504 views | Chika Ike-Ojukwu | March 2, 2021
By: Chika Ike-Ojukwu
The steam-powered engine, which replaced muscle power or localized methods of pressure, ushered in the Industrial Era in Great Britain. Humans’ labor, social, and political lifestyles all changed dramatically as a result. Excess goods and services were shipped to areas where they were needed. After that, as information technology advanced, things began to shift. About 60 years ago, the knowledge or digital era began. The computer’s invention resulted in a change from slower, localized methods of transmitting information, goods, and services to a more rapid, global process. Since the whole world has become a global community where everyone can meet without physically meeting, this age is often known as the “Digital Media Age”. However, the digital age has recently acted as a foundation for the advent of a new period known as the “Connected Economy”.Mark Zuckerberg (Facebook) was just 34 years old in 2017 when He came to Nigeria and this is worth over $56 billion and is operating in the connected economy, while the richest man in Nigeria and Africa, Aliko Dangote, is 67 years old and worth about $12.2 billion and is still part of the industrial age.
The connection economy, unlike the industrial economy, rewards value generated by building relationships and nurturing interactions, rather than assets and “things.”More, stronger, and faster are valued in the industrial economy, while the relationship economy is based on who you know, what you know, and how that knowledge affects your connections. Because of the technological shrinking of the planet into a small village, the Connected Economy was born out of a growing global need for value in goods and services. Human beings now have access to billions of people with whom they can do business and sell goods or services. You don’t have to produce something in the Connected Economy; all you have to do is link. Consider this scenario: You link 1 million people to a $5 value, but your benefit is only $1.It means you made a profit of $1 million dollars by hiring 1 million people. The Linked Economy is the Economy of Limitless Possibilities and Prosperity.
The global economy is already in a state of crisis as a result of COVID-19, and most industries and companies are attempting to adapt and thrive. Service and retail, which are at the end of a value chain, face various obstacles as a result of social distancing, and all business activities are halted. Many citizens will be forced to reconnect with who they are, as well as their relationships with others and the world, as we move away from the industrial growth economy. According to S&P Global Market Intelligence, a provider of multi-asset class and real-time data, analysis, news, and analytics, there were 40 retailers filing bankruptcy in2020, including some major loans, as of July 2020. However, Multi- level Marketing(MLM) is one of the markets that is projected to be less impacted by the pandemic, with estimates of two-digit growth, close to the dramatic growth seen from 2015 to2019, and some MLM companies are still growing. As a result, more ways to make money must be generated in order for money to be invested.MLM or Network Marketing firms have developed and continue to build ways for people to gain additional income. Many of these individuals have gone on to become millionaires and operate highly profitable small businesses on their own.
MLM produces thousands upon thousands of independent small companies that can be of tremendous economic benefit in today’s world of big corporations, where small businesses are becoming a rare breed. What is the explanation for this? Since small companies have the potential to keep the economy going and stable. Large companies generate jobs, but they also drive small businesses out of business. The majority of the time, small companies are unable to compete with large corporations. In addition, when these major businesses collapse, layoffs impact a significant number of people. Traditional small businesses can be replaced by independent MLM businesses. Big businesses find it difficult to bring these MLM companies out of business. One explanation for this is that these small MLM firms have very low costs and can be managed on a shoestring budget. They can also be done part-time as Network Marketers continue to operate. Many network marketers are unaware that they are assisting in the stabilization of the economy. They’re producing a source of income that isn’t contingent on their work. They have an independent source of income that will support them in the event that they lose their job for some cause. This stabilizes the economy, as more people spend money on a daily basis to keep the economy going forward. A Home-Based MLM Company can also greatly augment one’s income, allowing for increased spending.
Small businesses are key to any economy’s survival. Independent MLM Home Businesses will and are taking the place of traditional small businesses that are being forced out of existence by big companies as big corporations take over the business world in this connected economy.