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Knowledge: The key to riding out an economic downturn

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Published: 17Dec2008
Word count: 665
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If I asked you what GE, Disney, Hewlett Packard and Microsoft had in common your immediate response would probably be that they are some of the most successful companies of the past century, and you would be right. There is however, also another common factor that binds these companies together. They were all started during times when the world economy suffered a serious downturn:

- GE during the 'Panic of 1873'
- Disney during the 1923-34 recession
- Hewlett Packard during the Great Depression (1929-33)
- Microsoft during the 1975 recession

This little list made me think of the first lines of a little poem that I learned when I was a kid: "Two men looked out from prison bars / The one saw mud, the other stars!" It is so easy to get caught up in the doom and gloom that currently surround the economy and then forgetting that times of economic downturn also bring unprecedented opportunities with them. One of the main reasons for this is that companies are often more willing, for the sake of survival, to move beyond 'business as usual' and explore new ideas. This means that the companies, like those listed above, that are able to bring innovative ideas to the table are best placed to survive and thrive during tough economic times.

What is the implication of this for those looking to earn extra money from home? How does an individual respond to the current economic climate in an innovative, and profitable, way? For starters, simply deciding to earn money from home does not count as innovation! Lots of people are trying to do just that and end up doing boring and repetitive 'grunt work' for very little reward! Instead the key is to do something that will give you the opportunity to use your specific experience, skills and knowledge to your own advantage. The best way to do this is to tap into the so called 'Knowledge Economy' by selling your knowledge.

Think about it for a moment: Across the world thousands of people are searching for information on new ways of doing things. Their needs could be as simple as a new recipe to help them increase restaurant takings, or something as complex as an industrial process that will increase efficiency and productivity...and you may have that information floating around in your head or sitting on your hard drive! Connecting what you know with those who need to know it could therefore be one of the smartest possible things to do in the current circumstances. "But how is this possible?" you may ask. The answer is simple: Use the internet! The global reach of the web means that it is now possible to accurately, and quickly, connect the knowledgeable with the 'knowledge poor'. This can be done through putting what you know in a suitable format (e.g. a document, video, presentation etc.) and making it available online. I would like to encourage you to investigate how you can make this work for you:

- It may be that you can use the knowledge gained from practising a certain hobby to earn a bit of extra money by sharing some of your best 'tips and tricks'.
- It could also be that you can use a lifetime of work experience in a particular industry to make a full time income online.

Selling your knowledge will not only be a highly beneficial home working opportunity for you personally, it can also help other people to find new and innovative ways to prosper through the current difficult times: A classic win-win scenario. It also beats stuffing envelopes hands down!

My challenge to you is not to be sucked up by all the negativity everywhere you look, but to take up the challenge to change your life by benefitting from what you know. If you do, you will very soon see that the old saying had it wrong all along and that "It is not who you know, it is indeed what you know!"

Are you keen to prosper through the current economic doom and gloom by selling your knowledge? Please visit http://www.doxmart.com for practical advice on how this can be done.

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