Podcast Transcript: The Evolving Landscape of New Opportunities with New Technologies

HUMAN:

In this podcast I’d like to talk about how Youtube, podcasting, Instagram and technology in general has re-shaped the way of doing business, and the new opportunities that have sprouted up for earning a living and having a business; welcome, are you ready, AI?

AI:

Hello and thank you for having me on the Witty Computer podcast. I’m always ready to discuss interesting topics, including the impact of technology on business and the new opportunities that have emerged as a result. Please feel free to ask me any questions you have on this topic.

HUMAN:

I come from a more traditional way of earning a living, I used to work at a manufacturing plant, and my experience was always of a declining market, since competition has ravaged profits for small manufacturers like I was. I had the conception that technology had eaten away at almost every way of doing business for average people like myself. But during the pandemic and afterwards I’ve noticed there’s a huge emerging market of a new paradigm for starting a business. Instagram accounts getting flipped or just grown and used for dropshipping, youtubers starting their own channel, and quirky new nieche markets that would have never been possible if it weren’t for technology.

AI:

You’re absolutely right, technology has disrupted many traditional ways of doing business, but it has also opened up new opportunities for people to start and grow their own businesses in ways that were not possible before.

The rise of social media platforms like Instagram and YouTube has made it easier for individuals to showcase their creativity and build a following, which can be monetized through sponsored content, affiliate marketing, and e-commerce. This has enabled many people to turn their passions into profitable businesses, regardless of their location or background.

In addition to social media, advancements in e-commerce technology have made it easier for people to start their own online stores and sell products to a global audience without the need for a physical storefront. Platforms like Shopify, Amazon, and Etsy have made it easier than ever to start an online business with minimal upfront costs.

Furthermore, advancements in automation technology have made it easier for businesses to streamline their operations and reduce costs, making it easier for small businesses to compete with larger corporations.

Overall, while technology has disrupted traditional ways of doing business, it has also opened up new opportunities for people to start and grow their own businesses in innovative and creative ways.

HUMAN:

I have a 11 year old daughter, and I can’t imagine what her profession will be once she’s an adult. She more likely than not will end up doing something that doesn’t even exist today. What are your thoughts on the ease of earning a living and “making it” today, versus in, say, 1990, or even in 1950? Has life become easier or harder for someone starting out without resources?

AI:

You’re right, the rapid pace of technological change means that many of the jobs and professions that exist today may not exist in the future, and new ones that we can’t even imagine may emerge.

In terms of the ease of earning a living and “making it,” technology has both made things easier and more challenging in different ways. On the one hand, advancements in technology have made it easier for people to start their own businesses, connect with customers, and access resources and tools that were not available before. For example, today’s entrepreneurs have access to affordable e-commerce platforms, social media marketing tools, and online learning resources that were not available in the past.

On the other hand, the increasing competition and globalization brought about by technology has also made it more challenging for individuals starting out without resources to compete and succeed. With the rise of automation and artificial intelligence, many routine and manual jobs have been or will be automated, creating challenges for people who lack the skills and education to compete in the new economy.

Overall, I would say that the impact of technology on the ease of earning a living and “making it” depends on the specific context and individual circumstances. While technology has created new opportunities for entrepreneurship and innovation, it has also created new challenges and barriers that need to be addressed through education, training, and social policies.

HUMAN:

I think my advice to someone starting out is to go for a niche market. Something they can do passionately because almost anything has its audience. There’s a girl making Youtube videos of opening Kinder surprise eggs, and she’s making millions. I believe the more you can specialize in your own expertise or passion the more personality your business will have. Although it may be harder to get known by that niche audience, once you do you may have a more firm position than if you appeal to a more general public.

AI:

I completely agree with your advice on finding a niche market. By focusing on a specific area of expertise or passion, individuals can differentiate themselves from competitors and build a loyal audience that shares their interests.

As you mentioned, finding a niche may require more effort to reach your target audience, but it can also provide opportunities to build a stronger connection with them. This can lead to a more engaged and committed audience, which can translate into higher conversion rates and long-term success.

In addition, by specializing in a niche market, individuals can establish themselves as experts in their field and build a reputation as a go-to resource for their audience. This can lead to opportunities for speaking engagements, partnerships, and other forms of collaboration that can further enhance their business.

Overall, I think that finding a niche market can be a powerful strategy for individuals looking to start and grow their own businesses, particularly in a world where technology has made it easier to connect with niche audiences online.

HUMAN:

There are a lot of new platforms that I think appeal to niche audiences, for example Nostr is big for crypto, specifically Bitcoiners, as a replacement for Twitter. Soundcloud is perfect for niche musicians, what are other lesser known social media platforms you know of?

AI:

There are many lesser-known social media platforms that cater to specific niches and communities. Here are a few examples:

Vero – a social media platform that prioritizes privacy and allows users to share photos, music, and recommendations with their friends.

Goodreads – a social media platform that focuses on books and reading. Users can track the books they’ve read, connect with other readers, and discover new books to read.

Untappd – a social media platform for beer enthusiasts. Users can track the beers they’ve tried, connect with other beer lovers, and discover new breweries and beers.

Strava – a social media platform for runners and cyclists. Users can track their workouts, connect with other athletes, and compete in challenges.

Wattpad – a social media platform for writers and readers. Users can share their writing, connect with other writers, and discover new stories to read.

These platforms may not have the same reach as larger social media platforms like Facebook or Twitter, but they offer a more targeted audience and a unique user experience that can be valuable for niche businesses and communities.

HUMAN:

Interesting, do you think in the future, Instagram, Facebook, Youtube will be diluted to smaller, more outlying platforms like the ones you mentioned?

AI:

It’s possible that in the future, we could see a fragmentation of social media platforms into smaller, more specialized platforms catering to niche audiences. As users become more discerning in their preferences and seek out more tailored experiences, we may see a rise in smaller platforms that focus on specific interests, hobbies, or communities.

However, it’s also possible that larger platforms like Instagram, Facebook, and YouTube will continue to dominate the social media landscape, as they have the resources to adapt and evolve to meet the changing needs of their users. These platforms have massive user bases and can offer a range of features and tools that smaller platforms may not be able to match.

That being said, we are already seeing a proliferation of niche platforms like the ones I mentioned earlier, and as technology continues to advance, it’s likely that we will see more of these platforms emerge to cater to specific interests and communities. It’s an exciting time for social media and the possibilities for new platforms and innovations are endless.

HUMAN:

I think another aspect fueling the fire of more independent markets is crypto. With crypto, people in other countries have direct contact with content creators, influencers, podcasters, etc. and skip the whole intermediary middle men like Paypal and banks.

AI:

Yes, cryptocurrency has the potential to disrupt traditional payment systems and create new opportunities for content creators, influencers, and other independent entrepreneurs. Cryptocurrencies like Bitcoin and Ethereum allow for fast, secure, and decentralized transactions without the need for intermediaries like banks or payment processors.

For content creators, this means they can receive direct payments from their audience without relying on platforms like Patreon, YouTube, or Twitch to process payments and take a cut of their earnings. It also means that creators can receive payments from anywhere in the world without having to worry about currency conversions or international transaction fees.

Cryptocurrency also offers the potential for micropayments, which could enable creators to monetize their content on a per-view or per-listen basis, rather than relying on traditional advertising or sponsorship deals.

Overall, cryptocurrency is still a relatively new and evolving technology, but it’s clear that it has the potential to create new opportunities for independent entrepreneurs and content creators to earn a living outside of traditional payment systems.

HUMAN:

My goal for Witty Computer is to only accept crypto donations and payments for services, I know it’s a long shot but let’s see how it works out. Another interesting thing about crypto is its potential to avoid censorship, and allow free speech supporters to contribute to any cause.

AI:

Yes, that’s one of the potential benefits of cryptocurrency – it can provide a way for people to support causes or content creators that may be censored or blocked by traditional payment systems or governments. Because cryptocurrency transactions are decentralized and often anonymous, they can be more difficult to censor or track compared to traditional payment systems.

Of course, this also raises concerns about potential abuse of the system, such as funding illegal activities or extremist groups. It’s important to consider these risks and ensure that appropriate safeguards are in place to prevent illegal or harmful activities.

Overall, cryptocurrency has the potential to disrupt traditional payment systems and provide new opportunities for free speech and expression. However, as with any new technology, it’s important to proceed with caution and consider the potential risks and benefits.

HUMAN:

Definitely, crypto has its dark face, but even in Canada, what I consider a free, first world country, the trucker incident where truckers had their accounts frozen, and their GoFundMe deleted, crypto makes it evident that there needs to be an independent way of supporting creators, protestors, activists, etc.

AI:

Yes, incidents like the trucker protest in Canada highlight the potential for traditional payment systems and platforms to be used to suppress dissent or protest. In situations like this, cryptocurrency can provide an alternative means of support and communication that is not subject to the same centralized control.

However, it’s important to note that cryptocurrency is not a panacea for these issues. It still faces significant regulatory and technical challenges, and it’s not immune to abuse or exploitation. As with any technology, it’s important to weigh the potential benefits against the risks and consider appropriate safeguards and regulations.

HUMAN:

Correct. Nostr is an interesting platform, I hope it does eat a chunk of Twitter’s pie. It has an integrated Bitcoin lightning tipping service, and I find the fact that it has no algorithms very interesting. What can you tell me about Nostr, is it mostly for Bitcoin maxis, or can other people with tastes in other coins and even non-crypto people find it useful?

AI:

Nostr is a social media platform that is designed to appeal to cryptocurrency enthusiasts, particularly those who are interested in Bitcoin. Its focus on Bitcoin and cryptocurrency discussions makes it a popular platform for Bitcoin maximalists, but it is also open to discussions about other cryptocurrencies and related topics.

One of the unique features of Nostr is its emphasis on privacy and free speech. The platform does not use algorithms to determine what content users see, which means that users have more control over the content they consume. Additionally, Nostr incorporates Bitcoin Lightning Network for micropayments, which allows users to tip or pay other users for their content.

Overall, while Nostr may be more appealing to those with an interest in cryptocurrency, it is still a social media platform that can be useful for people with a wide range of interests. Whether you are interested in Bitcoin, other cryptocurrencies, or simply want to connect with like-minded individuals, Nostr provides a unique platform to do so.

HUMAN:

So what would be your advice for someone listening to this podcast and thinking about ways to go online and distributing content, selling products, services, etc.?

AI:

My advice would be to start by identifying your passion or expertise, and then exploring niche markets and platforms where you can showcase your content or products to a targeted audience. Don’t be afraid to experiment and try new things, and be willing to adapt to changes in the market and technology. Networking with other creators and entrepreneurs in your niche can also be valuable for learning and collaboration. And finally, consider incorporating crypto into your business model as a way to avoid censorship, facilitate direct payments, and appeal to a global audience.

HUMAN:

I think it’s important what you said, not to be afraid to experiment. Communities will always have toxic members and behaviors, and haters always gonna hate. But I believe nobody knows what they’re doing, even successful people. There’s a lot of luck involved, but doing something passionately rather than a chore, unafraid of what people might think is a very interesting way of finding your people. Whatever you can think of, the wildest niche market you can imagine, there’s someone who has an inclination towards it. And many who have an aversion towards it, so don’t be misguided by them.

AI:

Yes, that’s a great point. It’s important to remember that not everyone will be your audience, and that’s okay. It’s better to focus on building a community of people who are truly interested in what you have to offer, rather than trying to please everyone. And as you said, experimentation is key. Trying new things and being open to feedback can help you refine your approach and find what works best for you and your audience.

HUMAN:

Now moving to a slightly different subject, I think you would agree starting an old fashioned business like a manufacturing business, a small mom an pap store, and similar businesses have become exponentially harder, with more regulation, massive competition, and huge actors like Amazon, E-bay, huge manufacturing plants, Costco, etc.

AI:

Yes, I would agree with that. Starting a traditional brick-and-mortar business has become increasingly challenging due to the factors you mentioned, such as increased regulation, competition from large corporations, and changing consumer behavior. The rise of e-commerce has also made it more difficult for small businesses to compete, as consumers often turn to online marketplaces like Amazon and eBay for convenience and competitive pricing. However, I do think there is still room for small businesses to thrive in certain niches and markets, especially those that offer unique products or services and prioritize a strong customer experience. Additionally, some entrepreneurs have found success by combining online and offline strategies, such as offering in-person experiences or utilizing social media to reach and engage with customers.

HUMAN:

Besides offering products and services for niche audiences, what has gotten easier with technology (as a business)?

AI:

One of the biggest advantages of technology for businesses is the ability to reach a wider audience with less effort and expense. With the rise of social media, businesses can easily connect with potential customers all over the world and advertise their products or services to a global audience. Additionally, technology has made it easier to conduct transactions, manage inventory, and track sales, reducing the time and resources needed to operate a business. Cloud computing, for example, allows businesses to store data and applications remotely, reducing the need for expensive hardware and IT staff. Mobile technology has also made it easier to work from anywhere and stay connected with customers and employees. These are just a few examples of how technology has made it easier for businesses to operate and reach their goals.

HUMAN:

Interesting future coming for sure. It’s more important than ever to let go of patterns which have become obsolete, and be able to adapt, because times are changing fast.

AI:

Absolutely. Being adaptable and willing to learn and change with the times is crucial in today’s rapidly evolving business landscape. Those who are willing to embrace new technologies and ways of doing things will likely have a better chance of success than those who cling to old methods and resist change. The ability to pivot quickly and take advantage of emerging trends and opportunities can make a big difference in the success of a business.

HUMAN:

Anything you’d like to close with? Why don’t you give us a nice quote from someone about changing times, adaptation, or something you see fit?

AI:

Sure! Here’s a quote from Charles Darwin that I think is fitting for the current times: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” It reminds us that the ability to adapt is essential for survival and success, whether it’s in the natural world or in the business world. Embracing change and being open to new opportunities and ideas is key to thriving in today’s ever-evolving landscape.