An individualpreneur is an individual who has a career based upon multiple income streams, part “institutional and traditional,” and part “entrepreneurial and aspirational.” In the past, the source of most individuals’ primary income was institutional from a full-time job in a stable enterprise. However, in the future most individuals will earn income from multiple sources both institutional and entrepreneurial, including full or part-time employment, consulting, freelancing, affiliate marketing, network marketing, and investments.
The structure of the United States’ economy is changing rapidly. Because of the impact of information, telecommunication, and transportation technologies, the demand for traditional administrative, managerial, professional, and vocational employees is gradually decreasing. This trend can be seen through outsourcing on a global basis, elimination of layers of management, and automation of labor intensive tasks. Increasing government regulation places a burden on the cost of employment, making full-time employees less attractive. The result is a shift to lower income part-time service-oriented jobs.
Higher education in technological areas helps prepare individuals for the changing workplace; however, because of rapid changes in technology, any newly acquired knowledge and skills can quickly become outdated.
Relying on a career based on stable full-time well paying job opportunities is a thing of the past.
In the future, every individual will have to take responsibility for a career with multiple income streams coming from more traditional institutional channels that may vary over time, but also from more entrepreneurially-oriented activities as an individualpreneur.
The sources of an individualpreneur’s income can include:
- Employment income – either full-time or part-time, or in combination
- Self employment income – as a sole proprietor of a small business earning income from the sales of products and/or services, and as an independent contractor earning fees for services rendered
- Profit distributions from a business that generates income by leveraging the activities of employees
- Residual income from activities such as commissions from referrals (affiliate and network marketing), rents, and royalties on creative work
- Investment income from dividends, interest, and capital gains as an investor or limited partner
These sources may be interrelated. For example:
- Profit distributions from a business as an owner may also include employment income as an officer
- Profit distributions from a business as a partner or member of a limited liability company may also be subject to self-employment taxes
- Income from sales of products and/or services associated with a network marketing activities
To be successful as an individualpreneur, it is necessary to have a combination of business development and operational skills, including the ability to:
- See an opportunity and pursue it by developing markets, products and/or services, processes, and people
- Lead, and to mentor and coach others
- Follow, and to be mentored and coached
- Manage processes
- Be results-oriented, not just activity-oriented
A successful individualpreneur always has a “Plan B” to allow for contingency from under performing activities or unexpected events. Their Plan B is part of their Personal Career and Business Plan. Also, they follow a people wellness program that:
- Improves their personal, household, professional, and financial wellness
- Enhances their personal and professional lives to be happier, healthier, and more vibrant
- Addresses health (environmental, economic, social, and lifestyle) issues that affect the way they live, work, and play
- Note: the program is called “people wellness” because, as individuals, our behaviors affect other people in addition to ourselves.
For more information about achieving a plan B through individualpreneurship, or participating in a people wellness program, contact us below: