to determine if building in public is sustainable and beneficial for your specific situation.
• Prioritize Value in your content to keep your audience engaged and derive meaningful connections.

Whether you're a course creator, coach, or entrepreneur in a competitive market, Omar Zenhom's insights provide a nuanced framework to help you decide if building in public is the right path for your business journey.

For more business-building insights, visit The $100 MBA Show or reach out with your questions at omar@100mba.net.