The Power of the Side Hustle

 

“OMG, I WANT TO BE AN ENTREPRENEUR! I GOING TO QUIT MYJOB AND FINALLY TELL MY BOSS TO SUCK LOLLIPOPS! I’M GOING TO BE RICH BY NEXT MONTH. YE-HA SKIPP-IDDY-DO-DA-DAY!”

 

Okay, woah there, buddy. Let’s calm down. Don’t get so excited that your head pops off. Being an entrepreneur is a risky thing. 95% of entrepreneurs fail. Why? Because that attitude right up there, as well as not being prepared enough.  So, for the record, don’t quit your day job.

 

The Transition to Entrepreneur

 

So, you know what step one is right? Don’t quit your day job. Second? Starting the transition. Before you get into building a business and getting it vamped and shiny, you need to understand a thing or two about what you’re doing. So, here are the things you need to take care of.

 

Your time. There are only 24 hours in a day, 168 hours in a week. And you’re probably sleeping half that time. With all that’s going on in your schedule, can you block out a minimum of 5 hours per week to dedicate to this? If it can’t seem to fit. Ask yourself if you would like being exactly where you are, on whichever path you’re on, 1 month, 3 months, 7 months, or a year from now? NOW try prioritizing it into your schedule. Because if you do no work, you get no perk.

 

Your motivation. Are you doing this for the right reasons? Just so you know, the wrong reasons are money, getting rich quick, and purely for escape (as in you just want to escape, you have no idea what you’re doing, so you plunge into entrepreneurship because it sounds cool).

 

Your support/accountability system. Do you have people rooting for you? On the flip side, many wise entrepreneurs suggest not telling people who are close to you of your aspirations if you know they won’t have your back. Instead, find a select few (1-2 people) that share your views about entrepreneurship (maybe create an online support group). You can tell your family and friends later on, when YOU are fully solid on your ambitions and nothing can waver you.

 

Research. You have to understand business and you have to understand where your strengths are. Finding the match between the two will help you pick the right service/product to offer.

 

The key is to keep it on the side, for now. It’s like a new born baby. You don’t just thrust it into the real world and say farewell. You raise that child and prepare for its growth. Oh, and the perfect phrase to plug in here too: BABY STEPS! BABY STEPS! BABY STEPS!

Take your time. Do small things, consistently. Then, you’ll see real progress.

Another reason to keep it on the side is that if it goes south, then you won’t being going with it!

 

Action Steps:

  1. Start saving some money. Before you take any sort of action or buy anything, you should have $500-$1000 specifically saved for your entrepreneurial ventures.
  2. Create an accountability group. List and contact 3 people who’ll support you and keep you on point.
  3. Look at your weekly schedule. Block out a total of 5 hours of time throughout the week. Try to make it each “session” at least 30-45 minutes long. Dedicate those hours to entrepreneurial research.

 

If you feel like you need an in-depth process on how to tackle the transition to entrepreneurship and understanding what it entails, my new book, “The Actionbook to Entrepreneurship ” comes out on November 6th. It’s packed with guides, worksheets, and action steps. ALL KILLA, NO FILLA! Coming FREE to all my subscribers because I love you guys!

 

What do you need help with the most in regards to shifting gears to entrepreneurship?

 

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  • http://michaeldcarroll.info Mike

    Definitely good things to think about. Every entrepreneur needs to become ready by research and setting themselves up for success.