The Passion Economy with Adam Davidson
You may have heard our guest Adam Davidson on NPR (he co-founded their Planet Money podcast), but his—well, passion—is what he calls “The Passion Economy”.
He makes the case—including some mesmerizing stories—that we can create deeply impactful, financially successful businesses from our deepest talents and passions. Or, as he puts it: “I’m going to put me and the wholeness of me into how I make a living. It’s a strong choice. It’s not a trivial choice.”
Why passion alone isn’t enough—we also need rigor and hard work to build a successful Passion Economy business.
Rethinking your client base as a very tight, intimate group, because fewer passionate clients beat a lot of indifferent ones.
How to get clear on the unique value you bring to your clients—and weave that into your business model (and marketing).
When letting go of non-ideal clients is essential and how it changes the dynamics of your work.
Why pricing should be a dialogue between you and your client vs. a static thing (and why a “shocking” price may be exactly what you need).
Quotables
“What do you want to be worried about at 3 in the morning—cause you’re gonna be worried at 3 in the morning if you’re an entrepreneur.”—AD
“The passion word should convey: I’m going to put me and the wholeness of me into how I make a living. It’s a strong choice. It’s not a trivial choice.”—AD
“The rest of us have to use the tools of scale, use the tools of digital communication…to find our intimate group, to find our tiny village even if they’re thinly spread all over the world.”—AD
“You don’t want to be the same. You want to say I do this one thing and I do it really well and 99% of people have zero use for it, but there are people who will love it.”—AD
“You want to become THE brand for your micro niche.”—AD
“1/3 of your customers…are costing you money…if you actually add up the time and how much you’re making, you’d be way better off doing new customer development—or just sleeping.”—AD
“It’s the stuff you’re thinking about when you’re doing the pitch that is often the most valuable. You’re looking at this company, you’re sizing them up, you’re taking in what they’re asking and then you’re really coming up with a big strategic vision…the value you’re adding is often front-loaded in that pitch.”—AD
“Price really should reflect a dialogue between you and your customer. That customer is getting unique value from you. What is THAT value?”—AD
“What if I doubled my prices tomorrow—what would happen? That probably for most people will provoke a crisis.”—AD
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