Friday, March 07, 2008

Create a product to get rich on Linkedin


Here's a little secret that will make a BIG difference in your bank account: If you want to get rich by leveraging the Internet, remember just one thing: create your own product.

Most people are still in "job" mode and that is not good. Economically and financially, that is.

A job does not and will never belong to you. It belongs to the employer.

A product which you create and constantly refine, however, belongs to you. And once you have a product, you can sell it to a huge number of people through Internet and/or Fedex.

A lot of people make a big deal out of China and India emerging as economic powers that offer cheap labor and low-cost knowledge workers to North American or European employers, but this trend (outsourcing knowledge work to other countries) can actually be a blessing in disguise.

For instance, it can create a paradigm shift in the minds of professionals and managers in developed countries. Specifically, it can signal to everyone -- especially the knowledge workers on Linkedin -- that the age of "labor" has come and gone.

We are now entering the age of (creative) talent.

Capitalism, indeed, is slowly but surely morphing into a strange economic system that I call "talentism." I will write more about this phenomenon later.

For now, let me share with you the surprising idea that without a product that you legally own, you will be vulnerable in the knowledge economy.

You will also not be able to profitably leverage social networks like Linkedin.

Indeed, what's the point of having 500 connections on Linkedin if you have nothing to sell to them?

Most people might object that they don't know how to create a new product. It's true that it's not easy, otherwise most Linkedin users would have a product to sell.

However, the good news is that you CAN create a product out of your knowledge and professional experience.

You probably never thought about this, but in your head, there are millions of dollars in unrealized economic value.

The problem -- and this applies to all Linkedin users who are employees -- is that this valuable knowledge only comes out once you are hired by an employer, and you are put in a "working environment" that elicits knowledge and knowhow from you.

In other words, you only make money if you're in an office environment and your name appears on an employer's payroll.

That's ridiculous.

Your value should come out 24 hours a day, 7 days a week.

In other words, you could be 20 times richer than you are today.

The trick is to simply turn your tacit (i.e. in your head) knowledge into explicit (i.e. in the world) knowledge that anybody else -- provided they are literate -- can read, use, implement and get value from.

In fact, they don't even have to be literate since you can produce an audio book!

Stay tuned for more.