The Share Economy Has Arrived ... Have You?
It's now 11 years since I began to MENTOR business people like yourself with some truly phenomenal success stories and that will continue.
Yet the past few years I have seen changes in the economy from a greed and consumer based economy to a new and younger sharing economy. This is interesting to say the least and affects your business. This share economy will continue to grow and expand as each new generation comes through.
If you don't grasp this - your business will eventually die...
When I think about my earlier life or the way I was led to believe and accept as the right way to live my life, it was based around the trap of things. The problem with things is things never last. They come and they go.
A new car quickly becomes an old car. A big house quickly becomes a house that isn't quite big enough. A good wage soon becomes a bad wage and we again chase a good wage. Yet all are designed consciously or unconsciously to self repeat and feed the mind into a repeat of what they are doing and have always done.
Consequently the person earning one hundred grand can easily spend one hundred and ten grand. The person that earns a million can easily spend one and a half million. The person that earns ten grand can easily spend eleven grand. And when you take more out than what comes in guess what happens? This leads to the same path of debt, stress and fear over what is next. This isn't a great human experience and experience is the new key that replaces the old key go want and gain.
This iGeneration or share & experience generation are becoming wise to what they have seen all of their parents experience and it isn't what they want anymore. The economy is well underway to changing from greed to share, from things to experience. This brings less restriction from things or stuff and creates and more fluidity to the life of the iGeneration.
Buying stuff is so 20th century
Those that endlessly talk about earning millions, making more and more getting greedy to buy even more are all part of the 20th century way of life. That has already proved itself to be a life that cannot be sustained without fear and pain.
The rich may get rich but they also get broke. The experienced never lose their experiences in their lives. I have lost count of how many rich I have seen lose everything. Some many times and eventually never recover.
Can you remember your favourite place with your favourite person? Of course you can. No one lies on their deathbed and talks about a car they had or goes through a list of possessions the spent endless dollars on. They reflect on a life well lived and loved or a life not lived at all. They rarely fail to talk about regret.
Your customer today thinks very different
And this is all reflecting in our daily lives but also in the lives of those that are building our new share and experience economy. You customers today think very differently to your customers yesterday!
It's interesting how many younger adults are today not taking their driving test and buying cars. It's interesting how many kids no longer want a mortgage but are happy to buy cash (if possible) or rent. It's interesting how the favourite holiday spot is as good as dead and the never ending experience continues to expand into global travel. I once worked out it was costing me almost 7k a year to have a car just parked in my garage with minimal use. Stupid right? The greed generation will say who cares but the iGeneration do care
And this share economy has to to reflect in your own business or business dealings with others or at some point you will feel the backlash from this new wave of thinking. Are you giving an experience or are you simply taking the money and hoping they will come back for more?
This raises the question of how can you give an experience each time from your product or service? This is easier than you may ever think, you just might need to get some external advice from someone that knows more than yourself.
Which raises another point ... Has the lone entrepreneur finally lost ground to the group-preneur? There is certainly more money raised over coffee these days than around a large table filled with staff that resent you as the boss, the workload of the company or their individuality being suppressed by the egos of others around that same table.
Times have changed but have you?
These are changing times and changing times requires change. Saying you were established in 1987 no longer has the weight for a generation that wants to know what the latest greatest App or addition to their life experience.
Do you think Airbnb has had an effect on the hotel industry? You bet; just google the facts and statistics for New York they are astonishing! The biggest threat to the long established Hilton Hotels is now the share economy leaders Airbnb.
And do you have an App? Do you need an App? Do you even understand the power of an App? Are you "lean back" adjusted and tuned in with your business? Are you 100% mobile compatible? Are you giving back but really meaning to give back? Are you making the experience for your customer an actual experience or are you doing the he same old 20th century thing in the share economy?
In or Out ... You're So Yesterday ...
- Old is out latest and greatest is in.
- Bound and tied to contracts is out, come and go as they please is in.
- Taking as much as you can is out, giving as much as you can is in.
- Taking is out, giving is in.
- No experience is out, mass experience is in.
- Gathering is out, simplicity is in.
- Consumption is out, balance is in.
The old world is the old world. February 2015 is even old world in today's shared economy.
And spending has become a choice of the wise not as much a choice of the impulsive. Yes people always 'want more' but the iConsumer is asking himself outside the want, do I need and will it enhance my life?
Money is no longer the driving motivator for the smart and modern. Sharing, experience and giving is the new movement.
They used to say I am doing this alone.
Now they chant in silence we are many, we are a legion of thought.
That thought becomes a real process of the mass.
The mass becomes a movement.
Movement creates momentum.
Momentum produces shift
We are legion, we are one, we are our own mentor is the silent cry.
The share-lings have created a new family from the destruction of old families. They are brothers and sisters and want to be part of the life experience and no longer the adhere to the 20th century rules.
They dream, the vision, they think and feel. Happiness is no longer based on premium watches, designer homes and cars that break.
It's all about experience and memories... "Expemories"
Cash itself will never die but look what can happen to cash overnight?
So an alternative to cash maybe heading your way. The possibility of a new form of payment for your goods or services is coming. It has arrived but are you missing it?
Money can be a trap. The trap is accepting the that money is a need when actually is it? Yes cash is needed to build an economy but is cash really a need? Yes cash is need to pay for things like rent or mortgages but is there a better way or a more fluid way? This can bring us into much deeper wants and needs that will take far too long to discuss here.
You can but will you?
Can you share more?
Can you create more experience?
Are you surviving to pay for everything or creating a real legacy?
You need to remember these words for your business.
- 21st century
I hope this article has made you think a little more about your business or even your life.
With the shareanomics in mind I have decided to finally put into place some sweeping changes to my own MENTOR service and ways to pay that you will be able to read about this week.
If you need help, advice, directions or need to go deeper into the minds of the new economy please get in touch and lets talk.
More coming very soon.
Your friend and MENTOR for change
Alan Forrest Smith