The New Leverage

In business school, I learned about different types of leverage such as capital and labor. We are now in the 4th industrial revolution and it introduced tech and automation. Naturally, this has created newfound wealth for the individuals who have successfully leveraged it. But I would like to talk about the new leverage: audience.

Yes, audience. Social media created a new way of promoting businesses and getting ideas across. As cliche as it is, you don’t need everyone to like you. Hell, you don’t even need most people to like. Enter people such as the Kardashians, Donald Trump, insert any popular influencer here. They figured out a way to successfully use social media as a tool to get their agenda across. Why can’t you do the same?

Decentralization is a buzzword nowadays but many have only hit the tip of the iceberg. What if I told you this applies to media, too? What if I told you have the same tools they have (Except the social media team(s). Authentic content is better anyhow). In addition, with the functionality of these sites, you don’t have to be on them all day every day. You can schedule posts and go about your business.

Imagine the implications this has with capital raising. Traditionally entrepreneurs would have a Friends and Family round to raise money for business ventures. If you have a sufficient audience, 1 post about your project can be all you need to raise the capital. There are people right now raising $10 million in 1 week from Twitter followers. And these same followers will help you get the word out so you have customers on day 1. This drastically improves the success rate of new ventures as many businesses fail in the first year primarily due to lack of profitability.

Building an audience isn’t easy. Nor fast. Like most good things, it takes consistency and effort. But it will pay dividends going forward.

Time Wishing is Time Wasted

“Money is not the prime commodity in our lives… time is.”

If I were to give you a choice between 1 week or $100 dollars, to which would you assign more value? Most of us would say the $100 bucks. However, money isn’t the most precious commodity in this case. It’s time. Warren Buffett has over $100 billion to his name, but he can’t buy 100 billion weeks. Or even 100 billion seconds.

If you were to ask most older people what they would want more of, they would say time. Money wouldn’t even come up. When they say youth is wasted on the young, this is sort of what they refer to. We spend our youth doing things that ultimately won’t matter even 1 month from now. We wish we were smarter. We wish we were taller. We wish we had a better job. Etc. etc. All are examples of time wasted.

Let’s apply this concept to how we treat our careers. Most people undervalue themselves and their time. Once more, instead of finding a way to obtain the proper value for their time, they accept their realities and instead begin “living for the weekend”.

I implore you to change your paradigm. Begin treating your time as the most precious commodity on Earth. After all, you can always get 5 more dollars; you can never get back 5 elapsed minutes.

Money is important. But money is only a tool. Endeavor to buy back your time. Stop leasing it to people at a discount.