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How To Profit From And Cash In On The Economy Of Ideas

How To Profit From And Cash In On The Economy Of Ideas

If you’re like most people, you’re interested in leading an enjoyable life. If you share even more in common with most people, you’re interested in making more money. Let’s face it: Money problems are something the majority of people face, and even when you’re making enough to survive, there’s always the allure of being able to accomplish something even more fulfilling, with a bit more dough.

However, it can seem like making money or starting a business is even more difficult than it used to be. And on one level, this is kind of true. But on another level, it’s never been easier (or more worthwhile) to get a business started. But in order to stay in the game long enough to truly be a business, change lives and make some cash, the new economy of ideas must be embraced.

Old Versus New

Let’s back up for just one second before we dive into the meaty stuff. The idea economy isn’t exactly “new”, but for the majority of people who have the desire and ambition to get a business going, it’s definitely still fresh. Exchanging ideas as goods and services, instead of the thousands of other products the world has known for much longer, is an enthralling opportunity.

Over the past 100-150 years, most of the developed world has been used to the “industrial revolution economy” – in other words, an employment system where individuals are monetarily compensated in exchange for their time as they produce some kind of service, product or task for a company. The world has seen large firms and small businesses, but one thing has been increasingly pervasive: The scarcity of time and money has thrust its way into the working class.

Little by little, growing numbers of people have become discontent with this scarcity, and rightly so. Before 1971, money in the United States was real money. In other words, all printed money was backed by gold, giving it real value. When you spent money and exchanged it for another good or service, this was as close as it got to real bartering.

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Money Changed In 1971

nixon

    When Nixon took U.S. money off the gold standard in 1971, money became a currency, and its value has steadily dropped ever since then, because more and more has been produced. Any time more of something is produced, the value plummets. Just look at cars, many homes and pieces of artwork. Hundreds of examples of rare or exclusive (and therefore highly valuable) items in all three aforementioned categories can be found, because given examples in each category are regularly produced with value aforethought.

    When people grow dissatisfied enough with something, they typically look for or build a new solution. If you can create primarily intangible products and services and enact a new economy on them, you can in many ways leave the old one behind. Enter the new economy of ideas. (Remember; “new” is relative here, because certain individuals and groups have been engaged in the new economy for years.)

    For the typical American that relies on a job for their paycheck, it can be daunting and downright painful at times to learn about how to approach the new idea economy. This article seeks to break down the fundamentals of the idea economy, and how anyone can figuratively and literally profit from it.

    Ideas Are The New Economy

    Alright, we’ve talked enough about the changing pace of things; let’s dive into what ideas actually are, and how they can improve the lives of humans. An idea is a nugget of possibility. There are good ideas and bad ideas.

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    Obviously the good ideas are what improve the world, and that’s what you should be aiming for. Ultimately, the best ideas are translated into action, and receive enough reinforcement to bring about better results in the world.

    Ideas can be used as “currency” in the new economy, because ideas can be productized and applied to other businesses. In other words, one business or venture can benefit from the ideas of another. Ideas are ways to help other people (and occasionally yourself) patch up broken spots.

    Most importantly, ideas provide opportunity for freedom and expression. The light bulb was a new way to increase productivity and time for enjoyment. The Internet was a new way to bring people together, store information, disseminate information and deliver products and services. There are hundreds of new ideas around the corner; all we need to do as a global society is enact the discipline necessary to bring about good results from them.

    Information Products Are The Future

    notepad

      Info products are, in many ways, hybrids of two types of economic vehicles: The desire for info from an expert, and a commodity that is easily transferable and readily consumable. Hundreds of information products are already being made and thousands more purchased every day, and this trend will only swing upward.

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      An info product is convenient because it can be highly customized to the end user’s experience. Examples of info products are eBooks, audio recordings, online courses, videos, membership sites, interviews and podcasts.

      Now Is The Time To Become An Expert

      All of that being said, there’s no better time than today to become an expert. The best part is, you likely already are! But hold on. You’re probably saying something like, “Hey Brad, my friends have never labeled me an expert, and I certainly don’t consider myself one!” The truth is a bit more gray.

      When taking the concept “expert” at public face value, most people equate that with a college professor, an esteemed medical professional or perhaps a popular entrepreneur. In other words, someone who has spent the vast majority of their life pursuing one corner of the world, so to speak. Reality tells a different story. In truth, everyone’s an expert, because expertise is relative.

      Where Are You An Expert?

      lightbulb

        For example, if you love gardening and have been recreationally growing fruits and vegetables in your backyard for even five years, you know tons more than someone who shows passionate interest but is just starting. Obviously, this is even more true if you’ve been gardening 10 years or longer.

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        Utilizing this knowledge, everyone (in accordance with their hands-on experience and longevity in their given field) is an expert to most other people in the world. As another example, I’ve been drumming for close to 17 years now (most of my life). I’ve taught drums in formal and non-formal settings, as I’m able to provide reliable information for people who are presently dipping their toe into music. I’m positive the same scenario is true for you, give or take a distinct field of expertise.

        There Are No Excuses For Following Your Dreams

        There is more opportunity today than there ever has been in the history of the world combined. If you want to profit from and cash in on the new economy of ideas, you must start today. It’s true that seemingly every year there are more business opportunities than the last year, but this is no excuse to get lazy. Those who succeed are those who give themselves no other option.

        Grandparents of today could have only dreamed of the freedom, fluidity and empowerment that comes from today’s entrepreneurial and technological landscape. You have to utilize the freedom you’ve been given, or it will pass you by unannounced.

        Begin Developing Your Ideas And Creating Products Today

        The time to act is today. Those who live the life of their dreams are the ones who recognize that today is the only day they’ve got. So how do you actually make money from the new economy of ideas?

        Simply begin creating info products about what you’re already an expert on. As long as you’re passionate about it and committed to seeing it through, you will be able to reap the harvest of what you’ve already planted.

        Sometimes it takes longer than expected, but if you commit to the long haul, there’s always an opportunity to use what you’ve already created. Once you’ve built some products that can serve a market, start bringing it to them. Share what you’ve done with your niche and openly receive feedback.

        Get out there and make your dreams happen!

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        Brad Johnson

        Top 5 Kindle Author | Author of 10 Books

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        Last Updated on April 25, 2019

        How to Write a Career Change Resume (With Examples)

        How to Write a Career Change Resume (With Examples)

        Shifting careers, tiny or big, can be paralyzing. Whether your desire for a career change is self-driven or involuntary, you can manage the panic and fear by understanding ‘why’ you are making the change.

        Your ability to clearly and confidently articulate your transferable skills makes it easier for employers to understand how you are best suited for the job or industry.

        A well written career change resume that shows you have read the job description and markets your transferable skills can increase your success for a career change.

        3 Steps to Prepare Your Mind Before Working on the Resume

        Step 1: Know Your ‘Why’

        Career changes can be an unnerving experience. However, you can lessen the stress by making informed decisions through research.

        One of the best ways to do this is by conducting informational interviews.[1] Invest time to gather information from diverse sources. Speaking to people in the career or industry that you’re pursuing will help you get clarity and check your assumptions.

        Here are some questions to help you get clear on your career change:

        • What’s your ideal work environment?
        • What’s most important to you right now?
        • What type of people do you like to work with?
        • What are the work skills that you enjoy doing the most?
        • What do you like to do so much that you lose track of time?
        • Whose career inspires you? What is it about his/her career that you admire?
        • What do you dislike about your current role and work environment?

        Step 2: Get Clear on What Your Transferable Skills Are[2]

        The data gathered from your research and informational interviews will give you a clear picture of the career change that you want. There will likely be a gap between your current experience and the experience required for your desired job. This is your chance to tell your personal story and make it easy for recruiters to understand the logic behind your career change.

        Make a list and describe your existing skills and experience. Ask yourself:

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        What experience do you have that is relevant to the new job or industry?

        Include any experience e.g., work, community, volunteer, or helping a neighbour. The key here is ANY relevant experience. Don’t be afraid to list any tasks that may seem minor to you right now. Remember this is about showcasing the fact that you have experience in the new area of work.

        What will the hiring manager care about and how can you demonstrate this?

        Based on your research you’ll have an idea of what you’ll be doing in the new job or industry. Be specific and show how your existing experience and skills make you the best candidate for the job. Hiring managers will likely scan your resume in less than 7 seconds. Make it easy for them to see the connection between your skills and the skills that are needed.

        Clearly identifying your transferable skills and explaining the rationale for your career change shows the employer that you are making a serious and informed decision about your transition.

        Step 3: Read the Job Posting

        Each job application will be different even if they are for similar roles. Companies use different language to describe how they conduct business. For example, some companies use words like ‘systems’ while other companies use ‘processes’.

        When you review the job description, pay attention to the sections that describe WHAT you’ll be doing and the qualifications/skills. Take note of the type of language and words that the employer uses. You’ll want to use similar language in your resume to show that your experience meets their needs.

        5 Key Sections on Your Career Change Resume (Example)

        The content of the examples presented below are tailored for a high school educator who wants to change careers to become a client engagement manager, however, you can easily use the same structure for your career change resume.

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        Don’t forget to write a well crafted cover letter for your career change to match your updated resume. Your career change cover letter will provide the context and personal story that you’re not able to show in a resume.

        1. Contact Information and Header

        Create your own letterhead that includes your contact information. Remember to hyperlink your email and LinkedIn profile. Again, make it easy for the recruiter to contact you and learn more about you.

        Example:

        Jill Young

        Toronto, ON | [email protected] | 416.222.2222 | LinkedIn Profile

        2. Qualification Highlights or Summary

        This is the first section that recruiters will see to determine if you meet the qualifications for the job. Use the language from the job posting combined with your transferable skills to show that you are qualified for the role.

        Keep this section concise and use 3 to 4 bullets. Be specific and focus on the qualifications needed for the specific job that you’re applying to. This section should be tailored for each job application. What makes you qualified for the role?

        Example:

        Qualifications Summary

        • Experienced managing multiple stakeholder interests by building a strong network of relationships to support a variety of programs
        • Experienced at resolving problems in a timely and diplomatic manner
        • Ability to work with diverse groups and ensure collaboration while meeting tight timelines

        3. Work Experience

        Only present experiences that are relevant to the job posting. Focus on your specific transferable skills and how they apply to the new role.

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        How this section is structured will depend on your experience and the type of career change you are making.

        For example, if you are changing industries you may want to list your roles before the company name. However, if you want to highlight some of the big companies you’ve worked with then you may want to list the company name first. Just make sure that you are consistent throughout your resume.

        Be clear and concise. Use 1 to 4 bullets to highlight your relevant work experiences for each job you list on your resume. Ensure that the information demonstrates your qualifications for the new job. Remember to align all the dates on your resume to the right margin.

        Example:

        Work Experience

        Theater Production Manager 2018 – present

        YourLocalTheater

        • Collaborated with diverse groups of people to ensure a successful production while meeting tight timelines

        4. Education

        List your formal education in this section. For example, the name of the degrees you received and the school who issued it. To eliminate biases, I would recommend removing the year you graduated.

        Example:

        Education

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        • Bachelor of Education, University of Western Ontario
        • Bachelor of Theater Studies with Honors, University of British Columbia

        5. Other Activities or Interests

        When you took an inventory of your transferable skills, what experiences were relevant to your new career path (that may not fit in the other resume sections?).

        Example:

        Other Activities

        • Mentor, Pathways to Education
        • Volunteer lead for coordinating all community festival vendors

        Bonus Tips

        Remember these core resume tips to help you effectively showcase your transferable skills:

        • CAR (Context Action Result) method. Remember that each bullet on your resume needs to state the situation, the action you took and the result of your experience.
        • Font. Use modern Sans Serif fonts like Tahoma, Verdana, or Arial.
        • White space. Ensure that there is enough white space on your resume by adjusting your margins to a minimum of 1.5 cm. Your resume should be no more than two pages long.
        • Tailor your resume for each job posting. Pay attention to the language and key words used on the job posting and adjust your resume accordingly. Make the application process easy on yourself by creating your own resume template. Highlight sections that you need to tailor for each job application.
        • Get someone else to review your resume. Ideally you’d want to have someone with industry or hiring experience to provide you with insights to hone your resume. However, you also want to have someone proofread your resume for grammar and spelling errors.

        The Bottom Line

        It’s essential that you know why you want to change careers. Setting this foundation not only helps you with your resume, but can also help you to change your cover letter, adjust your LinkedIn profile, network during your job search, and during interviews.

        Ensure that all the content on your resume is relevant for the specific job you’re applying to.

        Remember to focus on the job posting and your transferable skills. You have a wealth of experience to draw from – don’t discount any of it! It’s time to showcase and brand yourself in the direction you’re moving towards!

        More Resources to Help You Change Career Swiftly

        Featured photo credit: Parker Byrd via unsplash.com

        Reference

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