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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!

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        Brad Johnson

        Top 5 Kindle Author | Author of 10 Books

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        Last Updated on October 16, 2019

        How to Bounce Back Gracefully After Getting Fired

        How to Bounce Back Gracefully After Getting Fired

        Whether you saw it coming or not, getting fired is a real shock and its impact is daunting. What did you do wrong? What are you supposed to do next? When will you stop feeling so angry?

        But there are ways to deal with a layoff.

        The most important thing is to remain calm and see it as an opportunity to reflect, change and improve. This is a great time to consider what happened, look again at your needs and desires and start afresh on a stronger, more constructive basis.

        Let’s take a look at how you can bounce back gracefully after getting fired.

        1. Deal with the Shock of Getting Fired

        To lose your job is to lose your identity as a worker and as a person. Debbie Mandel, author of Addicted to Stress, states that 7 out of 10 of us define ourselves by our job titles, since work is where we spend the majority of our time and energy.

        Being laid off affronts your sense of self-worth—it implies that you simply are not good enough. It’s no wonder you feel confused and emotional.

        The first thing, then, is to take some time to digest what happened and deal with the overflow of sensations. People who quickly recover from the pain of a job loss tend to do two things very well:

        First, they accept their feelings of sadness, anger, fear and shame as a part of the natural healing process.

        Second, they do their complaining to a friend.

        Never call out your boss in the office or on social media. It’s a bad form to speak ill of the company you work for. Stay stylish, and your employer will speak better of you when you need a reference.

        2. Stay Away from the Drama Queens

        Mass layoffs are, unfortunately, very common. If this is your situation, then you may be surrounded by a lot of angry people, ruminating and lamenting their fate.

        “It’s not fair!” they say. “After everything we did for this company! We don’t deserve this!”

        You’ve lost your job and that’s tough. But please resist the urge to join in the negativity. Positivity is by far the most important attitude to apply right now. If staying upbeat means you have to limit your exposure to the Negative Nellies, then that’s what you have to do.

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        Remember, life is not harder for you than it is for other people on this planet. You live in a democracy, you have freedom of choice and you enjoy a certain material abundance.

        Stay positive and focus on what’s going well in your life and the exciting future opportunities available to you. Getting fired is only a temporary setback.

        Staying positing could be challenging in a difficult situation, so these tips can help:

        10 Questions To Ask Yourself To Stay Positive When Facing Difficulties

        3. Take a Break and Let the Dust Settle

        Instead of running straight into another job that may not be the right one either, take a short break to recover from the job loss. You need a week or two to de-stress and meditate on the next step.

        Be attentive to your need for self-care during this interlude. Everything goes so fast these days that we often do not stop to think or give ourselves the permission to do a little mourning.

        Getting fired is a big shock: you need time to refocus and take stock of the new reality. Do not make things harder for yourself!

        What you need is to pause a while and do some self reflection:

        How Self-Reflection Gives You a Happier and More Successful Life

        4. Be Anchored in the Present

        Since you no longer have a hold on the past, but have not yet designed your future, try to build yourself up with the present. What do we mean by that?

        We mean that right now is the only time you have any control over. Focus on that instead of losing yourself in memories or reliving the awful day you got fired over and over in your head.

        Get up at 7 a.m. each day, whatever happens. The body needs rhythm and habits. You will feel much more energized if you keep a consistent routine. Maintain a healthy lifestyle, revisit your budget, play sports, volunteer. Take care of the practical stuff like claiming unemployment. Enjoy the small pleasures of everyday life.

        When you’re busy, there’s no room for the inner critic to raise up and derail you. Keep active, and you will gain more of the precious energy you need so much to move forward.

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        Try these things to help you live in the moment:

        34 Ways To Live in the Moment And Grow in the Moment

        5. Understand the “Why”

        There are lots of reasons why people are fired. Sometimes the mistake is yours and it’s embarrassing to admit you backed yourself into this corner.

        Other times, it’s not your fault. Businesses change direction all the time—maybe yours is going through a major transition or merger and your job is disappearing.

        Either way, to give the situation some closure, you need to understand why you were dismissed. What slipped? What could you have done differently? Was your boss really out to get you or did you do something to put your job in jeopardy?

        Be honest with yourself. It’s not easy to admit that you might have dropped the ball but it’s the only way to turn the situation into a learning experience. Ask yourself:

        What skills do you need to improve?

        Is there training you can access, or learning you can do?

        In the end, did this job suit you that much? Were you happy there?

        Reflecting on these questions can help you put things into perspective. What lessons can you learn to avoid reproducing the same pattern in your next job?

        6. Find out If You Were the Right Fit

        Hiring decisions ultimately come down to personality. You can study for an interview all you like, but every candidate who is chosen for interview has the right credentials for the job.

        The final decision comes down to personality. Who does the recruiter like the best? Who is a better fit for the company culture? That’s the person who strikes it lucky.

        Firing decisions are based on personality, too. Slacking off, insubordination and playing fast and loose with the company rules—these are the official reasons why people are getting fired.

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        But all of these reasons boil down to one thing: personality. Specifically, they signal a personality clash between an employee and a manager, or an employee’s fit with the company’s culture.

        Here’s an example:

        Suppose you were fired for “not being a team player.” Some people, namely introverts, lose energy when they are surrounded by other people and gain energy when they are on their own. Forcing an introvert to continuously work on a busy, noisy team without any solitary rest periods means the job is a mission impossible. This employee will never perform at her best.

        Or how about the time the Kansas City Star newspaper fired Walt Disney for a perceived lack of imagination? Talk about a clash of personalities![1]

        Getting fired can be a signal to turn inward and do some self-reflection so you can better understand your personality and how it might fit in with corporate culture.

        In particular, personality assessments based on Isabel Briggs Myers’ sixteen personality types can help you to understand your own work style and how you can find a job and workplace that better match who you truly are.

        In many cases, it is totally liberating to realize that all the crap you had to deal with was just down to a clash of work styles and not something you did wrong!

        7. Rediscover Your Strengths and Talents

        A personality test can also give you clear insights into your strengths, weaknesses, motivations and work potential. Do you have leadership abilities? How do you communicate and manage conflict? What benefits do you add to an organization?

        Identifying your working style should be your top priority right now, otherwise you risk accepting a new position that has all the same problems as before. The last thing you want is to reproduce the same old dramas the next time around.

        When you become aware of your potential, you will have the confidence to search and find the type of work you love.

        For example, getting fired from your banking job may have knocked you sideways. But you have some stellar home decorating skills, and a personality test shows that you are curious, flexible, rational and resilient—all the traits of successful entrepreneurs. Maybe this dismissal is an opportunity to launch the business you’ve always dreamed of but never dared to admit to yourself?

        By considering all your special skills and talents, you increase your chances of finding a job you would really enjoy, and not just the one you can do.

        8. Get the Word Out

        At this point, you should be ready to take action and move forward with your job search. Let’s not sugarcoat the situation: getting a new job is tough. It helps to have a clear idea of the direction you want to go in, a list of all your crossover skills and a freshly polished resume.

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        Look around for inspiration. Talk to recruiters in your sector to establish what they consider to be your most valuable skills. Use all the resources at your disposal: job search agencies, headhunters, work coaches, careers websites and so on. These resources can help you match your qualifications to the job requirements and ensure you have the right keywords on your resume.

        Don’t hold back on marshaling your networks. Put friends and family to work to pop up leads, and don’t be afraid to ask for referrals. Sometimes the simple act of getting the word out to the people who know you is the surest way to find work fast.

        9. Anticipate Questions and Know How to Answer Them

        Even if it wasn’t your fault, getting fired can hurt you if you don’t know how to explain why you were let go. You have to be honest here and tell recruiters the truth. Even if a would-be employer does not specifically ask why you left your previous job, it is better to clarify the situation upfront before it comes out in your references.

        The best approach is to take your share of responsibility and show that you want to go forward and that you understand the lesson.

        For example, suppose you got fired for asking the difficult questions that no one wanted to answer and your candidness set people on edge. Acknowledge that some people perceive your communication style as abrupt and explain how you’re taking steps to increase your diplomacy skills.

        A recruiter can be seduced by someone who knows how to evolve and who shows a great energy for personal development.

        10. Adapt and Persist

        Throughout this journey, you inevitably will go through moments of self-doubt and disappointment. There are undulations in every road, and these are the normal steps for regaining self-confidence after getting fired.

        Stay tough! Don’t conclude that your future is hopeless just because the dream job doesn’t land straightaway. You open a positive path when you maintain focus. Have the confidence to know that the perfect job for you is out there.

        Remember, you are not alone. Many people walked this road and they would urge you to keep the momentum. Stay open-minded and go where the opportunities take you: it will bring you closer to the job you really want.

        Coming Out on Top

        While getting fired isn’t the ideal situation, it isn’t the end of the world either. Even if feels like a doozy right now, you will get through it and emerge happier on the other side.

        Be clear on what you want, have courage and believe in yourself. In the end, you may decide that getting fired was the best thing that ever happened to you. It can be the catalyst for a powerful, career-fulfilling change.

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        Featured photo credit: Jesus Kiteque via unsplash.com

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