Typical definitions of the portfolio approach include :
1. A portfolio career is the pursuit of more than one income source simultaneously, usually by applying the various skills you’ve developed throughout your career to different types of work. For example, you could combine consulting with part-time work, teaching at a local college and freelance writing. You could use your speaking and facilitation skills to lead workshops at companies or educational institutions. You could even develop your own product or service.
2. A Portfolio lifestyle involves a balanced lifestyle including earning your income from a variety of sources. For example, you might work on freelance contracts or as a part-time employee for several organisations, and perhaps also run a business.
- In this way of working income is gained from several sources
- It is popular with those who have specific skills that are in demand by different organisations.
- At different times you might combine self-employment with, for example, short-term contracts or part-time, temporary or project work.
- Each job adds skills and experience to your portfolio.
- This type of work allows flexibility and can also be secure.
- A balance can be struck between paid and unpaid work and an improved lifestyle
Working with several clients I have noticed that some attributes or qualities help to underpin success including :
- some risk tolerance and courage,
- high self motivation and resilience ,
- adequate personal finances
- curious an interested in continuous personal development ,
- good interpersonal , self marketing and networking skills,
- seeking appropriate support from others
- willingness to take on new challenges and
- able to multi task.
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This is the secret – the repertoire. You have to try to consolidate your repertoire. It is a big step if you know how to do that. Cecilia Bartoli
A portfolio approach implies an ongoing , flexible and evolving journey. The components of your portfolio can change and evolve. Consolidation, nurturing,sustaining and developing become essential drivers
Some components can be removed if they are not meeting your needs or criteria.
New components can be added as you learn more and discover new possibilities.
In this sense it is worth reviewing and evaluating progress at key stages to see what needs to change as well as being constantly curious and actively researching new possibilities.
When considering a portfolio approach it can be useful to refer to Stephen Coveys thinking about effective people since it provides useful insights :
SEVEN HABITS OF EFFECTIVE PEOPLE by Stephen Covey
Stephen R. Covey
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Each chapter is dedicated to one of the habits, which are represented by the following imperatives:
The First Three Habits surround moving from dependence to independence (i.e. self mastery)
- Habit 1: Be Proactive
Synopsis: Take initiative in life by realising your decisions (and how they align with life’s principles) are the primary determining factor for effectiveness in your life. Taking responsibility for your choices and the subsequent consequences that follow.
- Habit 2: Begin with the End in Mind
Synopsis: Self-discover and clarify your deeply important character values and life goals. Envisioning the ideal characteristics for each of your various roles and relationships in life.
- Habit 3: Put First Things First
Synopsis: Planning, prioritising, and executing your week’s tasks based on importance rather than urgency. Evaluating if your efforts exemplify your desired character values, propel you towards goals, and enrich the roles and relationships elaborated in Habit 2.
The Next Three are to do with Interdependence (i.e. working with others)
- Habit 4: Think Win-Win
Synopsis: Genuinely striving for mutually beneficial solutions or agreements in your relationships. Valuing and respecting people by understanding a “win” for all is ultimately a better long-term resolution than if only one person in the situation had gotten his way.
- Habit 5: Seek First to Understand, then to be Understood
Synopsis: Using empathetic listening to be genuinely influenced by a person, which compels them to reciprocate the listening, take an open mind to being influenced by you, which creates an atmosphere of caring, respect, and positive problem solving.
- Habit 6: Synergise
Synopsis: Combining the strengths of people through positive teamwork, so as to achieve goals no one person could have done alone. How to yield the most prolific performance out of a group of people through encouraging meaningful contribution, and modeling inspirational and supportive leadership.
The Last habit relates to self-rejuvenation;
- Habit 7: Sharpen the Saw
Synopsis: The balancing and renewal of your resources, energy, and health to create a sustainable long-term effective lifestyle.
FOR DETAILED INFORMATION AND INSIGHTS ON ESTABLISHING A PORTFOLIO CAREER /LIFESTYLE