The COVID-19 pandemic has ignited the rise of entrepreneurs locally and abroad. People from all walks of life learned how to dig deep into their passion projects like gourmet cooking, baking, art crafts, and writing among others, and yet only a few have benefited to earn it. CRI's team of researchers discovered ways how to make your passion sustainable and perhaps make you resilient in case another economic disruption appears.
The book "Good to Great" by Jim Collins and IBM's "Consumers Want it All" shared interesting insights on how you can translate your talent to be a tool for your own economic wellness.
1. Decide and focus on what you are good at. (use the passion & make money diagram) "Good to Great" discussed the concept of the hedgehog that derived from an ancient Greek proverb about the hedgehog and the fox. Foxes use their many talents to pursue their prey, only to find out being so confused and scattered thoughts. While the hedgehog, only knows one thing it's good at - stick out its spines! The hedgehog being great at what it's good at, always wins. Simplifying a vision creates focus, and consequently promotes greatness to one thing that aligns the capacities of your talent.
2. Hybrid. Highlighting the hybrid capability of your talent helps customers gain access to your product or service anywhere - online or offline. IBM's "Consumers Want it All" (2022) promotes that you can shop in many ways than one. Pre-pandemic, most of us go to the nearest shopping mall, thrift shops, or specialty stores like galleries to learn about the latest products out there. Countrywide lockdowns due to the health scare made our shopping experience transcend from the traditional to digital because we want to have a "feel" of the product first before buying according to 50% of buyers (IBM, 2022). Service or product's omnipresence is paramount. It's either your brand is present or not. As they say, "out of sight, out of mind" is a scary phrase that no organization wants to experience. Making your product or service accessible should be at the core of every shopping experience. Shopping should be fluid. Our customers should shift easily from the physical stores, to their mobile phones, and even though the online shops.
3. Purpose-driven. IBM further shared in the same white paper that 62% of consumers (IBM, 2022) are keen to support products/services that have a positive impact on the environment. For me, it's more of an overall impact on the communities it serves. Most purpose-driven customers (44%) according to IBM seek products and brands that align with their values and provide health and wellness benefits (IBM, 2022). The willingness to change our shopping habits may be challenging but if we think about the long-term effects of our action may benefit us and the next generation for the years to come.
The three steps on our list may need a lot of thinking time and execution. But again, the fruits are sweet when we take them seriously and stay focused on harping on talent or business to become sustainable.
IBM (2022). Consumers Want it All. Retrieved from https://www.ibm.com
Collins, J. (2001). Good to Great: Why Some Companies Make The Leap and Others Don't. Retrieved from Kindle database.