Common pitfalls and myths of the new economy

It’s not high school.

But some of the advice that people are embracing reminds us of those days… Things that everyone tells you that aren’t true:

It’s possible to get rich quickly without taking risks (not really)

Just because someone bought some crazy dog currency or NFT and got lucky doesn’t mean that you will. It’s remarkable when someone beats the odds because, by definition, the odds are always hard to beat.

Every social media platform has stars and if you follow the path, you will become one (not most people)

There are more media stars now than ever before in history. But the nature of the power-law curve is clear: in order for a star to be valuable, most people can’t be one. Doing what the last star did is not likely to get you what the last star got.

The best way to build a following online is to be fully authentic (oof)

Keanu is not Neo. He’s an actor. Youssou N’Dour doesn’t go on stage when he feels like it, he goes on stage when it’s showtime. The world will never know you, but they will judge you. Or at least the you that is presented when you go online.

The hardest part of online commerce is building your website (well, no.)

Actually, it’s simply the part you do before you go live. It’s the clothes you wear, not the way you actually engage with the world. The hard part is finding an audience and earning the benefit of the doubt. The hard part is creating community, leading and building something people want.

Freelancing is like having a job without a boss (alas)

Well, you still have a boss. It’s you. And you might not be a good one. Freelancers spend part of their day doing the work, and the rest of the time earning better clients.

The hard part of the work is doing the work.