New Business Models Nobody Ever Expected Would Be So Successful

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Some of the most successful business models are those that no one sees coming. When this happens, they take the world by storm and only a select few experience the explosive profits from them, while the rest of the society benefits from their use. The following contributed post is entitled, New Business Models Nobody Ever Expected Would Be So Successful.

* * *

Throughout history, we’ve seen a bunch of business models develop that have provided the average person with massive value – and made us all much wealthier. The nineteenth-century factory model, for instance, wasn’t pretty, but it was hugely effective, and it meant that the average person could begin living a semi-comfortable life.

In the 1920s, we saw the rise of the “bait and hook” model where manufacturers would lure customers with an initial low-cost product, and then upsell them. And in the 1950s, the franchise model was born, allowing businesses to grow very large while maintaining the incentive for excellence.

In the present decade, we’re likely to see the growth of some brand new and exciting business models, based on innovative technology.

There are already some seriously good examples of cutting-edge companies doing their best to change the way business works. Here’s what’s likely to emerge.

The Bluetooth Economy

Pexels – CC0 License

Imagine being able to confirm your identity wherever you went and gain access to facilities, garages, or your place of work 24-hours a day.

At the moment, seamless technologies are few and far between. But Bluetooth could offer companies an entirely different model.

Take the concept of storage smart entry, for instance. The idea here is that people just use their mobile devices to gain access to their storage areas instead of having to rely on keys or on-site personnel. But the same principle could apply across the economy. Stores, for instance, could allow trusted customers to let themselves in whenever they like, pay for products as they shop, and leave, without having to interact with an actual cashier. It sounds crazy, but it could happen.

The Transformation Economy

The more philosophical you become, the more you realize that material wealth isn’t the be-all-and-end-all to personal satisfaction. But that’s creating a problem in the wider economy. Most people don’t know what to do other than chase money. And it’s leading to a kind of existential anxiety where individuals aren’t quite sure why they’re here or what they’re doing.

The so-called “transformation” economy is trying to change that. Here, gurus in various fields are offering their services to help people navigate the strangeness and infinite complexity of life. Now that most people are wealthy (at least by historical standards), the hope is that they can use their money to derive a little more meaning from life. Once you’ve got all the trappings of luxury, what else is there to spend your money on than improving your lived experiences?

The Decentralised Economy

Pexels – CC0 License

Imagine a world in which each person sells their services to a range of companies but isn’t an employee of any.

It sounds a little dystopian, but the reality will be different. It’ll feel way more empowering than having to slog it out with a single employer, year after year. Instead, you’ll be able to dip into different kinds of work, face new challenges, and, hopefully, increase your pay at the same time.

The decentralized economy will hopefully allow anyone to earn money from anywhere, potentially solving the problem of unemployment.

Author: anwaryusef

Anwar Y. Dunbar is a Regulatory Scientist. Being a naturally curious person, he is also a student of all things. He earned his Ph.D. in Pharmacology from the University of Michigan and his Bachelor’s Degree in General Biology from Johnson C. Smith University (JCSU). Prior to starting the Big Words Blog Site, Anwar published and contributed to numerous research articles in competitive scientific journals reporting on his research from graduate school and postdoctoral years. After falling in love with writing, he contributed to the now defunct, and the Edvocate where he regularly wrote about: Education-related stories/topics, Science, Technology, Engineering and Mathematics (STEM), Financial Literacy; as well as conducted interviews with notable individuals such as actor and author Hill Harper. Having many influences, one of his most notable heroes is author, intellectual and speaker, Malcolm Gladwell, author of books including Outliers and David and Goliath. Anwar has his hands in many, many activities. In addition to writing, Anwar actively mentors youth, works to spread awareness of STEM careers, serves on the Board of Directors of the Friends of the David M. Brown Arlington Planetarium, serves as Treasurer for the JCSU Washington, DC Alumni Chapter, and is active in the Dave Ramsey Financial Peace Ministry at the Alfred Street Baptist Church. He also tutors in the subjects of biology, chemistry and physics. Along with his multi-talented older brother Amahl Dunbar (designer of the Big Words logos, inventor and a plethora of other things), Anwar is a “Fanboy” and really enjoys Science-Fiction and Superhero movies including but not restricted to Captain America Civil War, Batman vs. Superman: Dawn of Justice, and Prometheus. He is a proud native of Buffalo, NY.