| How safe our jobs today? We have seen many of | | | | We need to develop multiple streams of income. In |
| your friends, colleagues, or family members losing | | | | other words, we need to diversify our income |
| their jobs due to layoff, or downsizing, or cost | | | | sources. If we want to earn multiple incomes |
| cutting measures in companies. Due to rapid | | | | traditionally, you may have to work for more than |
| technological development, automated business | | | | one job. Nevertheless, working traditional jobs is only |
| processes, and interlinked and networked economy, | | | | as perilous as your regular day job. Alternatively, you |
| many traditional jobs vanishing rapidly. | | | | have a regular day job and have business to run in |
| We are more aware our interlinked global economy | | | | parallel. One word of caution: you must be able to |
| has changed fortunes of a countries or families, and | | | | juggle both tasks without jeopardizing either of them. |
| individuals. Thousands have lost their only source of | | | | Interestingly, the trend of downsizing would continue |
| income in some countries when some regulations | | | | irrespective of economic trends, both up and down. |
| changed in another country. In most countries, losing | | | | Corporate global want to utilize more technology and |
| ones source of income leaves a person traumatized, | | | | want to either hire or retain less employees. This |
| humiliated, and distressed. | | | | means, many of currently employed are downsized |
| For those still employed, one can never feel at ease | | | | or re-skilled or retrained to manage sophisticated and |
| anticipating when the axe fall on him. Nowadays no | | | | automated work processes in the future. In addition, |
| job is safe starting from staff to senior most | | | | companies readily outsource most administrative |
| managerial positions. Indeed, change brings | | | | functions to become lean, competitive, and cost |
| destruction. Nevertheless, change is only permanent. | | | | effective in the ultra competitive economy. This, |
| Therefore, we need to correct our assumptions | | | | indeed, is an indicator of abundant opportunity for |
| about earning a single income. Instead, changing times | | | | self-employed professionals and entrepreneurs to |
| are urging us to remodel our assumptions to adapt to | | | | serve narrow niche markets. |
| multiple sources of income. | | | | From this background, the next generation of |
| With rapidly changing global economy, when ones | | | | economy belongs to entrepreneurs and professionals |
| income directly tied to the performance of her | | | | handling multiple customer accounts (read multiple |
| employer in such volatile markets, one cannot lead a | | | | incomes). If you want to belong to the Entrepreneur |
| financially secured life with one source of income. | | | | based economy, develop all the necessary skills to |
| Unfortunately, golden days of secured job, secured | | | | become an entrepreneur and you can earn more |
| salary are practically over. We are living in different | | | | money than working on multiple jobs and ensure |
| times and only those who can adapt can survive. | | | | your source of income secure. |
| History repeats: It is all about survival of the fittest! | | | | |