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Important Things to Know About the Revolutionary “Share Economy”

Important Things to Know About the Revolutionary “Share Economy”

When we were kids, one of the first lessons we learned was to share. In a world where business is under increased pressure to be more socially responsible, easier on the environment and take a more active role in social issues, some businesses are getting the message.

The share economy is made up of companies like Airbnb, Elance, VerbalizeIt, Mechanical Turk, co-working spaces and numerous other services that unite those who have available goods and services with the people who need access to them.

The “share economy” is changing the way people access the resources they need. But it’s not all rainbows and puppies, there are downsides. If you are already participating in the new sharing economy or considering it, you need to know these nine things.

1. It requires companies to make better products

When a product is shared by a large number of people instead of just one person or family, a different level of quality is required. It gets passed around more and is subjected to more wear and tear. Cheap, throw-away products are no longer acceptable.

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2. It’s better for the environment

When you aren’t using something you own, you can share it instead of throwing it away. This saves natural resources. For example, we don’t have to manufacture a whole bicycle for each person who uses a bicycle only occasionally. They can use bike sharing to get access to a bike only when they want it.

3. It destroys jobs

St. Louis cab driver and ride-sharing critic Umar Lee, believes that car sharing facilitated by companies like Uber and Lyft hurts people by taking away their jobs. He says:

Driving a cab in St. Louis is a job that has allowed drivers to buy homes, raise families and send their children to college. Its not a plaything for me. I work six or seven days a week on this job (usually 10-12 hours a day) and that’s the money I use to support my children and pay my bills.

4. You can own less

The share economy lets you have access to things instead of owning them. If you want to use something, you don’t need to own it because access is an option. This saves money and resources and gives you the ability to have richer life experiences because the cost of access is reduced.

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5. It’s hard to regulate

In the traditional economy, regulation by the government is how we ensure safety and quality. When the parties providing and receiving the goods and services are distributed individuals, it becomes difficult to regulate. According to Jeremiah Owyang, share economy expert and founder of Crowd Companies, it’s also difficult to stop:

This is powered on mobile and social; the only way you can stop this tech-based movement is to stop the Internet.

The share economy depends on reputation instead of regulation.

6. It brings economic opportunity to everyone

Those who do not have the means to start a business or job opportunities available to them can make money by sharing their skills. Ryan Frankel, share economy enthusiast and co-founder of VerbalizeIt says:

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The shared economy model allows us to disrupt a traditionally broken translation industry, be a driving force for business internationalization and create job opportunities around the globe for those with a proven and tested skill-set.

7. Company growth is driven by reuse

In the legacy economy, company growth came from selling more products. Growth meant getting more people to consume more goods. Companies that facilitate the share economy grow when their customers share more of what they already have.

8. It’s harder to tax

It’s easy to tax hotels, cab companies and industries dominated by large companies, but when the service providers become distributed, as they necessarily do in the share economy, it gets messier, but not impossible. However, San Francisco recently reached an agreement with Airbnb to collect taxes on rentals in the city.

9. It helps people get access to resources they need

Resources that were previously inaccessible due to a higher cost of owning or purchasing them can made be more accessible. For example, entrepreneurs, who would have previously been limited to working out of a spare bedroom, can get access to workspace in a collaborative environment. Jason Deem, founder of Nebula Coworking, says:

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Coworking encourages innovation and experimentation by fostering a collaborative community of entrepreneurs who benefit from the diversity of skills and connections in the coworking environment. It also minimizes the risk of starting a new business by keeping costs low through the use of shared resources.

How to start participating in the share economy

You may find that you can benefit from both being a consumer and provider of shared resources. Begin by looking at things you own, but don’t use as much as you could. Start with your most expensive assets, such as your house, car, boat or other large, expensive items. Then research your options for sharing those things and making some money doing it.

Next, look at resources that you use. Think in terms of access instead of ownership. Research and understand your options for getting access to those things you want instead of owning them. You may find that you would be better off getting rid of things you own and accessing them instead. Or you may find that you can get access to things, like a boat via Boatbound, that you previously thought were inaccessible.

You’ll get the most benefit by participating on both sides of the sharing economy (consuming shared resources and sharing your unused resources). You might find that you can get access to more of the things you want and spend less money.

Give it a shot, it’s the future, so you might as well see if it will help you, right?

Featured photo credit: Ted Manasa via facebook.com

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Last Updated on November 19, 2019

Work Smarter, Not Harder: 12 Ways to Work Smart

Work Smarter, Not Harder: 12 Ways to Work Smart

I imagine that like me, you say that you never have enough time and that you just cannot cope with 60 dozen things all at once.

How on earth do you get out of that spiral?

Many people never sit down and look at how to work smarter, rather than harder and even longer hours. But not you, you’re smart enough to try to learn effective ways to work.

So how to work smarter not harder? Here are 12 smart ways you should be following:

1. Improve Your Time Management Skills

Easier said than done? Well, no actually, because there are a few simple rules that can really help you to manage time better.

For example, when setting up a top priority task, you need to switch off the phone and ignore your email first. Then you need to abandon any ideas of multitasking as that will slow you down and ruin your focus.

Finally, set a reasonable deadline and do everything in your power to meet it.

“When you’re born, you’re born with 30,000 days. That’s it. The best strategic planning I can give to you is to think about that.” — Sir Ray Avery

2. Speed up Your Typing and Use Shortcuts

These days we’re all keyboard slaves. So why not speed up your typing and try to get rid of the two finger syndrome. In fact, when you save 21 days per year just by typing fast!

This is exactly what I am doing now, so I cannot honestly say I am practicing what I preach!

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But help is at hand. Try some of these apps and games to help you type fast: 8 Most Effective Games and Apps to Learn to Type Fast

Using shortcuts on the keyboard is another time saver and can speed up your work.

For example, press F2 to rename a selected file, while CTRL + I will put selected text in italics.

There are so many of these. If you make the effort to learn them, they really can be helpful.

3. Learn How to Use Productivity Tools

It is well worth downloading all the useful tools and apps that can highly boost your productivity. Take a look at these 18 Best Time Management Apps and Tools and install whatever fits your needs.

Now that is really a great way of working smarter, not harder.

4. Use Your Phone Wisely

Instead of writing emails, sometimes it’s better to pick up the phone and talk to the person responsible. It saves time, especially for important or urgent discussions.

If that colleague works in the same office, it is even better to go and talk to him or her. It gives you a break, you get some exercise and you actually make human contact which is becoming quite rare in this electronic world.

5. Keep a Tab on Your Tabs

If you are like me, you might well find that you have a ton of tabs open at the top of your browser.

In order to find the one you want, you have to search for them as they are off screen. Having all these tabs open slows down your browser too.

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One solution is to use OneTab which can keep a neat list on the screen of all these tabs when you want to quickly get to one of them or you want to remind yourself which ones you have open.

6. Use a “To Don’t” List

We all know about to do lists and I find that they are generally great. They give me a great sense of achievement as I cross off the tasks done.

But often, I find that we are doing non-essential tasks or ones that can easily be postponed. That is why many people recommend the to don’t list.[1]

Some people prefer to savagely prune the to do list while others prefer to have two separate lists, to do and to don’t. You just have to work out what works best for you when you are trying to save precious time to become more productive.

7. Expect Failure and Fight Paranoia

When failure rears its ugly head, some people get a bit paranoid and fear that this may become a trend.

Projects will go wrong and failure should be expected rather than feared. Learning lessons from failure and analyzing what went wrong is the best way forward.

“Do not be embarrassed by your failures, learn from them and start again.” — Richard Branson

And here you can find 10 Great Lessons Highly Successful People Have Learned From Failure.

8. Be Concise

Rambling on at meetings, in emails and even when introducing yourself to new clients can waste a lot of people’s time.

One way is to practice and sharpen your “elevator speech,”[2] which tells people in 30 seconds or less why they need your skills and how they can benefit from doing business with you.

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Just think of the many situations where this could be useful:

  • Making new contacts
  • Talking about yourself at a job interview
  • Meeting people at conferences or parties
  • Phone calls to new clients

9. Ask the Right Questions

“You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.” — Naguib Mahfouz

How do you get feedback? The secret is to ask the right questions at the right time.

When you do this, you are gathering the information you need to help in decision making. This will save you time and you will be able to cut meetings to a minimum.

Forbes magazine reports on research that they carried out on asking the right questions.[3] When that happens, the positive effects are increased by 400%. There are also other benefits in staff motivation and a positive impact on the company’s bottom line.

Lifehack’s CEO Leon has shared about how to ask for feedback to learn faster: How to Learn Quickly And Master Any Skill You Want

10. Learn as Much as You Can

You should always be on a steep learning curve. Look at your skills profile and determine where you need to fill a gap. Talk to important connections and network in your niche.

Keep up to date on trends and developments. It is a fact-changing world. When an opportunity arises, you will be the best equipped to seize it because you have never stopped learning. Just another way of working smarter.

“Live as if you were to die tomorrow. Learn as if you were to live forever.” — Mahatma Gandhi

11. Look After Your Greatest Resource

No, your greatest resource is not time. It is YOU.

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If you do not get enough sleep, exercise and relaxation, you find that you become less and less productive. You begin to work longer and longer hours, which is the exact opposite of what you want.

What you should be doing is making sure you are in the best shape. It is useful to remember that you need a break of 15 minutes after every one and a half hours of work.[4]

Taking breaks and getting fresh air and exercise is one of the best ways of working smarter, not harder.

12. Don’t Fall into the Trap of Working Smarter and Harder

As a society, we are obsessed with doing everything smarter so we are more efficient and we save time all around.[5]

But the most important thing to remember is to accept when we are ready to switch off that computer and not fill up the time with even more work!

The Bottom Line

The key to greater productivity is to work smarter, not harder. Working smarter saves precious time and energy for the things that really matter — your life goals, your personal growth, your health and your relationships.

Stop working for more hours and start working smarter!

More About Working Smart

Featured photo credit: Unsplash via unsplash.com

Reference

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