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Today's technology-enabled world offers many ways to capitalize on creativity: creators are now earning individually, monetizing their unique skills. People are turning their passion, the things they love to do, into their earning source.
Whether it's podcasting or video content creation, teaching or writing, individuals are changing the definition of a 'job'.
New digital platforms are enabling the 'passion economy', where individuals with certain creative skill sets can earn a livelihood while doing the very thing they are good at. These platforms provide:
The Passion Economy platforms differ from the ones from the last decade in many ways.
The Passion Economy encourages everyone to become an entrepreneur.
With enough scalability options, individuals can help other individuals using these platforms.
There is little or no initial investment required, and if the business grows, they earn revenue along with their customers.
The new entrepreneurs working for the passion economy have one thing in common: They mostly work for digital products and services.
Knowledge influencers like teachers and trainers, along with writers and audio/video content providers have the scalability advantage available courtesy the digitally-focused passion economy.
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Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.
Talent is the largest barrier to the successful implementation of new strategies.
Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.