Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 315 | September 22-28, 2023
The Definition of Value Is Changing — Here’s What Entrepreneurs Need to Know to Survive the Shifting Global Trends
By Jarrett Preston | Entrepreneur Magazine | September 25, 2023
Extractive Summary of the Article | Listen
Entrepreneurs have long worked hard to build their wealth and create dynasties by creating value in the marketplace and finding unique ways to solve problems. In recent years, however, the way entrepreneurs have been approaching this has shifted. Entrepreneurs need to understand this updated landscape to capitalize on these changes and continue building their multigenerational dynasties.
As technology continues to quicken the speed of human advancement, the actual things we use to symbolize value will likely keep changing. This is because the way that we value our time, energy and life experience is evolving beyond just survival.
Instead of homes, cars and belongings, people are finding more value in freedom. Freedom of experience. Freedom of time. Freedom of expression. Freedom of opportunity.
No longer are fiat currencies and tangible assets the go-to; in fact, studies show that the growing trend of other nations to establish alternate trade routes concerns entrepreneurs about the long-term value of the dollar. Entrepreneurs are looking outside the USA to international vehicles, currencies, and other categories to diversify so their wealth and businesses survive. They are looking for assets that retain their value and that they value personally.
How value is perceived. Because of the pandemic, people are valuing their time as an asset more than previous generations. People are no longer waiting around and assuming that they have time to waste — Because of the worldwide quarantines from the pandemic, people feel that they need to make the most out of their lives in every way possible. This awakening has led to a significant difference in what people consider valuable and how they want to run a company.
How value is experienced. If you want to shore up your business with a hedge against inflation or a market downturn, consider how to increase your portfolio of assets. How someone experiences their assets directly correlates with how they experience their life and the purposes they need them to serve.
Overall, things are different now. There is a big difference between materialism and lived experience. Materialism for previous generations was the equivalent of wealth. Their net worth was tied to their belongings, and that was in alignment with their value system as people. However, lived experience is what today’s generations value above everything else. Assets are to be used to elevate life and delight the senses, which is why travel is so highly coveted.
2 key takeaways from the article
- Entrepreneurs have long worked hard to build their wealth and create dynasties by creating value in the marketplace and finding unique ways to solve problems. In recent years, however, the way entrepreneurs have been approaching this has shifted. Entrepreneurs need to understand this updated landscape to capitalize on these changes and continue building their multigenerational dynasties.
- What each entrepreneur, investor or asset holder perceives as valuable will be unique to them. So, when purchasing or acquiring an asset, get clear on what that asset will do for you, how it will retain its value, whether it will cash flow or give you more time or location freedom, how quickly you can liquidate for cash to meet payroll or any other emergency business or personal needs and what its value is in your life.
(Copyright lies with the publisher)
Topics: Entrepreneurship, Value, Freedom, Purpose, Experiences