I get it: you need a job that provides an income you can count on. But you shouldn’t have to work in a career that you don’t love in order to pay the bills. And in today’s economy, you don’t have to.
Of course, entrepreneurship isn’t for everyone. There’s no doubt that income as an entrepreneur, especially at first, can be unpredictable. One month, you could make $15,000, and the next month, you could make $500. In spite of that, I believe that the path of entrepreneurship provides as much—or more—job security than traditional employment.
Let me say that I’m not writing this for those of you who love your corporate jobs and have been with your employer for many years: I’m writing this for those of you who are feeling like there’s something more for you beyond a corporate career. I’m also writing this for parents having career conversations with your entrepreneurial son or daughter and want to understand what entrepreneurship looks like in today’s workforce. So, without further ado, here’s why entrepreneurs have true job security.
1. One Stream of Revenue vs. 100 Streams of Revenue
The employee has one stream of income. If you work for a corporation, your job security is in the hands of one person. If you say the wrong thing in front of the wrong people, you could get fired.
The entrepreneur, on the other hand, could have 100 streams of income through various clients. If any one your clients doesn’t like your hair, they could fire you—but it would have almost no impact on your job security. You have 99 other streams of revenue after all!
2. More entrepreneurs than ever are succeeding.
Entrepreneurship is the wave of the future. Venture capital investments are at the highest level ever. There’s a huge surge of online millionaires and an even bigger surge of freelance and contract workers. According to a 2017 Intuit statement, the Gig Economy accounts for 34% of the workforce. While most of these freelancers aren’t necessarily entrepreneurs, they do have multiple streams of income. The volume of freelancers is also good news for entrepreneurs looking to hire contract workers rather than full-time employees.
3. Earning potential is much higher for entrepreneurs.
Giants in the corporate world might have a salary of $900k, but they followed a clear, incremental path to get there. As a person climbs the ladder, they may get a 5-10% increase in a couple of years for their incredible output, but they’re definitely not going to double their salary from one year to the next.
But could the successful entrepreneur or freelancer double their salary in two years? Absolutely. There are no limits on growth when you’re the boss!
What’s your dream?
Many people think that once they have the dream job, they’ll be living the dream. But it’s the exact opposite: If you’re living the dream, any job can be your dream job. (Remember this security guard from Universal?)
If you’re at the beginning of your career journey or in a time of transition, you get to choose your dream job. Ask yourself: Do you want one employer or do you want one hundred employers? Neither is better than the other—but if you’ve always wanted to start your own business and live your passion, don’t let job security be your excuse for not doing it. If you want to find out what it would mean to live your passion, I’d love to spend a VIP Strategy Day with you to help you begin your journey.
If you have one employer and want to learn how to get the most out of the job you’re in because you know entrepreneurship isn’t for you, I’d love to spend a day with you to strategize how you can skyrocket your current career.
This year, I’m opening up a few days for very-important people (like you!) to spend a day one-on-one with me to create a career and life that you love. In previous VIP Strategy Sessions, I’ve helped people go from daydreaming to living their dream. They’ve made a major career change, written a book, launched a band to the national stage, or started an entrepreneurial venture.
Click here to find out more about my VIP Strategy Days.