{"id":10546,"date":"2018-08-24T04:00:39","date_gmt":"2018-08-24T04:00:39","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=10546"},"modified":"2018-08-24T04:00:39","modified_gmt":"2018-08-24T04:00:39","slug":"core-principles-of-success-in-the-sharing-economy","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/core-principles-of-success-in-the-sharing-economy\/","title":{"rendered":"Core principles of success in the sharing economy"},"content":{"rendered":"<p>The sharing economy has quickly overtaken many business sectors. To be successful in the sharing economy, a company must adhere to four core principles that also define successful entrepreneurship in general:<\/p>\n<ul>\n<li><strong>Greater efficiency <\/strong>\u2013 there is a technological solution for almost every day-to-day operation. An upfront investment in new technology can increase total output and\/or reduce expenses, leading to greater profit in the long run.<\/li>\n<li><strong>Trust <\/strong>\u2013 trust must be established between buyer and seller. Time spent getting to know who consumers are and what they want allows for tailored communication and marketing strategies that improve trust.<\/li>\n<li><strong>Innovation <\/strong>\u2013 innovation is important; however, not all innovation requires new ideas. Thinking \u201coutside the box\u201d and adopting strategies from other industries gives consumers greater service and changes their expectations. As innovation requires versatility and risk, it is important that companies not be afraid to fail.<\/li>\n<li><strong>Active community<\/strong> \u2013 the sharing economy is built around dissemination and scalability, which isn\u2019t possible without an active community. One of the easiest ways for entrepreneurs to build a community is through active engagement online (Twitter, Facebook, Instagram, etc.). By facilitating two-way communication, a company can build a community and establish brand loyalty.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-10546 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='How ecosystems can help financial institutions win with small businesses'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-ecosystems-can-help-financial-institutions-win-with-small-businesses\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/07\/how-ecosystems-can-help-financial-institutions-win-with-small-businesses-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13358\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13358'>\n\t\t\t\tHow ecosystems can help financial institutions win with small businesses\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='\u201cThe Innovator\u2018s Solution: Creating and Sustaining Successful Growth\u201d by Clayton Christensen and Michael Raynor'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-innovators-solution-creating-and-sustaining-successful-growth-by-clayton-christensen-and-michael-raynor\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2016\/10\/51qWWOy59TL._SR600315_PIWhiteStripBottomLeft035_PIAmznPrimeBottomLeft0-5_PIStarRatingFOURANDHALFBottomLeft360-6_SR600315_SCLZZZZZZZ_-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3677\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3677'>\n\t\t\t\t\u201cThe Innovator\u2018s Solution: Creating and Sustaining Successful Growth\u201d by Clayton Christensen and Michael Raynor\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Digital banking: the once a differentiator is now a commodity'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/digital-banking-the-once-a-differentiator-is-now-a-commodity\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/istock-629776586.jpg__640x360_q85_crop_subsampling-2-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8853\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8853'>\n\t\t\t\tDigital banking: the once a differentiator is now a commodity\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The sharing economy has quickly overtaken many business sectors. To be successful in the sharing economy, a company must adhere to four core principles that also define successful entrepreneurship in general: Greater efficiency \u2013 there is a technological solution for almost every day-to-day operation. An upfront investment in new technology can increase total output and\/or &hellip;<\/p>\n","protected":false},"author":5,"featured_media":10652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[77,49,81,406],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10546"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=10546"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10546\/revisions"}],"predecessor-version":[{"id":10692,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/10546\/revisions\/10692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/10652"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=10546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=10546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=10546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}