In 1992, Peter Drucker popularized the term “knowledge economy” in his book, “The Age of Discontinuity: Guidelines to Our Changing Society.” In a knowledge economy, a significant portion of a company’s value is an intangible asset: its intellectual capital along with its training and consulting expertise.
Intellectual capital translates into activities such as research, technical support, and, perhaps one of the most direct manifestations of the knowledge economy, consultants and trainers who sell their knowledge.
These experts literally transfer their expertise to others through traditional training and consulting approaches, which require a lot of labor and can be expensive. As a result, for the trainers and consultants—and their companies—the value of their expertise is limited to their billable hours.
But because there are only so many billable hours available in a day, this restricts both the value that consultants create for others, and the revenue that they can generate based on their training and consulting expertise.
A few trainers, consultants and their organizations have begun to use our book, “The Star Factor,” to transcend this limitation. They conduct what we call a Wisdom Discovery Workshop in which the top trainers and consultants’ expertise – i.e. the stars – is gathered and made available for purchase by others. In the Wisdom Discovery session, the stars create:
- A clear statement of their true purpose in their role
- A big-picture view of the steps or phases necessary to achieve their purpose
- A deeper definition of what greatness looks like in each of the steps
- Learning tasks that build the habits necessary to achieve greatness in the role
Once these elements have been identified and organized, they become the foundation for popular, commercially viable learning groups that can affect many of the training and consulting customers, without the experts having to be present. And when the experts don’t have to be present for every single session, significantly more revenue can be generated from their training and consulting expertise.
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