Traditional Career Planning Is Dead. Here’s the New Path to Financial Security.

Everyone loves the idea of making a living and doing it in a way that is unique to “you.” We are curious about how entrepreneurship would make us feel and what opportunities it might open. With the current pandemic, it’s not just curiosity that drives us to explore entrepreneurship. People want alternative options to work and live the life they desire. The traditional approach to career planning doesn’t work as well as we thought.

A new way is available as the old way falls apart.

The 45-year plan was the standard for most people in the past. If you’re lucky, you could work there for decades before retiring old and (hopefully) financially secure enough to continue your lifestyle.

However, the pandemic has exacerbated a whole host of problems already existing in our world. In almost every industry, there are layoffs or attrition. Individual businesses are slipping, and the way we do business is changing. While we conduct business face-to-face and make transactions over coffee and handshakes, the digital age is changing. At the same time, this change is not without its difficulties. However, it also presents incredible opportunities. Entrepreneurism stands out as one such opportunity.

Many factors have created the ideal storm to ignite our entrepreneurial spirit. We don’t have to be tied down to the office anymore. We can collaborate and work with more people around the world than ever before. Wages are stagnant as costs rise. 

Covid-19 was the straw to break the camel’s back. The pandemic caused millions to lose their jobs, which led to thousands of entrepreneurs deciding to take on their ventures. From 3.5 million business startups in 2019 to 4.4 million by 2020, the United States saw a dramatic increase in their number. This represents a 24% increase over the OECD or G20.

Why entrepreneurship is such a great idea

Financial experts have been advising people for years that they would be fine if they saved enough money and invested in various assets. They looked at assets such as Social Security, pensions and believed that your earning power would rise over your lifetime as your debts decreased.

The majority of people are realizing that the old advice won’t help them get ahead. For most workers, it is not realistic to retire from a traditional job. Multi-income streams are essential to make it all work.

You have more options than ever for passive income, such as affiliate advertising. There is a lot of potential for your income stream with entrepreneurship to grow with your business. You can gain fundamental skills and be mentored by great people. You can become your boss. There are no limits to the ideas and suggestions you can offer to everyone. You have a solid base to build on.

While most people haven’t decided to purchase their daily necessities online yet, they are beginning to do so. Online entrepreneurs are reaping the benefits from sales commission like no other. And there are more options with reputable businesses to do so.

Entrepreneurship can be a good approach because it can make an impact on others. Instead of merely making money, you can help others overcome challenges and increase their quality of life.

I have always believed that our purpose in life is to make a positive difference and help others. The ripple effect of empowerment and positivity can be created by helping others to find different ways to survive economically. It’s not a success if you are the only one who is experiencing it. Entrepreneurship is one option that allows you to win in a team sport. This is your best way of seeing the big picture and making the world a little brighter.

These are challenging times. We need an economic safety net that has a new contingency plan. The world is showing us just how fast change can happen. We need to be more flexible. As much as possible, we must also help others. Entrepreneurship allows all of these things. Take that great idea and go for it. Your investment, in your opinion, will pay off in the future if you work hard.

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Samatha Vale
Samatha a senior writer for HC's entertainment team. She is an entreprenuer, mother and an excellent writer. She's also an avid reader, music enthusiast and all around inquisitive person - which is just a nice way of saying she's nosy.

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