Week 3 – MBA 6601 – Starting a Business or Side Hustle Business

 

(OpenAI, 2024)

Starting a business or at least starting a side hustle business is a dream that many people, including myself, want to do. However, to start a business requires a lot of energy, time, and research to execute correctly, even starting a side hustle business requires the same resources, but to a lesser extent. The problem with starting a business is that many individuals do not know what kind of business they want to start or how to start a business. I believe an individual should start their business as a side hustle of one of their hobbies or something they are strongly interested in. For example, if you are into home decoration and to make this into a side hustle business. The best way to start getting customers and introducing your brand is to ask some of your friends if you can decorate their rooms and they can refer their friends/family to your business. Another suggestion is to decorate your rooms and present them on YouTube and TikTok to showcase your knowledge and skills.

When it comes to starting to business, the biggest fear that many individuals have is the fear of failure. The Bureau of Labor Statistics reported that 20 percent of new businesses failed within the first two years, 45 percent within five years, and 65 percent within ten years (Deane, 2024). I’m not sharing this information to discourage individuals from starting a business, but to show that it is not easy to start a business and be successful right away. For example, in the tech industry, the average age of founders of successful companies was 45 years old (Haden, 2024). This shows that it will take time for someone to be successful in their business adventures. There are two reasons for this. The first is that the individuals decided to gain experience from working for a large company, from their use of the knowledge they gained in their business. The second is that individuals decide to start their businesses right and learn along the way while failing with their first few companies. They use their failure to learn from their mistakes and start another business. However, the individuals who decide to gain experience will also experience failure because there are other aspects of a business that they may not have accounted for. If you want to start a business/side hustle, you need to learn to be comfortable with failure and take the time to reflect as to what could change in your next startup.

Reference:

Deane, M. T. (2024, April 1). Top 6 reasons new businesses fail. Investopedia. https://www.investopedia.com/financial-edge/1010/top-6-reasons-new-businesses-fail.aspx#:~:text=According%20to%20the%20U.S.%20Bureau,to%2015%20years%20or%20more.

Haden, J. (2023, March 20). 31 Years Ago, Steve Jobs Shared the Best Reason You Should Start Your Own Business (Even If It’s “Just” a Side Hustle). Inc. https://www.inc.com/jeff-haden/31-years-ago-steve-jobs-shared-best-reason-you-should-start-your-own-business-even-if-its-just-a-side-hustle.html

OpenAI. (2024). A vibrant concept picture of a side hustle business [AI-generated image]. DALL·E.

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