Entrepreneurial Economics 001: How to Create Your Own Economy
Welcome to Entrepreneurial Economics 001: How to Create Your Own Economy
An economy is a system for exchange of value.
The above definition applies no matter the scale of the system, whether macro, micro, or nano.
Identify that which people value, connect them with the means of attaining that which they value, repeat.
End of course.
A 21st Century Reality
Imagine there is a 17 year old kid somewhere in the middle of Africa with a smartphone who is connecting a 72 year woman in California with a means to improve her health. She values her health and is willing to exchange money for the prospect of achieving a better state of health. With a few clicks of the mouse pad on her Mac she places an order. In moments the order is confirmed. Thirty minutes later she is notified the product has shipped, complete with a tracking number. The 17 year old entrepreneur receives notification of a commission deposited in their bank account. Exchange of value complete.
This imaginary scenario isn’t fiction. It’s happening every day all around the world.
Behind this transaction, and millions just like it, are companies with infrastructures and systems designed to harness the powerful global network of solo entrepreneurs, empowered and enabled with 21st century technology and platforms: platforms which facilitate expression of their natural state of entrepreneurship.
A “platform” is the technology and infrastructure resources to which the solo entrepreneur has access. The platform is the means of expression of their innate entrepreneurial character, unlocking and amplifying the ability to identify and fulfill needs of others: this is a basic characteristic of humanity.
The key to success in any solo entrepreneur venture and in creating one’s own economy is to never lose sight of the value exchange process and relationship. The greater the value you deliver, the more that value will be valued, and the greater return you will receive. It’s that simple.
How You Create Your Own Economy as a Solo Entrepreneur
Recall the definition of an economy: A system for exchange of value.
Apply the definition of an entrepreneur: Someone who identifies the needs of people and, with courage, conviction, and resourcefulness, connects those people with a means to fulfill their needs.
Integrate a platform for entrepreneurial expression and global reach.
Now, the final ingredient: the combination of desire, purpose, vision, passion, and enthusiasm.
Desire, purpose, vision, passion, and enthusiasm are in essence the critical strategic infrastructure for the solo entrepreneur.
The Formula for Creating Your Own Economy
- Define your purpose: that external manifestation of your desires to be, do, have, and give more.
- Identify your market: the population of people who possess the needs you seek to fulfill in the process of attaining your purpose.
- Create and live your vision: create and internalize the vivid image of who you are to become, indeed must become, such that you may deliver your purpose to the world.
- Acquire technology and platform: identify a company or companies to represent, source or develop products (products = goods, services, or leadership), and acquire the technology with which to connect to the target market and facilitate marketing, sales, and fulfillment.
- Execute: identify, educate, connect, fulfill with passion and enthusiasm for the impact you will make on the lives of people all over the world.
- Receive value: monetary and personal(knowledge, wisdom, experience, capability, …) gain from the execution of the economic model are the value received for having connected the market (people) with a means of value.
- Improve, Scale, Repeat: the solo entrepreneur can assess the business process precisely, allowing them to improve, scale their efforts, efficiencies, and focus, and repeat the process with greater value.
So, How is This Creating Your Own Economy?
By creating the ability to deliver value to the marketplace using the renewable infrastructure you have built into yourself, you have the ability to create value exchange at will. No matter what the macro or micro economies do, you have the ability to transform to new opportunities because your critical strategic infrastructure is you!
The ability to create value exchange, an economy, is what you have developed with each transaction and experience. The “tribal knowledge” often referred to in traditional organizations is, for the solo entrepreneur, the internalized growth and capabilities of the individual who has desire, purpose, vision, passion, and enthusiasm. Those are the catalytic ingredients for creating your own economy.
Ever Hear of the Gig Economy?
The gig economy is largely populated by solo entrepreneurs who are creating their own economy. Not all gigs are created equal, nor do they afford the same degree of transformational options. Nevertheless, every gig engagement possesses the same possibility for the development of the critical strategic infrastructure referred to above.
The key to success in any solo entrepreneur venture and in creating one’s own economy is to never lose sight of the value exchange process and relationship. The greater the value you deliver, the more that value will be valued, and the greater return you will receive. It’s that simple.
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