A New Economy is Coming. Here Are 5 Ways to Prepare Your Mindset for Personal Success

Follow these few tips to let go of the old economy mindset and transition to the new economy.

Experts have been predicting a new economy for a few years now, and astute observers and analysts can already see that it is here. While several catalysts drive the acceleration, exponential technologies, the global debt bubble, changing demographics and the recent pandemic are a select few.

Even those that are most change-resistant amongst us agree that the world will look very different by the time this decade ends. However, many folks are still in denial, succumbing to denial-led obsolescence. Several paradoxical changes in the new economy conflict with old-school thinking and need diametrically opposite approaches. The foundations for the new economy are built on the paradox, which makes it hard for old economy folks to transition out — unfortunately, many will not make it.

The shifting landscape

The term "new economy mindset" refers to a way of thinking and approach to business focused on innovation, adaptability and modern technology to drive growth and success. This mindset often involves a willingness to take risks, embrace change, think outside the box to stay ahead of the competition and remain relevant in today's rapidly changing economic landscape.

"The pace of change has never been this fast, yet it will never be this slow again." - Justin Trudeau

Why You Need to Think Outside the Box

Old economy: baggage patterns I have seen a few different patterns of baggage which hamper progress and block the transition or success in the new economy.

1. Resisting truth

Understand yourself, watch your reactions and analyze if you resist every new technological change like artificial intelligence, metaverse, cryptocurrencies, autonomous driving, etc. Missing out on the first wave of success in the new world makes people upset, and you either play victim or adversary — neither is helpful in your transition into the new world. But if you take positive action, understand the opportunity and dimension the risks, you set the foundation for growth.

It is also important to remind yourself that these shifts are fundamental whether you like them or not. If these changes cannot be bent to your thought process, you change your thinking and adapt or get left behind. People who have built nothing and have opinions about sticking to the old economy are already obsolete and often subject to ridicule.

2. Living in the past

Many of us have had very successful careers in the past decade or two; this success hinged on skills, background and ability to do things in a certain way. However, as the turf changes around us and the new realities of the new economy unfold, many people hold on to security from the past to masquerade their insecurity. While nostalgia is a great feeling, it blinds people to the progress around them.

"Progress is impossible without change; and those who cannot change their minds cannot change anything." — George Bernard Shaw

3. Sense of entitlement

Holding some title in an old economy enterprise neither makes you current, relevant or sought after. There is a high probability that your skills have not developed outside the realms of your responsibility. Spending many years in large archaic companies disconnects people from ground realities and turns them into administrators.

To succeed in the new economy, one must get hands-on, play with the dirt, make mistakes, look stupid and even be mocked. The definitions of scale have changed; complexity is now defined as doing more with less headcount and more innovative technologies. If your company's T-shirt gives you a sense of handling a complex job or a sense of entitlement, it might be time for some introspection.