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The Passion Economy and the Future of Work
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Enterprization of The Consumer
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'.
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Evolution of The Passion Economy
- On-demand marketplaces established, in the last 10 years, new ways for people to make money - workers could easily monetize their time in specific, narrow services (food delivery, parking, or transportation).
- These marketplaces automated the matching of supply and demand, as well as pricing and used platforms that were convenient for both the user and the provider.
- Specific platforms provided a path to self-employment for millions of people and they also homogenized the variety between service workers, prioritizing consistency and efficiency.
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The Passion Economy
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:
- Greater ability to build customer relations.
- Increased support for expanding their business.
- Better tools for standing apart from the competition.
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The New Platforms
The Passion Economy platforms differ from the ones from the last decade in many ways.
- The revenue streams are not one-time, but ongoing, based on building/growing an audience.
- They offer a wide variety of creative products and services.
- The services provided are more scalable.
- They respect the individuality and freedom or the creator.
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Everyone Can Be An Entrepreneur
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.
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The Focus is Digital
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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Human Capital
The new digital business models enable completely original and organically created forms of work, branching out of the existing networks.
Eventually, human capital starts to give rise to new industries.
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The model of future work
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Employers should lead the way
The pace and scale that technology disrupts is a social, political and business challenge.
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
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.