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Create Your Own Job Security

Job securityMichael Martine, aka Remarkablogger, recently wrote a great post about breaking through to self-employment. Here’s our paraphrase of a portion of his post:

Do you remember when manufacturers embraced robotics? How did factory workers – the people who would be most affected by this change – respond?

Every single one of them made a choice. In most cases, they chose to do nothing. They could have chosen to learn a new skill. Michael suggests robotics.

Fast forward to today. Technology – including the internet – is creating entrepreneurial opportunities for those who choose to participate.

BIGG success is life on your own terms. It’s about entrepreneuring your life – taking full control to design and build the life that perfectly fits you.

You may or may not choose to be an entrepreneur in the traditional sense of the term. However, you need to think like an entrepreneur.

Contrary to popular lore, successful entrepreneurs aren’t risk lovers. They are, however, excellent risk managers. One of their tricks to managing risk is:

Successful entrepreneurs are often able to see risk differently.

Most people seek job security. Job security is dead.

Entrepreneurs minimize risk by seeking cash flow security. Cash flow security is a stepping stone to freedom. Here are two ways to do it:

  • Diverse stream of cash flow

A typical employee has only one significant source of cash flow – his or her salary. Entrepreneurs minimize risk by offering multiple products and/or services to many customers.

People often cite the stability of a salary as a reason to work for someone else. With more than one source of income, it’s likely that you have even more stability.

  • Cash stash

As an employee, you can collect unemployment insurance if you get laid off. However, unemployment insurance:

(1) pays you less than what you’re used to making
(2) is temporary
(3) requires you to jump through hoops to keep receiving payments

You can entrepreneur your life by self-insuring. Build up a cash stash that is readily available should your cash flow take a hit.

Whether you start your own business or work for someone else, you can manage risk to give yourself cash flow security. It’s the base upon which to build your freedom. That’s BIGG success!