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Why Now Is the Time to Adopt an Entrepreneurial Mindset
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✏️ ON MY MIND
Why Now Is the Time to Adopt an Entrepreneurial Mindset
(I’ve been doing research on industry and societal trends for my Dare to Escape book writing project. The following mini-essay explores the themes that I’ll explore in the book.)
The old career playbooks are being tossed out. The corporate ladder no longer offers the promise of lifelong security it once did.
Frequent restructuring and downsizing have become the norm.
More than 17 million workers were laid off or discharged — that’s the official term for “fired” — in 2022, according to the Bureau of Labor Statistics. The numbers throughout the 1990s and 2000s show a consistent pattern: We live in an age of mass layoffs.
Whizy Kim, Vox
At the same time, technological advances are disrupting many traditional roles. The rise of artificial intelligence threatens to automate specific jobs out of existence. According to a McKinsey study, 30% of tasks in 60% of occupations could be automated by 2030.
Dependency on a single employer for decades is now a risky proposition.
Across the world, a significant reshuffling is underway in how people make a living. However, this pivotal moment contains immense opportunities for those willing to adapt. The evidence shows now is the prime time to adopt an entrepreneurial mindset as a pillar of career stability and satisfaction.
The pandemic accelerated remote work exponentially.
As the chart below from a July 2023 survey illustrates, executives expect fully remote and hybrid work to continue growing.
Unchained from a desk, people can directly contribute their talents from anywhere. This paradigm shift expands options beyond office jobs. An entrepreneurial mindset embraces this flexibility and charts an independent course.
The lines between work and personal life are blurring too. Employees increasingly seek purpose, autonomy and flexibility. Many mix salaried jobs with passion side hustles or “slash” careers. Teacher by day, photographer by night. Accountant and podcaster. This diversification hedges against reliance on one employer.
Depending on one employer for decades is clearly risky.
A great reshuffling is underway globally in how people earn incomes. But within this uncertainty lies a huge opportunity for those willing to adapt. The evidence reveals now is the prime time to embrace an entrepreneurial mindset for career stability and satisfaction.
Let’s look at the key trends demonstrating why entrepreneurial skills are vital today:
Research shows diversified income streams lead to greater financial freedom, not corporate ladder climbing. Those with independent wealth use integrated models - side businesses, real estate, and monetizing expertise.
Online platforms allow monetizing niche skills and passions in the exploding “passion economy.” You can profit from almost any hobby now.
Creators are earning full-time incomes as YouTubers, influencers and content producers. For example, in 2022, Youtuber Ali Abdaal made over $100k/month on YouTube.
My YouTube channel makes over $130k each month from Adsense and sponsorships.
Our overall business revenue which includes courses, affiliate deals and products makes over $350k per month.
I started off with 0 views, 0 subscribers and $0 in revenue.
Accessible digital tools remove barriers to launching online side hustles and tech-enabled brands. Starting a digital business costs a lot less than a traditional brick-and-mortar shop. (Sleek estimates $3000 to $6000 to set up a small business in Australia)
Digital nomadism continues to rise. With an estimated 35 million digital nomads worldwide in 2023, location independence surges in popularity after remote work shows it's possible. Blending work, side incomes, and freelancing enable the digital nomad dream for many.
The data is clear - diverse income streams provide optimal stability in turbulent times. An entrepreneurial mindset recognizes the need to blend, adapt and expand beyond one employer.
In today's dynamic world, solely holding a full-time job isn't the golden ticket it once was. The entrepreneurial spirit within you, even as an employee, sets you apart.
In an age of uncertainty and shifting perceptions about livelihoods, it's not just about being job-bound or business-bound; it's about arming yourself with a growth mindset and the agility to navigate the unforeseeable.
Regardless of your title or role, thinking like an entrepreneur is the compass that will guide you through the maze of modern-day challenges, ensuring you don't just survive but truly thrive.
Embrace this mindset, and you'll be equipped to ride the waves of change rather than being swept away by them.
What's one small entrepreneurial step you can take this week?
Want to help me bring my book to life, go behind the scenes of my book journey, and receive exclusive updates on ”Dare To Escape”? Click here.
(This newsletter was drafted with the help of GPT-4, Claude-2 and edited by yours truly.)
👍 3 THINGS THAT CAUGHT MY ATTENTION
1/ Read: The blueprint behind our 23-part landing page that sold over $10,000 on launch day by Rob Lennon
Rob Lennon breaks down the framework behind his successful course sales page.
I gotta admit - it was cool to see Gary Vee hanging out in Melbourne for a day.
3/ Listen: 5 Money Habits: What the Rich Use to Make More W/ Jen Sincero (School of Greatness podcast)
💸 WEALTH BUILDING TIP
@tedgonder Great question.
- Always look out for high income jobs
- High saving rate
- Learn about investment and invest aggressively
- Know your expense target
I wrote about it here -
🐦 COOL SOCIALS THIS WEEK
Unintuitive ways companies earn $$$:
- McDonald's: real estate, not fast food
- Disney: theme parks & merch, not films
- Duolingo: translating docs, not subscriptions
What you get known for online, may be different to how you actually make money offline.
What goals do you want to achieve?
Are there parts of you that don’t want you pursuing or achieving those goals?
Without addressing these parts, it’ll be very hard to achieve what you tell yourself you want to achieve.
So ask yourself:
Its kind sad to still see indie folks still spending weeks or worse months building a product before making the first sale.
I feel like at this point everyone should know not to do that. What is also interesting is these are smart people but somehow they still manage to find… twitter.com/i/web/status/1…
Solopreneurship is so ‘in’ these days.
But here are the downsides that nobody talks about:
• You have little leverage.
• Nobody will buy your business.
• Nothing is done unless you do it yourself.
• You become the bottleneck in your own business.
There, I said it.
🔧 TOOL OF THE WEEK
The smarter way to generate higher converting leads.
ScoreApp makes quiz funnel marketing easy so that you can attract relevant warm leads, get insightful data and increase your sales.
🤔 PARTING THOUGHTS
A big shoutout to all new subscribers and everyone who responded to my Welcome email this week. I love hearing about your passions and fun facts.
It is always great to know that I have real humans on my list and not just bots too 😂
Wishing you a beautiful weekend.
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