An economy that requires: a higher level of awareness, to be more connected to others than ever before, a new level of discipline and a new commitment to decisiveness than ever before.
The only thing at stake is survival.
There are those that are resisting it, some that doubt it's existence, and a few more that are drawing a line in the sand, preparing for a battle they have already lost.
But the facts are irrefutable, and everywhere. So start functioning as a participant in this New Economy or prepare for new levels of misery, not yet experienced.
There are 5 basic tenets to the New Economy:
Magnetism - Does the service or goods you are looking to purchase, or provide, seem like a natural fit? A no-brainer? For example: Stores that offer 10% off today's purchase for opening a store credit card are Old Economy. Stores such as Walmart, looking for new ways to grow their customer base, are broadening the areas they choose to compete in. The retailers has announced plans for new "smaller, neighborhood" stores that sure sounds like 7/11 and White Hen had better watch their bacon in the coming months (Read the article HERE). Providing fresh produce and "higher-end" products at significant savings just makes sense. I am, and you are too, attracted to that idea. They are, as stated before, the smartest peeps in the business!
Sacrifice - Can you do without? If not, your brain and the small satiety center deep inside of it are living La Vida Loca in the Old Economy. If you have not looked at reducing costs for your business in places other than lay-offs, you lack the imagination for operating successfully in the new economy. Companies such a Kamakura are using the video conferencing services of Vidyo to reduce travel expenses and lost man-hours that would be spent getting to and from meetings with their top clients (read more HERE).
Yes, nothing beats a face-to-face with your client, but we are in the age of survival; survive first and then become special. Pressing the flesh is not expendable in every line of work, but this company had to guts to take a gamble. Your employees will appreciate your NOT thinking of them when it came time for expense reductions. And the added perk being, employees get more time at home with their families. Win Win = New Economy.
Forward Thinking - Those that are solely focused on solving their, or their client's, CURRENT problem or problems are not operating in the New Economy. I hate to bring it up, but the best example of this type of thinking is the Chris Brown/Rihanna situation playing itself out daily on the front pages of every news source around the world. And make no mistake, this has everything to do with finance.
To every normal thinking person, Chris Brown has committed and unthinkably horrible act (or series of acts, depending on the source) by physically abusing a woman. And not just any woman, though this type of offense does not have degrees to me - all offenders are equal, but one of the most popular and well-liked women in the world, the pop star Rihanna. This to me, and I would think 90% of the population, is wholly unforgivable. However, his handlers, record company and others are "standing by him", because they cannot afford to drop a young, multi-platinum singer with the star appeal of a Chris Brown, then watch him go to the record company across the street and crank out more hits (no pun intended).
Old Economy thinking! He did that in the Old Economy. He has no future in the New Economy. It's obvious by how much it makes my stomach turn when I hear his name. Remember, the first law of the New Economy is Magnetism, and magnets attract and repel. Everyone that attempts to refurbish his brand, which is most certainly the goal, will be the worst off for it, Including Rihanna! They are looking at solving their current problem without the benefit of seeing the negative tsunami that surely awaits. Apologists have no role in the New Economy as I see it. Click HERE before you tell me I am wrong about this.
Innovation - This is the true benchmark for exiting the mess of the Old Economy. New Products, New Services, New Science, New Educational Methods, New Moral Standards, New Methods of Communication, New and Binding Commitments to Ourselves and Our Communities.
The way forward is not going to come from Madison Avenue creating a better slogan to sell more of the same crap. Advertising is literally at an all-time low as far as effectiveness is concerned. What will pull us out of this morass (Old Economy) and propel us to new, unseen heights as a country and individually is our ability to formulate, preen and find application for, new ideas!
What do James Hoge, William Potts and Garret Morgan Have in common? They all found ways to improve upon Lester Wire's invention, the traffic light. Each of them, some more than others, found ways to make a great thing better, and in doing so made the world a safer place to live. Considering the vast number of improvements to the traffic signal, you would think it needed no further improvement after figuring out the, "Red, Yellow, Green" system. However, the 1990's saw the implementation of Dynamic Control, which allowed for signals to change based on traffic, or lack there-of. A simple improvement, but one that added the brilliance of efficiency to the safety mechanisms of prior models. This "improvement" came along over 50 years after everyone thought the traffic signal was a perfect instrument.
This is the New Economy thought process, EVERYTHING CAN BE IMPROVED! And INNOVATORS COME IN ALL SHAPES, SIZES AND COLORS!
It is time we identify, nurture, develop, support and celebrate those among us that bring the spirit of innovation to the fore. They, and they alone, are the leaders of tomorrow in the New Economy. Listen to lectures from some of today's innovators HERE.
Balance - For every thing your are given, you will need to give back in full. If you have a mentor, become a mentor. If you go to school, be a tutor. If you are a fashion designer, make yourself available to new designers. If you are receiving any benefits from any organization, volunteer your time to that, or another organization. If you buy a new article of clothing, take an article of clothing to Salvation Army or Goodwill Industries. If the city you live in picks up garbage regularly, pick up the stray litter at your feet when you are waiting for the light to change.
The New Economy does not require you paying "rock bottom" for things, but instead settling for fair value, to you and the merchant. That way you can be sure there is a relationship in place for future exchange.
The age of "not my problem" is Old Economy. the New Economy is "How Can I Help?"
A good place to start is HERE.
President Barack Obama borrowed the famous line, "We are the one's we have been waiting for", but the New Economy's slogan is "What were you waiting for in the first place!"
The New Economy is all about forward momentum, so keep the words of the brilliant Emperor/ Philosopher Marcus Aurelius in mind throughout the day:
"Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason which today arm you against the present."