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mike foster

Variety is the spice of life

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Introduction

I have been running my own business Energise for over 24 years and have always enjoyed variety.

In 2011, I was lucky to read the book ‘The Shift’ by Lynda Gratton, a Professor at London Business School about changing work trends and what the world of work would be like in 2020.

I am so glad that I did, because having implemented its recommendations myself, I am now in a good position to help people at this challenging time in the world, with Covid-19 having accelerated a decade of change into 1 year.

What is a portfolio career?

A portfolio career is work/a career made up of multiple components, for example freelance work, a contract, a part time job, non-executive directorships, trustee and volunteering, rather than just having 1 job or running 1 business.

As a metaphor, a portfolio career is like choosing Dim Sum or Tapas in a restaurant, a variety of different dishes, rather than just one single main dish, giving you a variety of flavours and textures and a moreish combination.

Why are portfolio careers growing?

Portfolio careers have been growing for a while, because of 2 growing segments:

· The ‘want a portfolio career’ market – pre-retirees wanting a gentle ‘slope’ rather than a steep ‘cliff’ to retirement, and millennials (young workers) who have different career aspirations to previous generations.

· The ‘need a portfolio career’ market – this has grown massively because of the impact of Covid-19 on both the employed and self-employed sectors; shrinking markets, forced career change, reduced consultancy projects with greater competition, more people becoming self-employed, and a raised ‘bar’ of the standard required to secure a job or project.

How do portfolio careers vary?

Portfolio careers have been around for centuries – think holiday destinations with seasonal tourism, who need a different way of earning a living for the rest of the year.

Portfolio careers vary a lot, and they also change a lot!

They can be segmented into:

· Similar e.g. associate work with different companies

· Contrasting e.g. leadership coach and historical author

· Synergistic e.g. bee-keeper and dentist

A portfolio career isn’t the right career choice for everyone, so thinking it through carefully is essential. Working with an experienced career coach, specialising in portfolio careers can be invaluable.

A portfolio career is like a kaleidoscope.

You can adjust it and create new work patterns that suit you, as your needs change, and market trends shift.

Everyone is unique and so is each portfolio career!

What are the benefits of a portfolio career?

Benefits include:

· Variety

· More fulfilment and flexibility

· Constant learning

· Increased career agility

· Enhanced career resilience

· A future-proof career

· Reducing your career risk

What are the drawbacks of a portfolio career?

Drawbacks include:

· Constant change

· Less certainty and security than a traditional career

· Need to focus on trends and take stock regularly

· Must embrace marketing and networking

· Need to be super-organised

A portfolio career is like having a ‘safety net’.

Is it really a good idea to put all your career ‘eggs in one basket’ in an uncertain world?

What next?

To receive a free Energise report: ‘Discover Portfolio Careers’ including a free 15-question suitability questionnaire and/or to arrange your free 20-minute no-obligation meeting to explore whether a portfolio career is right for you, get in touch with Rachel Brushfield using this link: https://www.inspiringportfoliocareers.com/contact-us/

Recommended reading

Lynda Gratton ‘The Shift’ https://www.amazon.co.uk/Shift-Future-Work-Already-Here/dp/0007525850

Andrew J Scott + Lynda Gratton ‘The 100 year life’ https://www.amazon.co.uk/100-Year-Life-Living-working-longevity/dp/1472930150

Andrew J Scott and Lynda Gratton ‘The new long life’ https://www.amazon.co.uk/New-Long-Life-Framework-Flourishing/dp/1526615169/r

More about Energise

View Rachel Brushfield’s LinkedIn profile: https://www.linkedin.com/in/energiseliberateyourtalent/

Rachel Brushfield’s portfolio career

Inspiring Portfolio Careers https://www.inspiringportfoliocareers.com/

EnergiseLegal https://www.energiselegal.com/

Energise LLClub – Inspiring Portfolio Careers for Women Lawyers. https://www.llclub.org/

PWHub – Inspiring Professional Women – a network for senior employed women, all sectors, with quarterly CPD style events. Rachel is a co-founder. https://www.pwhub.org.uk/

This blog was originally a guest blog for Oxfordshire Business Community Network: https://oxfordbusinesscommunitynetwork.co.uk/blogposts/variety-is-the-spice-of-life/

Taking the experience of a portfolio career into the future

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This is a guest blog from Mike Foster to inspire entrepreneurs for the new decade. The rest of this blog is in Mike’s own words.

Over the last decade, 2010-2020, I have been developing my expertise, skills and knowledge with experience of having a portfolio career. My network tell me that I am personally known for having the true desire to help and support others. They’re right.

Over those ten years, my portfolio career has comprised senior employed roles such as a Commercial Director, voluntary roles with local education providers, chairing one of Oxfordshire’s largest events VentureFest, delivering business networking events and running my own various businesses and networks. These activities have all included mentoring and supporting numerous other business owners to start and develop their own business. This is what really motivates me personally and I am passionate about.

As an entrepreneur, running my own businesses has given me invaluable experience to now help my clients. My own businesses have been very different in nature, giving breadth as well as depth of business experience:

  • a bookkeeping business that we franchised;
  • a membership organisation;
  • a training business; and
  • a soft play centre.

I have really enjoyed my career journey so far – the variety of businesses I have worked with, the individual characters I have supported, and who have supported me, and the different challenges I have faced with them. I love business and helping people.

Today, as we begin a new decade, I am the Managing Director of Modus Accountants, a disruptive accountancy practice in Oxfordshire, bringing all my career experience to date to create disruption and add value to dynamic small business owners wanting more than just an ‘off the shelf’ accountancy service, but to benefit from finance mentoring, structure and business reviews and first class business support throughout the financial year, not just once a year.

My portfolio career experience in the past, has provided me with the knowledge and various skills across the many different areas/departments essential to run a successful business. Although the establishment of my own portfolio career was initially by accident, in fact I had never heard of the phrase until recently, in recent years my career goal and CPD has been very focused indeed.

My career goal has been to be in a position to lead a business or chair a board, whereby no one would be able to ‘pull the wool over my eyes’, due to my well-rounded knowledge of the business functions. I have achieved my career goal. Goals are important.

Today, at Modus Accountants, I am using my diverse experience and knowledge from my portfolio career gained over 24 years to advise business owners on how to structure and build their own business, whilst also leading the growth of our own firm and its people. Exciting times! I am relishing 2020. 

We may all now live in VUCA world (volatile, uncertain, complex and ambiguous), but I know that the choices I have made in the past have put me in good stead in the future to help our clients thrive in increasingly disrupted and fast changing markets. 

“The best way to predict the future is to invent it.” Abraham Lincoln.

We are doing some free strategy seminars in January 2020 in Oxfordshire, 23 January in Witney and 29 January in Abingdon, to give you a taster of the benefits of our approach, so that you can start 2020 as you mean to go on, focused and with expert support. If you are interested in finding out more, please e mail me. Limited places. mike@modus-accountants.co.uk

My 6 tips for people considering a portfolio career:

  1. Do what you are passionate about and don’t be distracted without a plan.
  2. Have great and supportive people around you at all times.
  3. Clearly communicate what you can and want to offer.
  4. Keep focused on what you want to be known for.
  5. Enjoy every day and if you’re not enjoying every day, identify why this is in order to fix and change it.
  6. Seeking the support of an experienced coach or mentor is time and money well spent.

More

Modus Accountants

https://modus-accountants.co.uk/

Oxford Business Community Network (OBCN)

Home

Mike Foster on Twitter

Mike Foster LinkedIn profile

https://www.linkedin.com/in/mikefosteroxford/

Interested in a portfolio career for yourself, to define a compelling career goal and create a future-proof career? Get in touch with Rachel Brushfield ‘The Talent Liberator’ for a no-obligation chat to find out more and receive your personal copy of our free Energise report ‘Discover Portfolio Careers’.

https://www.inspiringportfoliocareers.com/portfolio/connect/