The Passion Economy and COVID-19
An interview for Authority Magazine about how we can adjust, now and later, to COVID-19
I think of the twentieth century as the great time for the middle. It was great to be middle class, it was great to have a mid-quality company serving a mid-sized audience. You could be a perfectly adequate but unexceptional accountant, wine maker, chocolatier, ad agency, bank, whatever and there would be an audience — probably a geographic one. People went to the perfectly fine service provider nearby. In today’s terms, it was the 4-star economy — it was good to be fine. Today, we are seeing the death of the middle, the death of the adequate but unspectacular. We are seeing what some economists call the barbell effect — things are moving away from the middle. Local and regional banks, accountants, beer makers, wine makers, etc, are collapsing. Success is at the far ends. You need to choose: intimacy or scale. Scale is a great choice if you want to be a billionaire. The best way to become wildly wealthy is to take over an entire industry with massive automation. But most of us don’t want that. And most who try fail. So, I believe that the best choice — the new choice — is intimacy. Focus on a small product or service that you can do uniquely well and seek out that audience that loves what you provide. Don’t worry that 99% of people won’t get what makes your thing special, won’t want it, or won’t be willing to pay enough for it.
Read the rest at Authority Magazine.