It is amazing the number of people I meet on a daily basis who have all kinds of knowledge stored in their brains but still have not figured out yet how to convert all this knowledge into money.
Can this be achieved? … Well, here are my personal thoughts.
- Knowledge does not convert into money. Knowledge is the multiplier for work. Work converts into money. It is only challenging to say the least to convert knowledge into money if one is not willing to put any work to support their knowledge with. So for all the day dreamers out there, it all starts with “smart work”.
- Work is not translated into dollars until you find people willing to embrace your product or service. In other words, unless you have knowledge that others 1) need in its raw form, 2) cannot acquire on their own, and 3) are willing to pay for, then knowledge by itself is just potential. Like a car with no gas. Combine knowledge with the energy/effort needed to apply it to a purpose, you might get somewhere.
- Stop thinking and start doing. Most people would rather talk and not perform any actual work. They’re thinkers, not doers. Or, it could be that they are scared to fail, or find out that their knowledge isn’t all that unique or important. Start executing and lose the fear.
- Be realistic. One cannot expect to make it rich by writing a book on the fact that the earth is egg-shaped, or photosynthesis. People know that already. So unless you write very well, or become a teacher, or something of the kind, you will not convert knowledge into money.
- Master networking. At the end of the day, unless you have an insane amount of practical knowledge, you’re going to be less successful than the people who are really good at networking. Big businesses these days are shifting towards looking for people who can network, rather than people with theoretical knowledge about their business, because they figure that when you’re doing a degree in higher education you don’t actually learn to work for someone, and you don’t necessarily learn the skills that you’ll need for the job they want you to do; so the idea is that they take someone who has a personality suited to generating contacts and networking between businesses (which is not something you can easily teach) and teach them the skills they’ll need to work the job (which is something that is easily taught).
Bottom Line: Knowledge is the application of intelligence. There are some smart people who can rattle off facts and figures but can’t think their way out of a wet paper bag. Most investors have the facts and figures of the stock market which are readily available but how do you put that together to formulate a winning strategy and do so more often than not? That takes knowledge of the broader environment to understand how a product might be received in the general buying public and take off when the raw numbers might indicate just a so-so reaction. That kind of knowledge comes with time and experience. You need to learn from those that possess such knowledge and learn the skills yourself.
Every type of knowledge is not born equal. Their value fluctuate according to the times, and according to each situation. You may either flow towards areas of knowledge which are known to generate money or figure out a niche where your knowledge is considered to be of value to other people.
Money is only one of the values knowledge can be turned into, either directly or indirectly, through monetizable activities. Those activities which bring material wealth are mostly of concern to the poor or greedy, because they depend so much on it. Once our basic needs are taken care of, most of us will be on the lookout for those values which have little to do with money, but can sometimes be acquired in exchange of it. Since material wealth is a socially constructed phenomena, knowledge ought to be subjected to market trends, as a tool, a service or a product, in order to be transformed into numbers in a bank account. (Oddly so, money can be one of the less tangible and most fictional of values created by knowledge. Such monkeys we are…)
To sum it up, look around you. Ask yourself how you and your knowledge can be of service to others. Develop a business model around an area of activity which can sustain itself through the value it brings to others. Learn to enjoy knowledge for itself and never forget why people are willing to pay for it.
Share your thoughts…