From passion to business
Are you part of the passion economy?
Unlike gig-economy, passion economy is good for workers
Passion projects are replacing the boring jobs, as big tech is enabling niche businesses. A passion economy business only requires 1000 true fans.
Adam Davidson is a journalist and a podcast pioneer. He writes in his book ‘The Passion Economy’ that by putting passions and abilities together with the right kind of customers, one can carve out a profitable niche in this economy. Adam suggests to create intimacy at scale. He also suggests to create value, that no one can copy. For example Braun Brush Co. makes custom brushes for NASA and nuclear plants. Stay at home teachers are earning more than they had earned teaching at schools.
Kevin Kelly, founder of Wired wrote in 2008, “To be a successful creator you don’t need millions. You don’t need millions of dollars or millions of customers, millions of clients or millions of fans. To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans.”
As per venture capital firm A16Z three key differences between passion economy and gig economy are ongoing revenue, non-commodity products & services and availability of online tools to run the business.
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