This was an epistle written to believers who had believed in Jesus and had received the Holy Spirit. Yet, Paul, the apostle, asks this question with sincerity of heart. He says, “Shall I come to you with a rod or with love in a spirit of gentleness?”
When we follow the trail and see what authorized this question, we find that some believers in Corinth had erred against the gospel. Paul, being a spiritual father, has the duty of pointing things out and correcting mistakes. If you were asked this question after realizing you had committed an offense, what would your answer be? Much like myself, you may seek mercy and plead that with love in a spirit of gentleness should your case be judged.
What we learn from this epistle is that both the rod of correction and the love in the spirit of gentleness can be used for correction. As much as the word teaches us to rebuke with the rod of correction, it also teaches that we are careful not to throw away the baby with the bathing water. We must be wise enough to know what system to apply in what situation.
It is possible to correct those who have erred with gentleness while still conveying rebuke for their wrongs (Galatians 6:1). In some cases, we could do that with a stern rebuke in the open. (1 Timothy 5:20). In all cases, love must be our watchword.

Dear Heavenly Father, help me see the light of Your goodness at all times. Help me discern the two ways of correction and accept them both in whatever form they come and by whomever they do so. I pray for the grace to be humble enough to receive a rebuke when I have erred. Also, please give me the humility to correct others in the spirit of gentleness where necessary and to know when the rod of correction is needed. Give me the wisdom to do things at the right time in the right proportions.
In Jesus's name I pray. Amen.