Barb and I enjoy binge watching television shows. Companies like Netflix and Hulu (as well as networks that create subscriber access to all their shows and then some) have created an “on demand” lifestyle of entertainment. The only live television I watch is sports, especially because it’s nearly impossible to keep scores and results a secret with social media and pop-up notifications. We have full control of what we watch, when we watch, and for how long we watch.
The same is true with activities like getting transportation (Uber and Lyft); finding restaurant reviews (Yelp and Trip Adviser); and finding someone to deliver food from your favorite restaurant (Uber Eats and Amazon). Technology has provided the opportunity to live “on demand.”
Because of this phenomenon, an On Demand Economy is growing and beginning to create a business model for aspiring entrepreneurs.
It’s not unusual for employees to have a “side hustle,” where they create or buy into a product or service where they gain revenue outside of their work. Multi-Level marketing companies have fostered this for years, and now opportunities created by Lyft, Uber Eats, and other on demand businesses make it easy for people to work when they want, for as long as they want. These entrepreneurs have created an “on demand” business to cater those that want services “on demand!”
Take a look at your business. What “on demand” options do you offer? If banks can offer on demand check deposits, then you can find a way to create offer on demand services to your clients. The reality is that today it seems like a cool thing to have. In five years, you’ll be obsolete if you don’t offer it.
Final thought: I believe all people living in 1st World economies like ours have an opportunity to create their own income outside of a job. It’s never been easier than before to innovate and offer your unique talents in an on demand economy (as long as you’re not contractually restricted from it). The On Demand Economy is on the rise and will be a wave that carries new entrepreneurs and ingenious companies. Will you be one of them?
Quote of the Week:
“Nine-tenths of wisdom is being wise in time.”
~ Theodore Roosevelt
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