Tuesday, October 28, 2014
The Sharing Economy
That's why I am a big fan of the latest emphasis on the "sharing economy."
A sharing economy is defined as the socio-economic system built around the sharing of human and physical resources. Companies have created a shift away from ownership by giving people the ability to share access to products and services.
Things that can be rented today, without having to own, are power tools, furniture, music, outdoor gear, temporary offices, artwork, wedding dresses, your neighbor's car, pets, and drones - among many other things. Control without ownership is the greatest aspect of renting out short-term furnished rooms in my rented house, for example.
Among lessons budding entrepreneurs can learn from the sharing economy are: Don't be afraid to pivot; be confident enough to change your company's focus when you see the opportunity. Explore new markets; recognize their challenges and find ways to address them.