February SHIFT Forum – Entrepreneurship: The Best Strategy for Finding Security
In his Feb. 3 SHIFT Forum presentation, “Start a Business 1-2-3,” entrepreneurship guru Bob Voss made the case for a new income-generating model for anyone transitioning into a new phase of work life: multiple streams of income, also called a “portfolio career.” In a portfolio career, you do more than one kind of work in order to make the most of a varied skill set and to diversify your income, creating a more reliable cash flow.
Bob offered these tips for a successful portfolio career:
- Make one of the income streams your own business. You have more control over this income stream than you do in a job where you’re an employee.
- Select one income stream as your base or foundation. (You should probably devote most of your time to this stream.)
- Set specific times each week to work on each stream. Make this a habit: same times each week, each month.
- If possible, choose income streams that relate to each other; it’s easier that way.
- Start with a goal in mind for each stream—usually a financial goal.
Bob Voss is an instructor in the Business Entrepreneur Program at Dakota County Technical College and the chief manager of BizOwner Training, LLC, an online assessment company. More at www.21questionbusinessplan.com.
For those who missed his SHIFT Forum appearance, Bob has made his PowerPoint presentation available online.
Bob Voss believes it’s never too late to find your calling in life. He likes to point out that he was 51 when he started teaching. “You can’t just say that you want to be something,” he says. “You have to know that you are that something.”
Before turning to teaching, Bob had proven himself as an entrepreneur–launching, managing and developing five businesses. Now he shows others how to do the same thing. He’s an instructor at Dakota County Technical College and the author of three books on starting a business. In 2008, the National Association for Community College Entrepreneurship named him National Entrepreneur Instructor of the Year. He is currently the chief manager of BizOwner Training, LLC, an online assessment company and Business Entrepreneur Faculty at Dakota County Technical.
Submitted by Don Lee & Susan Krautbauer