5 Rules for Succeeding in the New Economy

Things change and happen so quickly these days, it’s hard to keep up with everything and always be in the loop. Right now, there is a lot of talk about the economy – 18 months have passed since Wall Street collapsed, and many people are still trying to figure out who to blame for the financial disaster that robbed us of our nest eggs. Because we have a hard time adjusting our mindsets to match the speed at which technology changes the playing field, we aren’t always so quick to catch on to what has happened until that change has been replaced by an even newer one. It’s a wonder we get anything accomplished at all, given how fast everything changes! In fact, this slowness to react is exactly why most people miss out on big possibilities before they become big. These 5 rules I will outline below are designed to give you an edge in getting ahead of the next big thing so when it comes along, you are ready to take full advantage of it.

Indeed, there are some hard and fast rules about this New Economy that anyone can apply to their lives with relative simplicity and begin to see some positive results in a short amount of time.

How do I know these rules work? Because I have applied them to my life in the last few months and since doing so, everything has changed for the better. In fact, I have never looked back! Dramatic shifts in all areas of my life, from my primary relationships to my business activities to how I feel about myself, have improved! And it didn’t take a 2-ton sledgehammer to get it to happen, either.

So, what are these 5 new rules, you ask? Here they are:

1. Get on Board with Social Media or Perish. Period.

Yup, that’s right. This was a hard one for me to embrace at first because I am a highly private person. The thought of being “broadcast” across the Internet was, frankly, intimidating and scary. I was afraid of being vulnerable if too much of me was “out there” on the World Wide Web for anyone to see. However, when I reached the point of being stuck in my professional life, I recognized the need to embrace the new way of doing things outweighed the need to stay hidden, and so I took the plunge and joined Facebook. That was my first big step into the online networking world, and I realized almost instantly that my life didn’t collapse or get invaded the minute after going live on this site. In fact, the opposite occurred. My life became more enriched because I opened myself to this new way of connecting to others. Now I am an avid social networker and the rewards have been far greater than I ever dreamed possible.

While I don’t advocate joining every single social network available online, I do know that the more networks you belong to and contribute value to (this is a key point; see #5 below for more details), the better off you will be as you navigate through this new economy. The advent of social media and its complete dominance in how we view our relationships with others has given new meaning to the word community. Being involved in online networks enhances who you are and as a result, adds value to what you do.

Whether you are looking to build a huge business empire or simply make large deposits into your relationships bank account, true wealth comes to those who actively build huge networks.

2. Embrace Technology. It’s Not Going Anywhere!

We live in a wired world. The youngest generation is sometimes referred to as “Digital Kids.” Computers, cell phones, texting, the Internet…all are here to stay and all are being used in vast ways to stay in touch, market, sell, promote. You name it, and it’s being done with technology. According to Kevin Kelly, editor of Wired Magazine,technology – with the computer at the center of that category – has moved from being a method of computing data to a means of being connected to our most intimate and special communities. The basic needs we humans have to being a part of something greater than ourselves hasn’t changed with the shift to living in a plugged in world, but the way we communicate with each other, perceive each other, and connect with each other has changed, dramatically. Learning how to use the latest and greatest techno gadgets is critical for surviving in the New Economy.

3. Be Transparent.

Transparency has to do with the Trust Factor, which must be one of your top priorities. And I think it’s one of the hardest rules for people to follow because we are wired to self-protect. Revealing too much can be as disastrous as revealing too little. Finding the right balance is key.

Citing studies of human behavior, I can point to numerous researchers who agree that keeping certain things hidden or private about ourselves or what we are involved in is part of our nature. It has to do with self-preservation and survival. Certainly, revealing EVERYTHING about yourself isn’t necessary in every circumstance, but an overall honest and transparent approach to showcasing who you are and what you offer is going to get you farther than if you hide. I call it the WYSIWYG principle. People get suspicious of others who seem to be keeping secrets or not being totally truthful. That breeds distrust,and distrust is a guaranteed killer in the social and business world today.

In the end, knowing who you are, liking who you are, and presenting who are you to the world will get you farther than just about anything else you do. Trust is won and lost with a click of the mouse in the New Economy, and once it’s gone, it’s gone for a long time. Remember, news travels REALLY fast these days and it can be difficult to undo it once out there!

4. Own Online Real Estate. But Also Be Quick to Rent.

Whether it is simply your name dot com or you want to become the Donald Trump of the World Wide Web, owning a piece of the Internet is critical to long-term survival in the New Economy. If anything, it gives you a way to connect to other people via a website, blog, or “rented” space in one of the big online communities like Facebook or Twitter. In fact, because there are so many outlets for people to share ideas, having a rental mentality can lead to great things in the New Economy.

For example, we all only have so many hours in the day. Having too many sites to manage at once can become overwhelming, not to mention a foolish use of our precious time. Like home owners, website owners are expected to perform regular maintenance – add new posts, photos, etc.Those sites that are slapped together but never maintained quickly gather dust and eventually perish. At the very least, they never see any traffic, a sure guarantee of website death.

But the New Economy allows you to join or rent spaces in other people’s houses, or communities, which have already been built, and are being maintained regularly. As long as you sign and agree to the terms of use, you are free to add value to that particular gathering place. Doing so increases your value, too, because you are showing others you have something worthwhile to contribute. Once again, adding value is key to success in this arena.

5. Brand Yourself.

Branding yourself may sound strange at first, but it is definitely a critical component of operating successfully in the New Economy. Our collective psychology has shifted to one that likes the familiarity of brands – we have become conditioned to respond to symbols of brands we see as we go about our days. The Golden Arches, the green circle of Starbuck’s, the Nike swoosh…all of these brand symbols hold tremendous power in the marketplace of ideas as well as commerce.

Since each of us is an individual, we may have less of a global impact in terms of our personal brand than Nike or Starbuck’s, but we can nonetheless tap into the same principles of consistency and exposure when we brand ourselves the way the big corporations and product lines do. In the Dummies Series on Branding, authors Bill Chiaravalle and Barbara Findlay Schenk explain the power of creating a personal brand.

Specifically, they say that by developing a personal brand, you can:

* Establish yourself as an expert in your field
* Enhance your visibility and reputation within your community or industry
* Differentiate yourself from competitors based upon your unique style and talents
* Gain influence in social or business arenas

Personal branding has been going on for quite some time, but never before has it been as important as it is today in the New Economy when competition is fiercer than ever.

As you can see, there is overlap in principles among the rules, but that is exactly what mirrors how the New Economy works! Everything connects in some way to something else…just look at the “The 6 Degrees of Separation” experiment on Facebook to see how real and popular a concept this is. Certainly, these 5 rules I’ve outlined here today are not the only rules for finding success in the New Economy, but I believe they are the most important ones for people to grasp right now if they are serious about staying ahead of the curve instead of being left behind.