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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

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    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

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      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 September 23, 2020

        Do What You Love and Love What You Do to Achieve More

        Do What You Love and Love What You Do to Achieve More

        Are you waking up each day looking for that perfect thing, activity, or job that will make your life work? Or, maybe you are looking for that perfect relationship. Once you “get” this new thing that will allow you to do what you love, you are sure that you will be happy forever.

        In reality, life doesn’t work like that, and we would probably get bored if it did. There is likely no one thing, experience, or activity that will keep you feeling passionate and engaged all the time. What’s important is staying connected to what you love and continuing to grow in the process.

        Here, we’ll talk about how to get started doing what you love and achieving more in life through the motivation it brings. Doing this doesn’t have to take a long time; it just takes determination and energy.

        Most People Already Know Their Passion

        So many people walk around in life “looking for” their passion. They look for it as if true passion is some mysterious thing that is difficult to find and runs away once you find it. However, the problem is rarely lack of passion.

        Most of us already know what we love to do. We know what excites us, even if we haven’t done it for years. Instead, we focus on what we think we “must” do.

        For example, maybe you love building model cars or painting pet portraits. Yet, each day you work a completely unrelated job and make no time for the activity you already know you love. The truth is you probably don’t need to find your passion; you just need to start doing what you already know you’re passionate about[1].

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        No Activity Is Exciting All the Time

        Even people who are living their dream lifestyle or working their dream job don’t love it all the time. Every job or lifestyle has parts of it that we won’t like.

        Let’s say your dream is to become an actress, and you succeed. You may not enjoy the process of auditioning and facing rejection. You may experience moments of boredom when you practice your lines over and over again. But the overall experience is totally worth it.

        Most of life is like that. Don’t set yourself up for disappointment by demanding that life be perfect all the time. If things were perfect and easy, you would ultimately stop learning and growing, and life would begin to lack even more meaning in that case.

        Be grateful for both the good and bad moments as they are both entirely necessary if you genuinely want to do what you love and love what you do.

        Doing What You Love May Not Be Easy

        Living a life you love is unlikely to be easy. If it was, you would not grow very much as a person. And, if you think about a great book or movie, the growth of the main character is what matters most.

        What if the challenges you meet along your path to living a life you love were designed to make you grow as a person? You may actually start looking forward to challenges instead of dreading them. An easy life hardly ever makes a compelling story.

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        If you struggle to overcome challenges, try writing them down each time you encounter one. Then, write down three ways you could tackle it. Try one, and if it doesn’t work, try another. This way, you’ll learn what does and doesn’t work for you.

        How to Do What You Love

        There are many small steps you can take to ensure you are making time to do the things you love. Start with these, and you’ll likely find that you’re already on the right track.

        1. Choose Your Priorities Wisely

        Many people claim they want to do something, yet they don’t do it. The truth is they might not really want to do it in the first place[2].

        We all end up following through on what matters most to us. We make decisions moment by moment about what we need to focus on. What we choose to do is what we deem most important in our lives.

        If there is something you claim you want to do but you don’t do it, try asking yourself how much you really want it or where it’s currently placed on priority list. Are there other things you want more?

        Be honest with yourself: what you currently do each day is a reflection of your priorities. Recognize that you can change your priorities at any time.

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        Make a list of your priorities. Really take the time to think this through. Then, ask yourself if what you are doing each day reflects them. For example, if you believe your top priority is spending more time with your family, but you consistently take on extra hours at work, you’re not really prioritizing things in the way you think you are.

        If this is happening, it’s time to make a change.

        2. Do One Small Thing Each Day

        As stated above, doing what you love doesn’t have to mean finding that perfect job that makes you want to jump out of bed in the morning. If you want to do what you love, start with one small thing each day.

        Maybe you love reading a good book. Take ten minutes before bed to read.

        Maybe you love swimming. Get a membership at the local YMCA, and go there for thirty minutes after work each day.

        Dedicating even a short amount of time to something that brings you joy each day will improve your life overall. You may find that, over time, a career path related to what you love to do pops up. After doing the thing you love each day, you’ll be more than prepared to take it on when the opportunity arises.

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        If you need help making time for your passions, check out this article to get started.

        3. Prepare to Make Sacrifices

        If you are an exceptionally busy person (aren’t we all?), you may have to make sacrifices in order to make space for the things you are passionate about. Maybe you take on less extra hours at the office or take thirty minutes away from another hobby in order to develop another that you enjoy.

        Looking at your priority list will help you decide what can get put on the back burner and what can’t. Remember, do this thinking about what will help you feel good about how you’re spending your time. 

        For example, if you love writing but rarely make time for it, consider getting up 30 minutes earlier than normal. Or instead of browsing your phone for 30 minutes before bed, you can write instead. There is always a way to find time for what you love.

        Final Thoughts

        If you love what you do, each day becomes a joyful adventure. If you don’t love what you are doing, life feels like a chore. The best way to achieve success is to design a life you love and live it every day.

        Remember, doing something you love doesn’t have to include big gestures or time-consuming projects. Start small and grow from there.

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        Featured photo credit: William Recinos via unsplash.com

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