Advertising
Advertising

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.

Advertising

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.

    Advertising

    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.

      Advertising

      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.

        Advertising

        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

        entrepreneurs 12 Little Known Facts About Famous Entrepreneurs leaders 20 Timeless Characteristics Of Quality Leaders belly fat 9 Reasons Your Belly Fat Doesn’t Go Away And How To Get Rid Of It language Did You Know This Many People Speak This Language? graphic design All The Choices You Get For Graphic Design In One Place

        Trending in Entrepreneur

        1 How to Brand Yourself and Make Your Business Stand Out 2 How to Start a Company from Scratch (A Step-By-Step Guide) 3 15 Best Books for Entrepreneurs to Start Reading Right Now 4 How to Start a Successful Business and Increase Your Profits 5 12 Foolproof Tips for Entrepreneurs to Be Successful in a New Venture

        Read Next

        Advertising
        Advertising

        Published on December 18, 2018

        How to Brand Yourself and Make Your Business Stand Out

        How to Brand Yourself and Make Your Business Stand Out

        You’ve been in business for years and have finally hit your plateau.

        The tactics you’d implemented for your customers aren’t working as they’ve used to. You feel like your business has fallen out of the spotlight and now you’d have to settle for any business you get. It’s how businesses work, right?

        The truth is that some brands will fade off the business world–while others will adapt well and continue to grow. You shouldn’t be too hard on yourself for where your business currently stands. After all, you’d kept applying tactics that provided predictable results.

        Instead, decide to not settle for average results and spend more time building your brand. To make your business stand out from your competition, you need to be unforgettable. But how can you?

        In this article, I’ll cover timeless tactics that have worked for other businesses. If you apply these tactics correctly your competition won’t be able to copy them. Here’s how to brand yourself and make your business stand out:

        1. Win Your Audience’s Hearts with Authenticity

        The truth has always shined.

        Even without the technology we have today, people always had a way of finding out if someone was lying. And, with everyone engaging in social media today, it’s hard to hide from the truth. Yet, this seems to be what many businesses fail to do.

        For example, companies like Listerine have been fined for lying.[1] A quick buck today won’t be worth it in the long run. Instead, practice being authentic to your customers and they’ll eventually rely on you.

        Allow your customers to buy your products with a money-back guarantee – then deliver on your promise. Be consistent with the content you provide and stay true to your brand.

        Advertising

        For example, if you provide coaching services for entrepreneurs, don’t sponsor irrelevant brands. If you stop caring about your brand’s mission, your audience will notice. They’ll question your integrity with your business and stop trusting your brand.

        But if you gain your customer’s trust, you’ll start standing out from your competition. Your customers will feel safe purchasing from you since they’ll know you’re honest.

        2. Share a Story No One Will Be Able to Copy

        A few decades ago, a brand would’ve gotten away without being unique. That’s because back then starting a business was not accessible to most people. You’d either need enough money to launch your business or have the credentials. And even if you had all these qualifications, you needed to get past the gatekeepers.

        Today, technology has disrupted many of the barriers that were present a few decades ago. For example, today a college student can launch a Podcast within a week. He can create a website in a few hours and record a few Podcast episodes. If he’s persistent, he can build a large following overtime and get paid by sponsors.

        This is great news for aspiring entrepreneurs but there’s more competition than ever. You can only do so much before other businesses begin to copy you. But what no business can copy is your story.

        That’s why you need to share your story with your audience.

        For example, if you have a money blog, share how you’ve overcome your financial struggles. If you run a freelance writing business, share how you’ve overcome writer’s block. The more your audience can relate to you the better.

        Without a story, your business won’t stand out. And if you copy what’s working for other businesses, you’ll experience short-term success.

        Take some time to share your story with the world, your audience will love you more for it.

        Advertising

        3. Stop Reinventing Every Single Thing

        “Don’t reinvent the wheel, just realign it.” – Anthony J.D’angelo

        You may have heard that being original is the way to stand out. While this is true to an extent, you also shouldn’t be original when something is already working.

        For example, if your competition has a successful Podcast in your field, then so can you. Don’t search for better alternatives to a Podcast if it’s already working.

        Why?

        Because this is a waste of time. Instead, copy what’s already working and make it your own.[2] If your competition has a Podcast, figure out which areas you can improve and tailor it around your brand.

        Knowing this you can now spy on your competition and determine which areas you can improve. But, know that it also works the other way around. Others will view your business and copy what’s working for you.

        That’s why it’s important to stay true to your brand and be authentic with your audience. When you do, your competition won’t be able to copy your unique traits. Have an abundant mindset and feel confident for what your business has to offer.

        4. Shine Because of Your Uniqueness

        Stop trying to help the entire world and focus on helping a specific group of people instead.

        I get it, you’re willing to help almost everyone because you want to bring in more business. But the truth is that if you resonate with everyone, you resonate with no one.

        Advertising

        Take, for example, a marketing agency that helps businesses promote their product. This business doesn’t speak to anyone but gets occasional sales throughout the year.

        But what if there was a similar marketing agency dedicated to helping real estate agents? If there was a real estate agent looking for help in marketing–who do you think they’ll choose? That’s why niching down is necessary if you hope to stand out from your competition.

        Determine which customers you enjoy working with the most and determine which customers bring in the most revenue. Once you’ve gathered enough data, focus on servicing your ideal customer.

        Don’t expect immediate results since this won’t be an easy transition. If you’re currently helping a narrow audience, slowly transition into a niche audience. Niching down is crucial to building raving fans.

        5. Be the Brand Everyone Can Depend On

        Being the brand your customers can depend on is important. How many times have you bought a product that’s failed on its promise? Or have settled for an average service?

        Exceeding your customer’s expectations is a sure way to make your brand stand out. In the book Influence: The Psychology of Persuasion, studies on human psychology prove that when you give to others, they’ll reciprocate. Offer your customers free consulting, a free ebook, or free quality content. Eventually, they’ll be happy to reciprocate after receiving value from you.

        View what your competition is doing and surpass their offers. For example, if your competition offers a free 15-minute consulting call, offer 30 minutes. When you focus on helping others more, your customers will notice.

        Make it your mission to serve your customers first and then worry about making a profit. Other ways for your business to be reliable is by inspiring your customers. That’s right, a business isn’t only about selling, it’s also helping customers achieve their goals.

        For example, you can write content that will inspire your audience to take action. You can interview guests that will push your audience to break bad habits. Get creative and look for more ways in which your audience can depend on you with.

        Advertising

        The Bottom Line

        Imagine serving fewer customers and getting paid more than ever.

        Despite the fierce competition, you’ve got fans wanting to buy your products and services. Although this may seem impossible right now, it’s not. If other brands have been able to stand out in a crowded industries, why can’t yours?

        The truth is that standing out from your competition isn’t easy. There’s no secret formula that’s available to the rest of the world. The trick is to do what most brands are unwilling to do.

        Many businesses don’t want to niche down because this will mean a loss in sales. But that’s sacrificing short-term gains for long-term success. Niching down is necessary to build a brand your customers will love.

        Many businesses will spend a lot of money looking for ways to innovate, but won’t apply what’s working. But, not you.

        You’ve got what it takes to stand out from your competition. Start slowly and master each principle covered here. Now go and make your business stand out like never before.

        More Resources About Entrepreneurship

        Featured photo credit: rawpixel via unsplash.com

        Reference

        Read Next