“It’s the dirty secret of today’s entrepreneurial economy: being excellent, and even being well-known and respected in your field, isn’t enough.” — Dorie Clark in Entrepreneurial You
We live in a time of massive uncertainty. We are all entrepreneurs today, whether we want to accept or not.
At any moment, there could be a change in the economy, your industry, your company, your boss, or other variables. You could assume (dangerous word) that you are safe in your position, and then, from out of nowhere, you get notice that your services will no longer be needed.
Worse yet, it can happen even if you’ve played by the rules, made nice with all the other folks, and are reasonably well-known and respected in your communities.
This is just the way the world works today. Realistically, it has been that way for centuries of human existence. It is presumptive on our part to think that all things will remain the same and the job you have will always be there.
Preparing for an uncertain future
If you have your own business, it is dangerous to rely only on current customers. You can get depressed about this, or you can understand the dynamics of what is happening now and leverage that to your advantage. This means you’ll need to constantly acquire new market-valuable skills.
Yes, you could suddenly and without any previous notice lose your job or significant source of revenue. (I’m talking to you entrepreneurs who have one or two big clients comprising more than 90 percent of your total income.)
If you have nothing set up and in place to change quickly, you’ll be in trouble. If, on the other hand, you have a second, third or fourth source of income that is growing, you can not only survive but thrive. Multiple sources of income make a lot of sense in a highly uncertain environment.
Diversification is key
The key is diversity in your income. The key is multiple income streams. Something about that old adage “Don’t put all your eggs in one basket” seems more relevant today than ever. It is wise to have several options for income always available.