Throughout the history and even today there are places on earth that have huge scarcity for food and clean water. But most of us who are living in the western society do not have that problem and no wonder why some of the Westerners are throwing their food mindlessly and irresponsibly without consideration about the rest of the world.
Sadly some people in the poorest nations still have to struggle for their day-to-day necessities, which most of us don’t have to bother about. However, there is some scares resources and also the market manipulators tries to implement a noise for some products showing there is a scarcity out there. As Seth Godin says “The media amplifies our envy of physical goods with reality TV shows and commercials about that next thing you ought to buy, if you hurry, if you can borrow to do so.”
Do you think there is a scarcity in the digital world? I think there is this huge market stimulation mechanism going on and the best marketers always pays the game for their favour. But it’s not as same as how it works in the physical world. Read “Trust Me I’m lying” by Ryan Holiday. Amazing book on hos the media works and you can play the media in a much effective way.
You may argue, hold on there is all this music you can access online right now! but is that all you need? How to do you get your hands on that last-minute buy or loose forever product? 24 hours to go and you won’t see this again?
In One of Seth Godin’s articles he points out that economies are always based on scarcity (hence the term ‘economize’). There is no market for humming, for example, because everyone has unlimited humming at their disposal at all times.
In Peter Diamond’s book on “ABUNDANCE” he says we live in the most abundant times on the generation. So it should be applicable for the digital economy as well right?
Seth describes what the abundant digital world is, what’s scarce? Where is the economy?
The answer is the connections. In the digital world, it’s the connection which matter the most. Who trust you most? Whom do you know and have access to connect with that person you want to pitch?
From my own personal journey towards getting started my online business development company. It’s that connections which bought us the first few deals. Still referrals and connections are the most valuable of revenue and business steams we have.
Now I have started to ask questions like “is my next action going to build a relationship or take from it? Am I earning trust or burning trust?
I would like to share Seth Godin’s words here with you:
“In the connection economy, we reward art and innovation and things worth talking about. We seek out transparency and generosity and the long-term. Sure, there are still people who will profit in the short-run by burning the assets they’ve got, but as we get ever more connected, that’s just not going to scale.”
Further explaining he says “Connection and leadership and trust are going to get ever more valuable. Sure, go ahead and shake your head in agreement, but when you get back to work, are you busy working in the scarce universe or trying to build a place for yourself in the new one?”
Great questions to ask, so keep this in mind and start building connections. If you wish to run a thriving online business in the near future and build a business empire, it starts today from your actions!
By: Fernando @ Futurist Business Ltd.