Today's message begins a mini business and investing course that shows why colonial property, nostalgia and old time values have extra appeal. This can help you improve your business as it will help you zero in on better ways to reach your clientele. Investors gain too because it shows you which businesses and hence their shares are likely to do well.
To understand where business is going we need to look at three concepts, the first being how the industrial revolution has affected mankind. I have written often about how the economic evolution outlined by Austrian economist, Joseph Schumpeter, shows how innovation created industrial revolutions that alter the way we live, work and earn and keep money. Each shortened our dimensions of time and space through five great economic eras that began in the late 1700s:
ERA #1: 1785-1845-fueled by water power-60 years. Textiles and iron works were the backbone of growth industries.
ERA #2: 1845-1900-fueled by steam-55 years. Railways and steel provided the main growth in this era.
ERA #3: 1900-1950-fueled by the internal engine-50 years. Electricity and chemicals provided the major growth.
ERA #4: 1950-1990-fueled by electronics-40 years. Petrochemicals and aviation were the innovations which became mainstream in this period
ERA #5: 1990-current-fueled by digital networks- 30 years+ ? Software and new media create the growth elements in this era.
Everything is about to change yet again! The billionaires of today are likely to be the “has beens” of tomorrow and this is happening sooner than anyone can imagine. Never before has an old boys' network been overturned so fast. The railway and oil magnates of the first and second era dominated the world's wealth for centuries. Electronics, car and airline multimillionaires lasted perhaps 50 years. The Internet and communications wealth will be overshadowed in as little as a decade.
Add this all up. Change. Access to markets and information. Ability to plan, organize and sell. Anyone can take advantage of these new opportunities as times change. To spot the best ways to make money in the future, look for innovations that truly alter the way we deal with space and time in large or small ways.
One way we can diminish time and space is through quantum mechanics and there are two ways this will happen. See them tomorrow.Until then may all your time be filled with joy.