Considering Entrepreneurship? Reimagine Your Future By Determining Your Goals

How do you picture your future? As we continue through the roaring 2020s and accelerate into what I call the “Great Reimagine Age,” it’s time to stop living in fear of success and invest in yourself.

Job security has been on the decline for decades, but the widespread job losses in 2020 were a wake-up call. People are taking time to explore new career possibilities, hence the Great Reimagine Age. A record 47.4 million Americans quit their jobs in 2021 to find new possibilities with better pay and a greater work-life balance.

Pursuing entrepreneurship can help you navigate an uncertain future and achieve financial freedom and self-sufficiency. Uncertainty helps create room for new business owners and can be an ideal time to chart a new course. I’m a prime example: I founded my company during the Cold War in 1984 when interest rates were at an all-time high.

I’m happy to report the Great Reimagine Age is opening people’s eyes to the benefits of entrepreneurship. A staggering 5.4 million new business applications were filed in 2021, up from the high of 4.4 million in 2020. As I see it, business ownership allows you to control your destiny, become self-sufficient and thrive on your own terms.

Invest in yourself.

As you reimagine your own future, keep in mind that corporate America may not be your best path. Unlike days gone by, your corporate job may not provide you with job security or a cushy retirement package. Rather than spending a lifetime climbing the ladder at a single company, the average American will hold approximately 12 jobs throughout their career.

Some people balk at business ownership because they don’t have a big idea. Sure, it would be great to follow in the footsteps of Jeff Bezos or Elon Musk, but there are other options, including franchising, which comes with a ready-made business model and often a built-in customer base. You might not be ready to launch the next Planet Fitness, Ace Hardware or Chick-fil-A, but there are businesses to fit a variety of budgets. In fact, some home-based franchises only require a modem and a will to succeed to get started.

Build your game plan.

In my 38 years of career coaching, I’ve learned the first step to building a brighter future is to determine your goals. It’s my firm belief that setting up both a short- and long-term game plan will provide clarity and help you overcome your fears. Many people don’t take the time from their busy schedules to really consider their goals. They get comfortable with the status quo and often just getting started is half the battle. That’s why I encourage you to sit down either with yourself or with your spouse, put pen to paper and make a list of your/your family’s goals. Here are four categories to consider:

Income. Determining your short-term income goal is all about the numbers. What salary do you need to comfortably pay your bills and meet your obligations over the next three to five years?

Lifestyle. If work requires you to spend more nights in hotels than you do at home with the people you love, determining the lifestyle you want is essential. Your lifestyle goal should reflect your values and is all about determining work-life balance.

Wealth. Wealth is your income for the long haul. Your wealth goal forces you to look at how you want to build your wealth as you age. It’s important to determine how you can build your assets to ensure your income grows.

Equity. Financial advisors encourage people to diversify their portfolios to minimize risk. Equity measures the value of your assets.

If scrolling through social media is making you jealous of a friend’s fancy new ride or a relative’s latest tropical vacation, it’s time for you to take a hard look at your own future. Spending time discovering your goals can help alleviate your fears and allow you to explore your possibilities, options and dreams.