When will the economy come back?

People ask “when will the economy come back”. The answer is “it will not. not like it was. not like you buy an appartment and sell it in 2 years for 200%”

But there will be a new economy.

A big positive is that 1 billion new people will enter the middle classes in the next decade. This will double the global middle class. This will double the number of consumers in the world.

The Europe and USA Challenge is that this will be happening in India, Asia, Brazil.

Internet has changed sourcing. We all compete globally. If what I do in my job is “follow a recipe”, I will be outsourced to India. If what I do requires thinking and doubt and uncertainty and relationships with people and trust, then I am going to prosper. If what I do can be scaled and is valuable globally, I am going to be rich and I will thrive.

Social media and web video are the catalysts for breaking the domination of the physical contact as the only route to building trusted relationships.  Social media, blogs, web video I believe can allow the establishment of deep, trusting relationships without the need to ever physically meet the other person and look them in the eyes.  Reputation is moving online.

Keys to Future:

  • Innovate through really knowing your best customers (what is their pain?) (even if you are not in sales, yes you do have “customers”)
  • Go global via internet, web 2.0
  • Take great care of your reputation

There you go… economy of the future 101.  Am I right or am I wrong?

My brother Aidan writes a great weekly blog on economics and finance. He compares the current global financial situation to a childrens’ game of pass the parcel.

Author: Conor Neill

Hi, I’m Conor Neill, an Entrepreneur and Teacher at IESE Business School. I speak about Moving People to Action.

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