Cheap, Unbound, Convenient, …
What Is Our Economy All About?
“At the price quoted we will furnish all the materials to build this ten-room house, including mill work, lumber, lath, shingles, porch ceiling, siding, flooring, finishing lumber, building paper, eaves trough, down spout, sash weights, hardware, nails, cases, colonnade, roofing, painting material, mantels, tile and grates.”
from Sears Modern Homes, 1921
In a recent conversation with a fellow gig-entrepreneur, we were discussing what our economy is about and how the gig model is a perfect fit. The attributes we collected were "cheap," "unbound or free," and "convenient."
Let me explain:
Maybe it goes back to 1896 when the Sears Catalog featured the header “Cheapest Supply House on Earth.” Research by UCI described it as: “Price mattered, and a “cheap” and affordable consumer economy matured in Chicago geared to selling a branded product at a “bargain” aimed at every price-point in a family budget.”
That was long before the Walmart economy, described by Business News Daily as: “It is no secret that the retail giant provides products to U.S. consumers at a low cost. A so-called Walmart economy allows workers to buy the products they need without having to rely on higher-cost products. Products at a reduced price give millions of people many benefits.”
And also, long before Amazon started to provide an enhanced buying experience and yet more customer cost-savings. In short, consumers and corporations in this economy love cheap products and services.
In addition to "cheap," our economy also values convenience. And the same three generations of retailers were or are able to provide that as well. Sears with decades of catalog shopping and shipping to the most remote corners of the country. Walmart with its Supercenters and its omnipresence. And, over the years, Amazon’s company maturation has provided not only cost savings, but also a previously unknown level of convenience.
The attribute "free" or "unbound" has its roots in the set of beliefs that lead to the foundation of the United States of America. People have fundamental rights, such as liberty, free speech, due process of law, and freedom of assembly. And also, the right to choose their profession or career. And with that foundation, it is no wonder that the US is often labeled the most entrepreneurial country, has the most startups and unicorns and is the hotbed for franchising. Everyone wants to be on their own.
And when you put all of this together, you have a gig economy.
Gig workers are unbound by labor contracts and free to choose jobs or assignments. The model is convenient to both, as gig workers can live flexible lifestyles and businesses are better able to adjust to the needs of the moment. And since they only pay for the services they require, it is more economical than traditional forms of employment.
This, of course, also holds true for the gig executive. Contact us if you would like to explore this option for your business.
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UIC - Cheap Economy
Business News Daily - What It Really Costs When Walmart Comes to Town
CEO World - World’s Most Entrepreneurial Countries, 2021
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