Enterprization of The Consumer - Deepstash

deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

deepstash

Beta

The Passion Economy and the Future of Work

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'.

89 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

The Passion Economy and the Future of Work

The Passion Economy and the Future of Work

https://a16z.com/2019/10/08/passion-economy/

a16z.com

7

Key Ideas

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'.

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. 

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.

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. 

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.

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.

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.

SIMILAR ARTICLES & IDEAS:

Inspiration for a business idea

It can come from anything: a unique personal experience, witnessing a problem and seeing the possibility for a better solution, even walking down the street. 

Everyone harbors inner c...

Nurture your creativity
  • Write your ideas down. Document ideas as they form so they become less siloed, and consequently, you can see connections between those ideas and other pieces of outside information.
  • Turn to the people around you. By using your community to reiterate and refine your creative ideas, it can make those ideas (and your content) even better.
Find your niche
  • What differentiates your ideas and content from others in the space? The more specific the content, the more opportunity to build the business. 
  • How can you find your niche? Use platforms like Twitter, Instagram and Reddit: Engage with shared content enthusiasts and discover subcommunities through hashtags, explore pages, liked posts and more. By leveraging these enthusiast groups, you can identify what direction to take your ideas to create the most value for the right people.

one more idea

The model of future work

By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scar...

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.

6 more ideas

Anti-Social Social Media

Studies show that the younger demographic wants restricted, private, secure and exclusive networks which cannot be thronged by unwanted people, like their parents.
These exclusive online social ...

Private Messaging Campfire

Private messaging services like Facebook Messenger and Whatsapp are where private interactions happen and people are comfortable sharing details in private group messaging.
There are new applications like Tex-Rex, The Infatuation, or Community which are helping brands penetrate this private space.

Micro-Communities Campfire

Micro-communities are platforms where people gather around shared interests, beliefs or passions. Some examples are Facebook Pages and Groups, Instagram Stories, Slack and Youtube.

Brands can tap into this by partnering with influencers who have the kind of demographic they are targeting.

one more idea

Forever Employable: Brand Yourself
Forever Employable: Brand Yourself

As we climb up the corporate ladder, there are fewer options available, and a mid-life crisis of the corporate world comes. The reason is that the same skills that got a person hired as a young gra...

Reimagine the Second Half of Your Career

There are five core concepts to keep in mind as you think about the second half of your career:

  • The entrepreneurial mindset : Your life is not to be sold to a person who can give you a monthly paycheck (however large it is) but has to be moulded and perfected so that it becomes your business.
  • Self-confidence: It may seem like everything related to management, digital transformation, marketing and sales has been told already, and sharing your own experience would not be something new. What is to be understood is that your own experience has a unique value, which no one has or can steal from you.
  • Continuous learning: Staying curious and well informed will help you to shape your brand.
  • Continuous improvement: Being enthusiastically skeptical is a great strategy for a constant endeavour to improve oneself, and finding a better way to do one’s task.
  • Reinvention: Being forever employable means that you have to reinvent the core aspects of yourself.
Talent Spotting

Digital leaders don’t have to do everything themselves, but they must be able to spot the areas of their organization that need improving. Moreover, they need to be able to hire an...

Adaptability

Sudden changes in the industry can disrupt the status quo, potentially derailing the success of your organization. In these situations a leader must remain flexible and adaptable, ready to make the quick decisions that can keep the company on track with minimal negative impact.

Risk-Taking

Putting speed and innovation ahead of tried-and-tested business practices often makes leaders cautious. However, in a fast-changing world, the only strategy that is guaranteed to fail is not taking risks.

For a start-up, the risks can be even greater but innovation is impossible without risk. And if you can’t take risks, you may not be cut out to be a digital leader.

5 more ideas

Cluttered digital lives
Cluttered digital lives

If people's physical lives were anywhere near as cluttered as their digital lives, their kitchen sinks would be full of dishes, their closets would be jammed, and their houses would be in chaos.

Become a Digital Minimalist

We can reclaim our time and our attention. Unlike a physical space, we can wipe the slate clean in our digital environment.

If you clear apps from your phone, nothing will happen. You can always reinstall the ones you use.

Digital Declutter
  • Clear your browser history.
  • Unsubscribe from newsletters, podcasts, blogs, and anything else you consume.
  • Delete all the apps that are currently on your phone and desktop or laptop (as long as you don’t have to buy a new version of anything).

5 more ideas

Real To Virtual

Due to the global pandemic, there is a shift towards Digital. Worldwide events, once attracting gatherings of thousands, are either being canceled or have gone virtual. This impact is subs...

Going Digital: Benefits
  • Online training has certain toolsets of evaluation, recording, and sophisticated analysis of attendance, feedback, and even emotions, which was never possible in an actual classroom.
  • Course materials can be downloaded instantly, as opposed to printing and shipping books every semester, reducing costs and environmental impact. The content is also updated easily and can be scaled at minimal costs.
  • As information is real-time, many complex, time-sensitive models of learning can be developed, the speed of which could never be a reality in traditional methods of learning.
Convergence

A convergence of virtual models with physical aspects of learning can help us with innovative solutions to existing problems in numerous sectors. 

Technology is now poised to provide better healthcare, education, and other services to everyone in an affordable and ultra-efficient system.

The quick rise

Slack makes it possible for tens of millions of employees to have online conversations, ask questions, share information, make decisions. The platform reproduces the culture of the open-plan office...

Slack became indispensable

Investors had been wary of Slack since it went public in June 2019 because of its slowing growth, lack of profitability, and competition from Microsoft's competing product called Teams.

But as business swerved to avoid contagion, people were flocking to Slack's product to cope with disaster. Slack became a critical service, like Wi-Fi or electricity.

Work from home

Although Slack also runs on Slack, the company had a work-at-office culture. As the company closed its offices in March, the executive made a series of decisions to make its mission clearer: Slack would take care of its people first during this crisis. In turn, those employees would take care of their customers.

  • They offered to reimburse each employee up to $500 for whatever equipment they needed to do their jobs at home.
  • When the schools closed, they advised people to work when they could.
  • They encouraged their employees to log out and take care of their kids and families.
  • They offer to pay employees their full salaries.

one more idea

Movie Festivals Before Today

Until the end of 2019, when everything was relatively fine globally, film festivals were a sought after event.

New blockbusters like Once Upon A Time in Hollywood, the multiple Oscar winn...

The New Reality

Now with the global pandemic being a new reality, film festivals are increasingly going online. SXSW, for instance, went virtual within weeks and even partnered with Amazon Prime for an online Film Festival.

Digital solutions are the way forward for many other film festivals, as otherwise, they lose millions in and revenue while scrambling for viewers and distributors for their projects.

Expansive Reach

Digital platforms and technological solutions make the content more accessible, sustainable and democratic. The streamed screenings and online question and answer sessions bring in unexpected benefits coupled with a vaster reach, due to the elimination of physical constraints and logistical issues associated with big events. 

Case in Point: Disabled audiences were earlier unable to access or be part of the event, and were now optimistic about the technological elements deployed, which helped them tremendously.

one more idea

Lockdown Anxiety and Technology
  • The new virus has forced the entire world in an unprecedented lockdown.
  • In these times of a looming unknown future, existential fear and separation from friends and family, millions ...
Get Everything Online

Online mental health therapies may make people stick to it longer, but it’s long-term benefits are still questionable, according to a study.

This mandatory Quarantine mode, which can last for weeks or months, is making us more dependent on anything and everything online, with smartphones being the potential gateway to online mental health care.