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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

    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!

        More by this author

        Brad Johnson

        Top 5 Kindle Author | Author of 10 Books

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        Last Updated on February 15, 2019

        How to Achieve Goals and Increase Your Chance of Success

        How to Achieve Goals and Increase Your Chance of Success

        Does it ever feel like the things you want to accomplish always end up on the back burner? If the answer to that question is “yes,” you’re not alone. Only about 33% of people consistently work toward their goals. In some cases, their goals may seem too lofty to accomplish, or else they aren’t sure how to make a plan for them.

        If you don’t come up with concrete steps to take toward your goals, they’ll remain dreams. There’s nothing wrong with being a dreamer, but being able to turn your dreams into goals you can realize will help you lead a happier and more fulfilling life.

        Luckily, you can realize almost any dream when you harness the right goal-setting methods.

        In this article, I’ll show you how to achieve goals and get closer you success.

        1. Break your dreams down into specific and measurable steps

        We couldn’t talk about goal-setting without mentioning SMART goals.

        SMART goals are specific, measurable, assignable, realistic, and time-related.

        Specific and measurable steps are so important because if we don’t know what our target it, how can we ever hit it?

        Take all those beautiful dreams you have for yourself and make them into things you can actually do. If you want to be an entrepreneur, for example, a step toward realizing your dream might be researching what you’ll need to start your business.

        Find out more tips about utilizing SMART goals here:

        How to Use SMART Goal to Become Highly Successful in Life

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        2. Have at least one clearly defined goal for every interest and role in your life

        It’s so easy to become complacent or stagnate. We often think that our careers are the only places where we need to set goals, but we aren’t only what we do.

        To make the most of your life, take the approach that you’re always learning and growing in everything you do. Anything worth doing is worth doing well after all.

        Set goals whether you’re sponsoring an activity for your child, taking up guitar lessons or trying to prove your worth at work.

        You’ll notice that this approach forces you to constantly develop new skills. It can also be fulfilling to put more focus and value into all areas of your life— not just the ones related to our careers.

        3. Align your goals with your life’s mission, purpose and passion

        Take the opportunity to do some soul-searching. What is it that you want to do with this precious life of yours?

        Anything that conflicts with your life’s purpose is bound to cause discontent. Staying in a bad relationship, doing a job that goes against your values, or maintaining the status quo just because it’s comfortable are not options for you.

        Thinking about your goals in this way can help you eliminate things in your life that don’t serve you. This frees up mental space that you can use to do the things you care about the most.

        Many of us struggle to find the time to work on our goals, but this strategy enables you to make more time.

        4. Create goals that ignite your spirit and inspire you to take action

        If you can’t be fired up about your goals from the start, they might not be good goals for you.

        The road to success is often tough. You’re going to have times when you might feel tired or discouraged.

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        You need to feel inspired enough that you’ll be able to overcome obstacles as you encounter them.

        If what you’re doing motivates you to be the greatest version of yourself, you’ll be much more resilient.

        5. Write down all your goals in specific, measurable detail

        This is your road map for what success will look like. The more you define what you want the finished product to be, the greater the chance that you’ll reach that vision.

        When you write down your goals, you’re creating a document that you can revisit to make sure you’re on track.

        When you’re in the middle of trying to achieve a big goal, it can be hard to see what’s working for you. The things you write in this step will help you stay on-message as you take your goals out of your mind and into the real world.

        Don’t just write down your goals and stash them away in a folder somewhere. Take the extra step to put them somewhere where you’ll see them.[1]

        If you have too many goals to post on your desk, write a summary or choose one or two steps to work on for the day. Just seeing them will keep them in the front of your mind.

        6. Commit to hitting each of your targets without exception

        You wouldn’t have created the target if you didn’t think it was necessary. Hold yourself accountable for taking the steps to succeed.

        You can always adapt your strategy or break your targets into smaller steps if you find that they aren’t attainable as you originally wrote them.

        Hitting even the smallest target is cause for a celebration. It’s a step in the positive direction. Your success will make you crave more success.

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        We often make excuses when we get tired or overwhelmed. Take away the option to make excuses. You will only be satisfied with the best effort from yourself.

        7. Share your goals with others to motivate each other

        There’s something so powerful about people sharing their goals and dreams with one another. Doing so gives voice to some part of us that could remain hidden (and therefore never be accomplished).

        When other people know about your goals, they can cheer you on and hold you accountable. When people share their vision with you, you can do the same for them.

        This strategy is particularly beneficial when you’re trying to develop healthy habits. Post about your workout on social media, or do a healthy eating challenge with your best friend. You’ll be less likely to slack when temptation arises, and you’ll probably encourage someone else to reach for their goals too.

        8. Set a series of daily, weekly and long-term goals, complete with starting times and deadlines

        Many goals never reach realization simply because the goal-setter doesn’t check their progress. People tend to forget what they set out to do, or their goal gets crowded out by other obligations.

        Forcing yourself to revisit your goals at regular intervals breaks them into smaller steps and it reminds you to think about them.

        Giving yourself regular deadlines for smaller tasks related to your goals also helps you reflect on your strategy. You’ll figure out what works for you, whether your timeline is realistic, and whether or not you need additional help to stay on track.

        In addition, celebrating small wins helps you stay motivated. Here’s how:

        How To Celebrate Small Wins To Achieve Big Goals

        9. Take 10 minutes every day to imagine how great it will feel to achieve your goals

        Visualization is such a powerful tool. Some of the most successful athletes, celebrities and business people take time each day to think about how success looks and feels for them.[2] Imagining that feeling of satisfaction can be a great motivator.

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        When you do meet your goals, take some time to be grateful. Thank yourself for showing up and doing the work. Be grateful when the stars align properly to help you advance to the next step.

        It’s not just getting to the destination of your goals that matters. How you take the journey is important too.

        10. Take an action step toward reaching your goals every day

        Your goals can easily get buried in the hustle and the bustle. Even the smallest step in the right direction is still moving you forward.

        Keep chipping away at the work every day and before long, you’ll start to see those dreams come to life.

        Maybe you didn’t start your business today but you designed the logo that’s going to go on your website and business cards. Doing that task well is going to help you so much in the long run.

        Concrete actions day by day draw your dreams out of obscurity and into the realm of possibility.

        The Bottom Line

        Dreams can inspire and overwhelm us. By turning our dreams into goals that we can work toward, we increase our chances of success. Things that once seemed impossible are suddenly within reach.

        It’s time to start turning your dreams into goals and your goals into realities. Change begins today.

        More Resources About Setting & Achieving Goals

        Featured photo credit: Andrew Neel via unsplash.com

        Reference

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