THE LIFESTYLE ENTREPRENEUR

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Professional Reinvention, Part 2

This is the second time I’m writing on this topic, and I imagine it will become a recurring one every quarter or so.

The reason is:

1. the concept of professional reinvention is actually an ongoing process if you’re an entrepreneur who’s building things over the course of a career

2. This process has many stages and decision points, so documenting progress, thoughts, and learnings at each stage will benefit people during their own different stages

3. I’m very interested in this topic

4. Many people are likely very interested, as I’d guess most are at some point on this journey, even if it’s the “I might want to make a change some day” stage of the journey

I’ve gotten much more succinct in my writing since Part 1, which I basically give the broad background that led to my professional reinvention which started in November, 2020 - when I stepped down from my company in the depths of the COVID 19 pandemic.

Read Part 1 here

I think you’ll like it - I just reread it and am a bit surprised at how vulnerable and open I was. Great job Mike from 4 months ago!

Today’s focus

Part 1 left off with me making an EFC - an Epic Fucking Commitment.

An EFC is a commitment that will alter your career forever, and requires long-term focus and effort to succeed.

Since making that EFC - becoming an EOS Implementer - I’ve completely narrowed my focus in a way I haven’t experienced in many years.

It’s awesome.

I’ll provide updates and progress in that stage of the journey in subsequent posts, but today I want to focus a bit more on how to set yourself up for success while you’re figuring out what that EFC is going to be.

The nature of EFC’s is such that they’re going to take up a big part of your life for many years to come, so they shouldn’t be taken lightly or flippantly.

Because of this requirement, from the moment you say “I might want to change something someday”, until you make the EFC, you’ll likely have a multi-year period of exploration, soul searching, experimentation, and failures, before making that EFC.

Making an EFC without the right due diligence should be avoided, as the risk of climbing the wrong mountain for years and is real. And unlike what many people tout online, you don’t have forever to chase your dreams.

What should I do in the early stages to move in the right direction?

Most people sadly never get past this stage.

The seemingly infinite options, all of which require eventually making an EFC and going all in, is so overwhelming and terrifying that most people will stick with their current career path.

You’re in luck though, I’m going to show you right now a simple framework to start your journey now. That’s right, right now.

The side gig concept

This concept is very simple, but I have my own twist to move you forward.

A side gig is most commonly defined as a secondary source of income to your primary employment.

That’s a fine definition, but I want to broaden it to - something you’re working on the side of your primary employment to better yourself.

With this definition in mind, it’s my opinion that 100% of people should have a side gig.

Maybe more than one, but that’s a longer discussion.

For now, let’s talk about that one. And here’s the main options of side gigs:

1. Building a business

2. Freelancing or gig work

3. Education

4. Building a personal brand

5. Service

The concept is simple - at any given time in life, have a side gig. We could get much more detailed if we wanted, but I like simple. And because of that everything one would do can fit into these five categories.

People will likely use many of these options throughout their lives. I know I have used all of them at this point. So where should we focus during early reinvention stage?

Honestly, any option is better than none.

To narrow down though I’d ask one additional question - do you need to make additional income during this phase?

If the answer is yes it moves freelancing or gig work to the top of the list.

If the answer is no we have more options.

If yes - the simplest way to move forward in this stage is to find something you’re interested in, and start making money doing it. You’ll get the money you desire, and you’ll also start down a path of exploration that will yield positive results, as long as you don’t allow yourself to get stuck.

For example, waiting table is great for money, but it won’t help you on your path unless you think you may want to open a restaurant at some point.

If the answer is no to the I need money question, then you have many options, with many different benefits.

I’ve done all the above at different stages.

My current side gig is definitely building a personal brand. I’m on day 364 of posting every day on LinkedIn, my 1 year anniversary post is tomorrow!!

Starting building, and staying consistent, has been one of the best career decisions I’ve ever made. So big, that I’d actually call it an EFC.

I can’t recommend this option enough if you’re in early reinvention stages. Besides the obvious benefits, some big relevant ones are:

1. It forces you to get better at many skills, forcing professional development

2. Writing and creating content is based on your curiosities, which will help narrow down your interests for the EFC you’re eventually going to make

3. All of your professional endeavors are amplified if you’re a creator with a modest following

4. It unlocks massive networking potential

Thinking of building your personal brand as a side gig is also appropriate, because to be effective you have to put in hours daily and weekly. It’s also a long-term play.

There are many alternatives within the 5 categories, but I want everyone to seriously consider the personal brand part, because most don’t and just thinking of it as your potential side gig is an important thought provoker.

Limited vs Unlimited Skills

One more concept to think about in the early reinvention stages is limited vs unlimited skillls.

I wrote about these in a recent LinkedIn post, here it is:

Catchy concept right?

It’s a simple and effective one. In all stages of life we should be learning both types of skills, but in early reinvention we may want to lean into unlimited skills until we get a bit of clarity regarding where we’re heading.

The reason is this - starting a side gig earning from a limited skill might give you a bit of extra income today - and if that’s what you need then that’s what you should do.

But if you want to be strategic, and set yourself up for a potential EFC and have no idea what it’s going to be, then focusing on unlimited skills is the way to go.

What to do from here?

The action today is simple:

1. Determine where you are in the stage - e.g. 1 being “I might want to make a change at some point”, to 10 being I’m about to make the EFC right now.

2. Narrow down the 5 side gig options based on your wants, interests, and reality of your situation

3. Start brainstorming around top side gig options that work for you

4. Start doing something

What’s that something? It’s an action you can take today to start in that direction.

Good luck, and never forget:

“We miss every shot we don’t take” - Wayne Gretsky

Talk to you next week,

Mike

Thanks for reading The Lifestyle Entrepreneur

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