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Why Digital Assets are Becoming the Future of Passive Income | by Preston Yadegar | ILLUMINATION | Feb, 2023

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Why Digital Assets are Becoming the Future of Passive Income | by Preston Yadegar | ILLUMINATION | Feb, 2023

And the reasons why alternative sources are falling behind

Binary code on computer screen
Photo by Markus Spiske on Unsplash

There are thousands, if not millions, of articles describing how you can generate passive income. Two of the most common ideas are:

  • Blogging (which creates indirect revenue from ads, sponsorships, affiliate marketing, etc.)
  • Online side hustles (which creates direct compensation for copywriting, social media marketing, assisting, consulting, etc.)

These ideas are fine, but the truth is that they can take a lot of time. You might not capture any income from these sources for weeks, if ever. What sounds like a source of “passive” income may turn out to be anything but. Side hustles can require a good deal of work, at which point you might as well just call it a second job.

You may be able to generate steady cash flow from these sources eventually, but the upfront input costs are meaningful.

This is a big deal for many people who need or want additional income. Spending 100 hours of your precious time to create a blog, all for a few cents of ad revenue, simply isn’t worth it.

Perhaps the most successful alternative for generating passive income is creating and selling digital products. This category is becoming bigger by the day.

Digital assets include things like templates, spreadsheets, ebooks, and graphics. For instance, you can create spreadsheet templates for any of the following use cases:

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  • Personal budgeting
  • Retirement planning
  • Project management
  • Event planning
  • Marketing campaign management
  • Personal productivity / goal setting

Alternatively, you can create and sell assets like Notion templates, Canva templates, and graphic designs. These products can vary in price, from as low as $1 to upwards of 600€ a piece!

Premium Notion Listing going for 600 Euros
Screenshot by author from Notionery

It’s not enough to create a nice template though. It needs to look attractive and provide the user with an intuitive, guided experience. Otherwise, the user may simply be confused and will regret buying your product.

Here’s an example of a nice-looking spreadsheet I found on Tiller:

A spreadsheet for retirement planning by Tiller
Screenshot by author from Tiller

This template does a few things right:

  1. Leverages charting features to create an easy-to-understand result
  2. Pre-populated with sample information to act as a baseline for new users
  3. Provides spacing between different components to provide clarity
  4. Uses colors to signify different ideas and increase visual appeal
  5. Includes a brand asset which may generate some referral traffic

Compared to a plain spreadsheet, this asset has much greater chances of delighting the user and providing value.

But you have to go beyond the basics these days to capture meaningful value. Anyone can create a spreadsheet with pretty graphs and eye-catching colors. Indeed, many such assets are already available for free.

In order to succeed, you need to create products that are tailor-made to specific use cases, and those products need to provide direct value to users. Blog posts tend to provide very thin value, if any at all. Maybe you change someone’s way of thinking for the better, but how actionable or impactful is that change?

If you’re having trouble thinking of new use cases, then you can instead think about specific verticals. Going with the topic of retirement planning, you might make a retirement plan tool designed just for teachers (or police officers, photographers, etc.). Think about what problems or issues that group of people might face in relation to the broader use case.

Creating a valuable digital asset isn’t enough on its own; you also have to get it in front of the people who need it.

It is true that these assets do require some input costs (e.g. for distribution). But this task is relatively easy compared to blogging and side hustles. Because these assets are standalone products, attracting demand can be quite straightforward in practice.

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Blogs have to compete in a global arena of content. How will someone discover your blog? Why would they read your blog over another one? What tangible value is your blog creating for readers?

The answers to these questions reveal that it’s quite difficult to do well in blogging. To make matters worse, people are becoming less interested in written content in general, as video and audio content rise in popularity.

On the other hand, people may find digital assets quite easily. Someone searching for a solution to a particular problem (e.g. retirement, management) already has high intent. You can list your assets on a dedicated marketplace or listing center where people already go. In many cases, that actually means getting blogs (or other commentators) to write about your digital asset. Rather than be the writer, be the creator.

Coupled with the fact that these tools have much less competition (i.e. than blogging), it’s easier to stand out and be discovered. By thinking on the forefront of niche problems, perhaps you can escape the crowd and find success.

If you can figure out how to get your tool in front of your target audience, then perhaps you can attract enough attention to generate revenue. Post about your digital assets online (i.e. social media) to get the attention of your potential users.

I hope that this post inspired you to create something valuable for others. While blogging and online side hustles will increase in competitiveness, digital assets will continue to evolve and expand in value.

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If you’re looking for more ideas on generating passive income, follow me on Medium.

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AI Will Transform the Workplace. Here’s How HR Can Prepare for It.

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AI Will Transform the Workplace. Here's How HR Can Prepare for It.

Opinions expressed by Entrepreneur contributors are their own.

Our workplaces are about to undergo an unprecedented level of transformation, and HR will take center stage. Artificial intelligence will dramatically reshape HR in a way that goes beyond recruiting, hiring and talent management. Leadership teams at all levels need to embrace this change to transform and lead their organizations forward.

It’s the people, and not the technology, that makes AI initiatives a success. Intrapreneurs, in particular, are the driving force behind it. As I shared in Fearless Innovation, I noticed this when I was working on the innovation agenda for the Great Places to Work study — the most innovative companies were those that had a leadership team that was embracing intrapreneurship and were open to change.

HR is the beating heart of any organization, and as such, it needs to take center stage in both adopting and leading ethical and innovative AI transformation across the organization.

Related: How Artificial Intelligence Is Reinventing Human Resources

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4 tectonic shifts AI will drive in HR

1. A new wave of massive reskilling

As AI becomes more prominent across business functions, the need for new skills will only grow. Forty percent of enterprise leaders believe that their workforce would need to reskill as a result of AI and machine learning. In fact, research shows almost a third of all hours worked in the U.S. could be automated by 2030.

All of us need to reskill to some extent to be relevant in the AI era. Not only would people need to re-train, but generative AI is introducing a whole host of professions that have been non-existent until recently, from AI ethicists to human-AI interaction designers. Some of these roles might sound futuristic, yet they are becoming increasingly relevant as technology advances.

2. The great restructure

As automation takes center stage across more business functions, there will be the inevitable need for organizations to restructure and rethink how they work. This transition will not only involve the integration of new technologies but also introduce a shift in the workforce dynamics. Intrapreneurs will need to identify gaps both in skills and operational processes and forge brand-new roles for themselves and those they manage. HR must play a key role in enabling a smooth and easy transition in this regard. The transition will not be smooth or easy, and it’s only HR that has the capability to make it impactful.

3. Arrival of “digital humans”

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“Digital human” may sound like an oxymoron, but that’s the term that’s starting to appear in business and operational plans. More roles, regardless of industry, are becoming digitally enhanced where some form of AI assistance is embedded in their everyday work. A real-life example is the introduction of the digital nurse — AI-powered healthcare agents which have already been proven to outperform human nurses in certain tasks.

Imagine the impact these digital roles will have on the workforce the more sophisticated and prevalent they become. Eventually, HR will need to create policies and systems in place that account for this new type of “staff augmentation.”

4. Regulating the robot

The threat of AI bias and misuse is serious. Not only can the technology put many jobs at peril, but potential improper implementation can expose organizations to serious liability and negatively affect the workforce. From avoiding bias to inclusivity, HR teams play a critical role in the ethical deployment and management of AI technologies.

HR professionals will be tasked with navigating the delicate balance between leveraging AI for efficiency and ensuring that its application upholds fairness, privacy and non-discrimination.

Related: How to Successfully Implement AI into Your Business — Overcoming Challenges and Building a Future-Ready Team

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What HR intrapreneurs must do to embrace AI the right way

The future of work is being shaped by AI adoption, and its success hinges on the right approach from the outset. My experience shows that for successful organizations, one universal trait stands out: the presence of change agents. Every organization, regardless of size, benefits from intrapreneurs who are open to change and committed to spearheading transformation efforts. These intrapreneurs are pivotal in driving the future of work, as they help orchestrate the integration of new technologies into their business models.

HR and talent leaders should harness this dynamic, encouraging a symbiotic relationship with intrapreneurs to develop customized solutions for AI adoption, ensuring that they are not just keeping pace with technological advances but are actively shaping their trajectory.

Securing a seat at the table:

HR should take a proactive stance in the adoption of AI, even if it is still in its early stages within your organization. By securing a position at the forefront of the AI initiative, HR can and should facilitate and guide the entire organization in embracing this significant change.

As AI has the potential to impact every facet of the organization, it is imperative for HR to not only understand and advocate for this technology but also lead its integration across all departments. HR should encourage and support intrapreneurs and all employees to leverage AI in their daily tasks, demonstrating its value not just for operational efficiency but for personal and professional growth as well.

Master the technology:

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To effectively navigate and regulate AI, HR must first understand it thoroughly. Grasping the full potential of this technology is crucial for reaping its extensive benefits. HR plays a vital role in identifying the necessary tools and skills that employees must acquire and then integrating these learnings into daily work practices.

Before implementing AI more broadly, HR should initiate comprehensive training programs that not only educate but also reassure employees about AI’s role in the future of the business. By leading these educational initiatives, HR can shape the structure and effectiveness of these programs, ensuring they meet the needs of the organization and its workforce.

Related: 3 Ways to Prepare Your Business For an AI Future

Looking ahead

Generative AI has the transformative potential to redefine the business landscape, but realizing this vast potential hinges on more than just the adoption of technology. It critically depends on the talent within the workforce, driven by HR and bold intrapreneurs. These visionary leaders don’t just implement new tools; they exemplify their use, demonstrating the profound impact of AI across every level of the organization.

HR plays a pivotal role in fostering this environment, enabling intrapreneurs to guide and inspire every individual they touch. Together, they turn each employee into a catalyst for change, igniting a widespread passion for innovation that deeply resonates and sustains long-term success.

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

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Samsung: 6-Day Workweek For Execs, Company in Emergency Mode

Four-day workweeks might have all the buzz, but one major tech company is going in the opposite direction.

Samsung is implementing a six-day workweek for all executives after some of the firm’s core businesses delivered lower-than-expected financial results last year.

A Samsung Group executive told a Korean news outlet that “considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis.”

Lower performance combined with other economic uncertainties like high borrowing costs have pushed the South Korean company to enter “emergency mode,” per The Korea Economic Daily.

Related: Apple Is No Longer the Top Phonemaker in the World as AI Pressure and Competition Intensifies

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Executives at all Samsung Group divisions will be affected, including those in sales and manufacturing, according to the report.

Samsung had its worst financial year in over a decade in 2023, with the Wall Street Journal reporting that net profit fell 73% in Q4. It also lost its top spot on the global smartphone market to Apple in the same quarter, though it reclaimed it this year.

Though employees below the executive level aren’t yet mandated to clock in on weekends, some might follow the unwritten example of their bosses. After all, The Korea Economic Daily reports that executives across some Samsung divisions have been voluntarily working six days a week since January, before the company decided to implement the six-day workweek policy.

Entrepreneur has reached out to Samsung’s U.S. newsroom to ask if this news includes executives situated globally, including in the U.S., or if it only affects employees in Korea. Samsung did not immediately respond.

Research on the relationship between hours worked and output shows that working more does not necessarily increase productivity.

A Stanford project, for example, found that overwork leads to decreased total output. Average productivity decreases due to stress, sleep deprivation, and other factors “to the extent that the additional hours [worked] provide no benefit (and, in fact, are detrimental),” the study said.

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Related: Samsung’s Newest Galaxy Gadget Aims ‘To See How Productive You Can Be’

Longer hours can also mean long-term health effects. The World Health Organization found that working more than 55 hours a week decreases life expectancy and increases the risk of stroke by 35%.

The same 55-hour workweek leads to a 17% higher risk of heart disease, per the same study.

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John Deere Hiring CTO ‘Chief Tractor Officer,’ TikTok Creator

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John Deere Hiring CTO 'Chief Tractor Officer,' TikTok Creator

This article originally appeared on Business Insider.

Agriculture equipment company John Deere is on the hunt for a different kind of CTO.

The brand on Tuesday announced a two-week search to find a “Chief Tractor Officer” who would create social media content to reach younger consumers.

One winning applicant will receive up to $192,300 to traverse the country over the next several months showcasing the way John Deere products are used by workers, from Yellowstone National Park to Chicago’s Wrigley Field and beyond.

“No matter what you do — whether it’s your coffee, getting dressed in the morning, driving to work, the building you go into — it’s all been touched by a construction worker, a farmer, or a lawn care maintenance group,” Jen Hartmann, John Deere’s global director of strategic public relations, told AdAge.

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To kick off the search, John Deere tapped NFL quarterback Brock Purdy (who will presumably be a bit busy this Fall to take the job himself) to star in a clip in which he attempts to set out on a road trip in an industrial tractor.

Suited up in the obligatory vest, work boots, and John Deere hat, Purdy’s progress is interrupted by teammate Colton McKivitz hopping into the cab while a string of messages floods in from other athletes and influencers expressing interest in the job.

The clip also represents the first time that the 187-year-old company has used celebrities to promote itself, Hartmann told AdAge.

According to the contest rules, entrants have until April 29 at midnight to submit a single 60-second video making their pitch for why they should be the face and voice of the company.

In addition, entrants must live in the 48 contiguous states or DC — sorry Hawaii and Alaska residents. Interestingly, any AI-generated submissions are prohibited, too.

Videos will be judged against four categories — originally, creativity, quality, and brand knowledge — after which five finalists will be chosen and notified after May 17.

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