From e36d45b9d1f8da13a09c1f6c437804faeea081da Mon Sep 17 00:00:00 2001 From: Yanir Seroussi Date: Wed, 12 Jun 2024 12:58:06 +1000 Subject: [PATCH] New TIL: The rules of the passion economy --- ...-06-12-the-rules-of-the-passion-economy.md | 27 +++++++++++++++++++ 1 file changed, 27 insertions(+) create mode 100644 content/til/2024-06-12-the-rules-of-the-passion-economy.md diff --git a/content/til/2024-06-12-the-rules-of-the-passion-economy.md b/content/til/2024-06-12-the-rules-of-the-passion-economy.md new file mode 100644 index 000000000..cf668fd7e --- /dev/null +++ b/content/til/2024-06-12-the-rules-of-the-passion-economy.md @@ -0,0 +1,27 @@ +--- +title: The rules of the passion economy +author: Yanir Seroussi +type: til +date: 2024-06-12T02:50:00+00:00 +url: /til/2024/06/12/the-rules-of-the-passion-economy/ +summary: Summary of the main messages from the book The Passion Economy by Adam Davidson. +showBreadcrumbs: true +tags: + - books + - business + - career + - quotes +--- +I recently read [The Passion Economy by Adam Davidson](https://www.goodreads.com/book/show/45152042-the-passion-economy). The book has some good stories, but I felt like it stretched the main idea a bit too much towards the end (especially the part that glorified Google). + +That said, I liked the chapter about the rules of the passion economy, so I'm posting them here for future reference: +1. **Pursue intimacy at scale:** Identify what you love and do well, match your passion to those who want it, and listen to customer feedback. +2. **Only create value that can't be easily copied.** +3. **The price you charge should match the value you provide:** Price drive costs, value is a conversation, passion pricing is a service, note your best alternative to a negotiated agreement, charge a lot and then earn it, pay may come in other ways than money, keep changing your prices and offerings, salary is a price, the price you charge should feel good to you, pricing low isn't a strategy, and pricing is your value. +4. **Fewer passionate customers are better than a lot of indifferent ones:** Value pricing requires selling to the right people, don't rush into a niche too quickly, the best customers are those who seek you out (eventually), and passion/pricing/value/customers are all different views of the same thing. +5. **Passion is a story:** You're selling a story – it better be true, always tell the truth, you must tell your story – it is told in every detail of the business. +6. **Technology should always support your business, not drive it:** Do what tech and large industry can't do, tech-driven scale creates space for businesses built on value and passion, and tech tends toward bigness (so stay small). +7. **Know what business you're in, and it's probably not what you think:** Change your value capture constantly and your value creation slowly. +8. **Never be in the commodity business, even if you sell what other people consider a commodity.** + +Much of this aligns with lessons I've learned about running a solo business (see references at the top of [my post on LinkedIn as a teachable skill](https://yanirseroussi.com/til/2024/04/11/linkedin-is-a-teachable-skill/)). In fact, I learned about the book from [an episode of The Business of Authority](https://www.thebusinessofauthority.com/episodes/the-passion-economy-with-adam-davidson-replay), a podcast that explored the same ground as the rules across years of inspiring episodes.