In 2006, Congress Establishes National Entrepreneur WeekIt is celebrated roughly in the third week of February. “Entrepreneurship” might be thought of in terms of starting a new business meant to blossom into a Wall Street winner. A new breed of entrepreneur is emerging not only from Main Street, but also from smaller neighborhoods off Main Street.
America is fast becoming a country of side hustlers, spurred in part by inflationary necessity and partly by simply wanting to do things (especially after retirement). According to McKinsey & Companythe number of full-time employees with side jobs increased from 27% in 2016 to 36% in 2022.
Also, these figures do not include retirees who have turned their hobby into a for-profit business.
These people, and many others exploring the idea of starting a side hustle, represent the new face of American entrepreneurship. A fervent, optimistic opportunist replaced it. And that’s not a bad thing.
But while the once pioneering spirit may have blithely endured the arduous trials of the roads they blazed, their newfound wide-eyed enthusiasm tends to lead to emotional rollercoasters.
Ryan Walicki, co-founder of Relish in Beachwood, Ohio, said: “There are days when I’m like, ‘Wow!’ We’re working on it! We’ll be the next Apple.”
What are the disadvantages of starting a side business?
One of the biggest concerns when starting a side hustle is, perhaps unexpectedly, the stress that comes with it. This worry is common when stepping into the unknown.
Charles Qi, Founder and CEO of StockPick in Toronto, Ontario, said: “Mentally, startup founders operate in an unstructured and uncertain environment, which can be very stressful. Physically, founders wear multiple hats. But founders can overcome all this if they really believe in their vision and enjoy their work.”
Uncertainty breeds anxiety. Even if your side hustle started out as a hobby, moving to a revenue-generating model involves a new and different task. The more moving parts there are, the more likely it is that one of his spinning wheels will break.
Jeremy Babener, founder of Structured Consulting in Portland, Oregon, said: “There will always be things that go wrong. If you can be honest with yourself and admit it, you can also consider your backup options. Good planning means less stress.”
There you have a solution for this problem. There are coping strategies that can help relieve stress.
“Stress is part of the journey for someone like me who considers business a hobby,” says Ryan Neu, CEO and co-founder of Vendr in Boston. “Business stress is like a penalty kick in a tied match with 5 seconds left. If you make it, you’re a hero. If you can find time to have fun during stressful times, you will be more resilient to stress.”
Is it worth having a side job?
So focusing on upward potential may hold the secret to overcoming stress. 3 yards and a cloud of dust might irritate you. Taking one step back for every three steps forward can be confusing. However, once you turn to the prize, all temporary irritations disappear.
“Anything worth pursuing is stressful and difficult, but it comes down to your tolerance,” says Kumesh Aroomoogan, co-founder and CEO of Accern in New York City. “Starting a business is a marathon and you build resilience slowly over time. This includes payroll, financing for scaling and growth, hiring and firing employees, closing sales, This includes improving metrics, building scalable products, and more.”
When you have a side business, you don’t have to worry about the stress that comes with running a large business. Still, that doesn’t get rid of the underlying stresses that all entrepreneurs experience. And like them, the exits are very similar.
Nima Olumi, CEO of Lightyear Strategies in Boston, said: “Having early adopters and first paying customers jump on your bandwagon and provide feedback so that you can build a more scalable long-term model is stressful, but rewarding. The experience is rewarding.”
It helps me remember how I got to my side hustle. You didn’t just stumble upon it. it came to you It got you excited. it hugged you Use that feeling as fuel.
Jay Levy, managing partner at Zelkova Ventures in Miami, said: “If you love your business, this won’t take your stress away, but it will help you get through the tough times.”
What’s the easiest side job to start?
The easiest side hustle to start with is the side hustle that gives you the most energy right from the start.
Rafe Gomez is a co-owner of VC Inc., based in Montclair, New Jersey. His main business is marketing, but he also has a side business called Danceteria REWIND. He sees this from both his full-time business owner and part-time sideline operator. he said: Can’t wait to dive in and should bring pure happiness and excitement regardless of your mental/physical energy level. ”
How many hours should you spend on the side hustle?
There is one final aspect of stress that must be dealt with. This is not a situational or environmental stress. It’s stress that attacks when you drop your defense power. What prompts this? Time demands in the early stages of startup.
“There is no one you can rely on but yourself, and you have to motivate yourself every day to work hard,” says Michael Nova, director of Nova Custom Printing in New York City. “You have to network to meet the right people, you have to expose yourself on a daily basis. You have to spend eight hours a day or more on your business. The business is your child and needs to be available 24/7.Are you up for the challenge?”
If you’re not up to the challenge, don’t read this far. Specifically, the challenge is not to fight stress, but to turn it to your advantage.
“Everyone handles stress differently,” says Alex Adelman, CEO and co-founder of Lolli in Brooklyn. “It takes a certain type of person to start a business. Successful founders are usually people who can handle stress well. Stress is a natural survival mechanism. It can be a powerful tool to inspire, and after 11+ years in business, at this point in my founder’s journey, there’s very little that keeps me going. We aim to understand one thing, to deal with the problem with logic and reason, and to move forward.Zen and the art of architecture.
A side hustle doesn’t have to be a philosophical undertaking. They should be fun and informative. If you have butterflies, don’t worry. That’s a good sign. It means you care what happens.
And compassion is the first step to success.