5 steps to building a thriving niche company that will reap more financial rewards than if you spent your time chasing growth
," he had no idea that the predictions he made about a new economic system ushered in by automation and technological advancement would happen so quickly.
According to the "Planet Money" cofounder and journalist, the passion economy combines artisanship and scale with the connectivity afforded by the internet. This new business landscape can be divided into two main camps: the massive, scale-oriented corporations and the niche, targeted entrepreneurs. Davidson calls the new distribution "barbell-shaped."
Business owners create intimacy by discovering their niche audience and then engaging with it, launching dialogues that allow entrepreneurs to better meet the needs of their clients. Through technology, business owners can have direct relationships with customers all across the world, meaning they no longer need to live near somebody to do business with them.
This is a foundational concept of the passion economy and the natural byproduct of Davidson's first two mottos. In "The Passion Economy," he cites
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