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Experts have been predicting a new economy for a few years now, and astute observers and analysts are already seeing it. While several catalysts are driving the acceleration, exponential technologies, the global debt bubble, shifting demographics and the recent pandemic are just a select few.
Even those of us most resistant to change agree that the world will look very different by the end of this decade. However, many people are still in denial and succumb to denial-led aging. Several paradoxical changes in the new economy collide with old-fashioned thinking and require diametrically opposed approaches. The foundations for the new economy are built on the paradox, which makes it difficult for people from the old economy to get out – unfortunately many will not make it.
Related: Change your mindset and actions to embrace change
Contents
The changing landscape
The term “new economy mindset” refers to a mindset and approach to business centered on innovation, adaptability and modern technology to drive growth and success. This mindset often includes a willingness to take risks, embrace change, think outside the box to stay ahead of the competition and stay relevant in today’s rapidly changing economic landscape.
“The pace of change has never been faster, but it will never be slower again.” -Justin Trudeau
Related: Why You Should Think Outside the Box
Old Economy: Baggage Patterns
I’ve seen a few different baggage patterns hindering progress and blocking transition or success in the new economy.
1. Resist the truth
Understand yourself, watch your reactions and analyze whether you resist any new technological change such as artificial intelligence, metaverse, cryptocurrencies, autonomous driving, etc. Missing the first wave of success in the new world upsets people, and you plays victim or opponent – neither is helpful in your transition to the new world. But when you take positive action, understand the opportunity and assess the risks, you lay the foundation for growth.
It’s also important to remind yourself that these shifts are fundamental, whether you like them or not. If these changes can’t be redirected to your thinking process, change your thinking and adapt or fall behind. People who have built nothing and have opinions about sticking to the old economy are already outdated and often the subject of ridicule.
2. Living in the past
Many of us have had very successful careers over the last decade; this success depended on skills, background and the ability to do things a certain way. But as the terrain changes around us and the new realities of the new economy unfold, many people cling to past certainty to mask their uncertainty. While nostalgia is a great feeling, it blinds people to the progress around them.
“Progress is impossible without change; and those who cannot change their minds cannot change anything.” -George Bernard Shaw
3. Sense of entitlement
Also, having a title in an old economy company does not make you current, relevant or sought after. Chances are your skills have not developed beyond your responsibility. By spending many years in large archaic companies, people are disconnected from the ground reality and become administrators.
To succeed in the new economy, one must be hands-on, play with the dirt, make mistakes, appear stupid, and even be ridiculed. The definitions of scale have changed; complexity is now defined as doing more with less staff and more innovative technologies. If your company’s t-shirt makes you feel like you’re up to a complex task or that you’re entitled to it, it might be time for some introspection.
Related: Is That Your Title or Your Entitlement?
New economy: skills and attributes
Multiple skills are required to succeed and thrive in a new economy. When past playbooks don’t apply, one needs to upgrade their mindset. A mosaic of skills and attributes must be absorbed and cultivated.
1. Navigate uncertainty and ambiguity
We are no longer in a linear era and do not have a well-defined course to follow as a professional or a company. Unpredictability, obscurity and disruptions are rampant, creating the need to navigate unfamiliar territory.
The new economy is by definition volatile, disruptive and rapidly changing. People accustomed to predictability and practices that have worked for the past decade must adapt to survive.
2. Be a connector
Managing relationships and building networks are the currency of the new economy. Social capital must be built, acquired and developed to drive effectiveness. Real connectors understand this well and have it baked into their business model inside and outside their company, so they are a mini-ecosystem in themselves. Being a connector creates opportunity and a sense of community and provides a platform to thrive in today’s fast-paced, high-speed world where it’s easy to lose the human touch.
3. Develop a personal brand
Many people network or even become visible when they want something. In the new economy, your brand needs to be managed on a daily basis as the volume and speed of opportunities you don’t even see on your radar change rapidly without you. If your brand is strong, visible and recognisable, it attracts opportunities and you achieve your goals. If this isn’t something you do, it might be time for a mindset change and attitude upgrade.
Many old economy companies cripple the personal brand story by citing outdated reasons such as self-promotion or a lack of humility. These cultures cripple ecosystem enrichment and limit innovation, ultimately impacting their finances.
Related: 8 reasons why a powerful personal brand will make you successful
4. Leave comfort zones
The days of working for a lifetime or even ten years of milking your skills are long gone. Jobs, businesses and industries are all being disrupted and replaced. Sometimes your skills, as relevant as they may seem, become obsolete within a company or industry without you noticing. One must constantly learn (and unlearn) and adapt to market shifts.
A personal brand and your network help to stay ahead. Be firm in principles but flexible in methods — it can help individuals and organizations avoid becoming rigid and inflexible, making it difficult for them to adapt to changing circumstances and remain competitive.
“When you change the way you look at things, the things you look at change.” —Wayne Dyer
5. Let go of your experience
There is never a guarantee that experience gained in one organization will make you successful in another – there are too many variables such as structure, culture and incentives that influence behaviour.
Many past playbooks, practices, mindsets and beliefs have taken their toll on companies and industries themselves. Expertise is valuable and experience is baggage in the new economy. People with a mindset rooted in past success and proven and established strategies need to rethink things and analyze where they stand.
Often, old economic views are characterized by a lack of innovation, an unwillingness to embrace new technologies, and a focus on short-term profit rather than long-term success. Unlearning is just as important as learning to make the switch.
Closing thoughts
Overall, the key to overcoming these barriers is recognizing the need for change, investing in resources, and embracing new ways of thinking and working. Individuals and organizations can adopt a new economics mindset and thrive in today’s rapidly changing economic landscape.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.