Nº176 In Fashion to Follow Your Passion 🛍️🎒

hello, hello!

let's dive right into this week's theme: The Passion Economy and the Future of Work. It was inspired by an a16z article of the same name by a partner at the firm, Li Jin.

Their synopsis:

"The passion economy is the new gig economy.

Where the gig economy established turnkey ways for workers to make money, the passion economy is all about enabling people to turn their passions into livelihoods.

Gig work isn't going anywhere, but these new digital platforms help people monetize their individuality and capitalize on their creativity—whether that’s producing video content or playing video games.

[The article] explains what makes these digital platforms unique and how they're helping usher in the passion economy."

In many ways, I've seen this trend materialise in the work we do at Twotone. Both in the services we render as an agency as well as the people we work with (i.e. influencers, ex-athletes and other freelancers with unorthodox value propositions and business models that benefit our clients).

The vexing problem for most (including me, initially... and even still) is that simply following [monetizing] your passion may indeed be in fashion but understanding how to put it into practice is about as easy to grasp as a cactus. Why?

Well, here are 3 Reasons It’s So Hard to “Follow Your Passion”:

⌛Don’t Wait to Find Your Passion | One common misperception people have about passion is that it is fixed: you either have passion for something or you don’t. The problem with this belief is that it’s limiting, leading us to think of passion as something we discover or happen upon. You don’t necessarily even need to pursue passion at work. If your job does not allow you to pursue your passion, or if you just don’t want to do so at work, you can find time and space to pursue activities you are passionate about outside of your job.
💖Focus on What You Care About, Not on What Is Fun | One of the most common ways we try to pursue our passion is that we chase what gives us the most joy or is the most fun.The reality is that passion wanes over time, so if you just focus on following happiness, you might not stick with an endeavor like you would if you focused on how it helps you achieve what you care most about.
⚠️Overcome the Limits of Passion | If you are passionate about your work, bear in mind that this may lead to an inflated view of your own abilities and work output. This might make it more important that you seek out feedback from others, and clarify on where you truly stand; otherwise you may believe that your passion propels you, while it only does so in your head.

So how do you avoid those pitfalls & turn your dreams into a career?

According to Jon M. Jachimowicz (who studies passion & economic inequality at Harvard Business School, he suggests keeping the following in mind:

👨🏻‍💻passion is not something one finds, but rather, it is something to be developed
🌘it is challenging to pursue your passion, especially as it wanes over time
💨passion can also lead us astray, and it is therefore important to recognise its limits

His closing words about passion being something to be developed, an ongoing and challenging process, and the threat it poses to lead you off-track all stuck with me. I see all angles of his article in my own endeavours with Twotone. Certainly a nice reminder for introspection & being open to feedback as the year comes to a close so 2020, our 6th year, can be our best yet!

Speaking of which, save the date! We're throwing our 5th bday party on Friday the 13th of December!

As always, thank you for reading!

with appreciation,

Jon

p.s.

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📷: Yorit at last weekend's Pathfinder Giro!

Cycling

Amsterdam will ban all gas- and diesel- powered cars in the city by 2030

Street by Street, Amsterdam Is Cutting Cars Out of the Picture

Armed with a street-design tool called the knip, the Dutch capital is slashing car access in the city center, and expanding public transit hours.

The Twotone Gifting Guide 2019

We're on the verge of the holiday season here at the office and that means equipping editors with holiday wishlist recommendation options!

This electric bike is produced in Vietnam, but 60% of the parts (in terms of value) are from outside Vietnam.

From the new @WorldBank World Development Report: Trading for Development in the Age of Global Value Chains http://bit.ly/2Bga94D

Startups, Sales & PR

Silicon Valley Is Trying Out a New Mantra: Make a Profit

Start-up investors are warning of a reckoning after the stumbles of some high-profile “unicorns.” Now turning a profit is in.

3 Elements Of Business Planning Drive Future Success

Every business strategy should still be based first on a long-term business vision and goal:

What are you deeply passionate about? According to Collins and Porras, companies can only be really outstanding in areas where they are fully committed. The answer to this question should be formulated as ‘a customer’s problem the company is going to resolve like no other.’
What can you be the best in the world at? This questions going beyond one or two features or best-selling products. It is about identifying a core competence that others cannot match. It might be a patented technology, but it could also be the creativity of employees or logistic competencies of the company.
What drives the economic engine? This could be the utilization rate of a plant, the price premium of the brand, or the service offered or products sold. It is essential to keep this financial pillar in view.