We will all become entrepreneurs
For the past almost three years I have helped young entrepreneurs start their businesses. I've listened to their ideas, helped them craft strong business plans and watched with excitement (and some pride I have to admit) as they launch their offerings into the world and create their first sales. I love it! I love watching entrepreneurs share their creativity with the world and build sustainable businesses!
Then the pandemic hits. As the world changed dramatically during the last year and a half, many people lost their main source of income, small businesses closed down and people quit their jobs - the way we work has transformed drastically and it got me thinking.
I believe the principles of entrepreneurship will define the future of how we work. As individuals contributing to a greater economy I think we want to become more in control of why, where and how we earn our income. This is already the case as many entrepreneurs I talk to quit their jobs to have more freedom, flexibility and to work for themselves.
Don't get me wrong, I think many people will continue to work for larger organizations, and for many, that job will continue to be their main source of stable work. However as people want more freedom, greater flexibility and to feel connected to the values of their work, more and more people will become entrepreneurial in the way they work. I think we will all become entrepreneurs and will manage work the way entrepreneurs manage their businesses.
I've put together some things to think about as the world of work changes and people are thinking about how to structure their careers, what work looks like to them and where their income comes from.
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Understand your offering
Just as an entrepreneur needs to understand the products and services they provide, individuals should be clear about what they can offer, what skills they can bring to the table. Know what you are good at, own your experience and be clear how you can add value. It's also important to know what you don't like and what you're not good at doing, but focus on what you can provide.
Have multiple streams of income
This is key. The pandemic has taught us that nothing is certain and that whole industries can crumble overnight. For entrepreneurs and individuals alike, creating multiple revenue/income streams safeguards us and gives us greater flexibility over where our money comes from. It's like diversifying your investment portfolio. Spreading out your investments or having more than one income stream increases your chances of continued reoccurring income. When one income stream flops, you'll have the others as backup.
An example of what a diversified income stream might look like:
Salary from full time/part time job
Profit from side hustle drop shipping store
Income from affiliate marketing links from content creation
Rent from rental apartment
Royalties from co-authored book sales
Leveraging different income streams to build your personal brand will in turn strengthen each of your streams of income.
Market yourself
Whether it be through social media, networking, content creation or volunteering it's important to market and advocate for yourself. No one will do it for you. (Well they will if you take time in building and investing in key relationships - more on that below.) Just like a strong marketing and sales strategy is key for any entrepreneur to sell their products & services, having your own personal brand and marketing yourself in a strategic way will open doors for you and will create opportunities.
Stay on top of your finances
A business is not a business without revenue and expenses and as an entrepreneur in charge of multiple streams of income, it's important to stay on top of your finances. You don't necessarily have to do it all yourself - get some help from a great accountant. But getting really clear about your cash-flow (money flowing in - income - and money flowing out - expenses) on a monthly/weekly basis will serve you well.
Grow/manage your team & networks
So maybe you're not going to be hiring a team anytime soon (or maybe you will!) but think of those in your network who support you and your valued connections. Check in with them. Keep them updated of your progress, your successes and wins and those times that made you learn and grow. These are the people who will champion you and your success and provide support when you need it most. Invest in them as people and they will invest and advocate for you in return.
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The way we work has changed. And it will continue to do so. But I believe that sooner rather than later we will all become entrepreneurs. In the sense that we won't be tied to any one particular job. Instead we'll view work as multi-faceted - a way to ensure freedom, flexibility, and creativity while generating us income.
We'll do this by having side hustle (part-time) businesses, managing multiple streams of income, building personal brands and supporting and collaborating with those around us.
So, are you an entrepreneur, yet?
This article was originally posted on LinkedIn. Click here to see original post.