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. Even when you’re making enough to survive, there’s always the allure of accomplishing 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 true. But on another level, getting a company started has never been easier (or more worthwhile). But to stay in the game long enough to 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 it’s still fresh for most people with the desire and ambition to get a business going. 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, the most developed world has been used to the “industrial revolution economy” – in other words. In this employment system, individuals are monetarily compensated for their time as they produce some 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 too real bartering.
Money Changed In 1971
When Nixon took U.S. money off the gold standard in 1971, money became a currency, and its value has steadily dropped since then because more and more have been produced. Any time more of something is created, the value plummets. Just look at cars, many homes, and pieces of artwork. Hundreds of rare or exclusive (and therefore precious) items in all three categories mentioned above can be found because given examples are regularly produced with value aforethought.
People typically look for or build a new solution when they grow dissatisfied enough with something. 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 specific 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 how to approach the new idea economy. This article seeks to break down the fundamentals of the idea economy and how anyone can figuratively 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 are and how they can improve the lives of humans. A picture is a nugget of possibility. There are good ideas and bad ideas.
Good ideas improve the world, and you should aim for that. 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 company 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 an 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 unite people, 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
Info products are, in many ways, hybrids of two types of economical 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, thousands more are purchased daily, and this trend will only swing upward.
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
That 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 famous entrepreneur. In other words, someone who has spent most of their life pursuing one corner of the world. Reality tells a different story. In truth, everyone’s an expert because expertise is relative.
Where Are You An Expert?
For example, if you love gardening and have been growing fruits and vegetables recreationally in your backyard for five years, you know tons more than someone who shows passionate interest but is just starting. This is even more true if you’ve been gardening for ten years.
Utilizing this knowledge, everyone (following their hands-on experience and longevity in their given field) is an expert to most others worldwide. 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 can provide reliable information for people presently dipping their toes into music. I’m positive the same scenario is actually 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 last, but this is no excuse to get lazy. Those who succeed are those who give themselves no other option.
Today’s grandparents could have only dreamed of the freedom, fluidity, and empowerment of today’s entrepreneurial and technological landscape. You must utilize the space 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 make money from the new economy of ideas?
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 can 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 them to them. Share what you’ve done with your niche and openly receive feedback.
